A Losing Day & Trading Mistakes
Here at the Income Mentor Box Day Trading Academy, we are all about teaching you to be the best day traders you can be. Our main goal here is to teach you all of the skills you need, and provide you with the required info, so you can day trade like a pro. The end goal here is to ensure that you are a profitable and sustainable day trader so you can quit your 9 to 5 job. Now, there are many trading mistakes which both newbies and pros make.
There is no getting around the fact that trading mistakes happen to everybody, some more than others, and we are no exception. Yes, here at the Income Mentor Box Day Trading Academy, even we can make trading mistakes on occasion. However, the big difference between us or our mentor, Andrew, and trading newbies, is that we have the ability and wherewithal to recognize, identify, and correct trading mistakes so we do not repeat them.
Sure, making trading mistakes will cost everybody money, and yes, we here are not immune to them. Yet, being able to recognize when mistakes were made, and which trading mistakes we made, is more than half the battle. This is a topic we will teach in an in depth manner if you choose to be part of the Income Mentor Box Day Trading Academy.
No, having a losing trading session is not exactly flattering per say, but it does provide us with the opportunity to teach you about identifying major trading mistakes. Now, we also feel like we have showed you more than enough winning live trading sessions, that this one losing session should not be a deal breaker.
After all, when it comes to live trading sessions, we have shown you literally dozens of live winning sessions. We here at the Income Mentor Box Day Trading Academy are not going to hide the fact that we have just made some of our own trading mistakes, and therefore suffered some losses. We are not fearful to talk about our own losses and trading mistakes, because we learn from them, and now so can you. It’s all about being honest, forthright, and reliable traders, and more than that, being trustworthy mentors to you, our loyal day trading students.
A Losing Day – Our Recent Trading Mistakes
So, let’s get right into it and talk about the video which we have embedded here, the one where we lost a bunch of money through bad trades. As you can see in the video, our mentor, Andrew, lost over 700 Euros, and it only took 2 trades for this to happen. Let’s go over the major mistakes Andrew made here so you can learn from them and become a pro day trader on your own! Yeah, it’s not exactly flattering that we manages to lose nearly 800 Euros in just 1 hour, but this does provide us with an invaluable opportunity to teach you about some big time trading mistakes.
Trading Mistakes – #1 – LOOKING AT THE WRONG CHARTS!
This is one of the mistakes which Andrew made today. One of the reasons why we lost such a big trade is because we did not place the trade right. It was a totally incorrect trade. The trading mistake Andrew made here was that he was trading on the go, he was busy, he wasn’t paying close attention, and he ended up using the wrong charts to place his trade. As Andrew discusses in the video, he should have been using a 5 minute chart to gauge his trading position, but in fact, used a 30 minute chart by mistake. Before you enter a Forex or any other kind of trade, you need to look at 5 minute and 1 minute charts.
Of course, we here at the Income Mentor Box, and Andrew, know that this is wrong. The fault lies more with being busy and not paying close attention to the specific chart he was looking at. Trading mistakes are not necessarily technical, and as you can see here, a lot of it has to do with concentration and focus. So, not only do you need to make sure that you are using the right charts when placing trades, but you have to pay close attention too. Placing Forex or any other kinds of trades when you are distracted and not paying 100% attention are trading mistakes we all make, but shouldn’t of course.
Trading Mistakes – #2 – THE WRONG STOP LOSS LEVEL
Another one of the trading mistakes we made today does have to do with the charts, but also to do with support and resistance. The reason we lost so much capital through these two trades was because we set the wrong stop loss level. Andrew, once again due to being a bit preoccupied and distracted, only used a single resistance level to calculate his stop loss levels.
The result here therefore was a stop loss level that was set way too low, and therefore allowed the trading position to haemorrhage pips for way too long. It’s one of those trading mistakes that many people make. In reality, Andrew should have taken at least 3 resistance lines into consideration before setting his stop loss level. It would have prevented such a major cash bleed.
Once again, trading mistakes suck, but being able to identify them is half the battle. We do want to note that we here at Income Mentor Box are aware of these major trading mistakes and how to prevent them. What you may have gathered here today is that these trading mistakes were made due to being inattentive, being on the go, and simply not paying close enough attention.
Preventing Trading Mistakes
Ok guys, there you have it, our own trading mistakes and why they were made. Now that we have identified our mistakes, we can work to correct them and to ensure that they never happen again. Remember folks, if you want to become a professional day trader, our Income Mentor Box Day Trading Academy is undoubtedly the best way to do it. We offer a plethora of course content, we are honest in our results, and we know when trading mistakes were made!