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Forex Strategy Video: Dealing with Mistakes and Bad Trades

Forex Strategy Video: Dealing with Mistakes and Bad Trades

John Kicklighter, Chief Strategist

Talking Points:

• Trading is a probability game and therefore bad trades and mistakes are inevitable

• There are three common trading errors: bad trades, missed trades and general trading mistakes

• Evaluating the percieved error, keeping to a tested strategy and treating trades independantly is key

Market conditions change, and our strategy should reflect those changes. We have coded the DailyFX-Plus strategies for Breakout, Range and Momentum to adapt to these market shifts.

Over a long enough time and book of trades, mistakes are inevitable. However, it is how we deal with these missteps that determines whether we improve with time or are doomed to an emotionally-driven account implossion. In general, there are three common type of trading errors that trip market participants up: bad trades, missed trades and basic trade mistakes. For bad and missed trades, post-mortem assessments are critical to establishing what can be improved going forward. We look at these common trading mishaps using some of the setups I have acted on over the past weeks and months in today's Strategy Video.

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.