I would Like to have anyone that wishes to participate enter at least 2 of the Dumbest Mistakes that you’ve made while trading NADEX that has cost you in the end. Hopefully this will be a list that everyone still learning can read and guide them so that they don’t make the same mistakes that we have.
Dumb Mistakes that Danny’s Made:
Opened an ITM strike too fast because I got over excited about the price being so perfect with only a few minutes left till expiration, only to realize that the strike was actually at least an hour away.
I Opened a Trade, and when I was setting the Take Profit I ended up choosing the wrong price and closed the trade for a Loss instead. i.e. I bought @ $75 and entered $60 as my SELL, it closed the trade right away causing me to lose on the BID/ASK spread.
#1 - Trading live before demoing enough to actually understand what I was doing
#2 - Not asking questions in the forum/rooms and working myself into a hole in the ground with incorrect understanding, only to realize I was wasting my time all along!
The apex environment just gets better and better the more I use it
I’ve only been around a couple weeks and have already learned some expensive lessons.
Put my entire account into a P3 signal and doubled my account! Go Gold! Did it again the next day, lost my entire account. Now I have a risk and profit management system in place.
Was looking into a sweet Boomerang trade and when I opened the price ladder, I found that every single strike was available, 30 minutes till expiration. I couldn’t believe it; thought it was a glitch. Sold some deep ITM binaries for an insane price. 30 seconds later, market flew up 100 pips. I didn’t even have my stop trigger in place yet. Found out that there was some highly anticipated news coming out. Now I stare at the Economic calendar constantly and don’t trade Boomers around the news!
The DUMBEST thing I have done (so far) is to have a very winning trade on, step away for a few minutes, come back, not realize the pricing numbers can be weird towards the dark zone and NOT have the ticket open to actually see the indicative price…close the position in a panic and turn a very winning trade into a big fat loser completely needlessly…just DUMB!
I been reading and watching videos like a madman but I still get caught up in dumb mistakes, mostly on demo but some on live.
Getting caught in the Dark Zone and it is barely OTM or ITM. For OTM, thinking it will turn around in those two minutes to put me back in profit. Or ITM, squeezing a extra $5 out the market (to make an even $20, because it sounds better).
2)Doubling/tripling/quadrupling up on contracts to make up for a loss and exceeding my account size rules by that much. It only works till it doesnt. I was the margin call king in FX many years ago, glad to carry this rule over to Binaries.
Clicking SELL and pulling the trigger when I meant to BUY, and vice versa taking immediate LOSS on BID/ASK spread when realizing the problem. Happened more than enough times.
biggest one after these would be not sticking to my risk management plan. risking too much in one day and letting emotions take over and attempt to get it back.
Also, driving and trying to enter a trade on my phone. Just dumb. If it can’t wait until you are sitting still then its not worth it!
I was distracted while trying to enter a sell order at $96 as an exit on a strike I had bought for about $80. Not paying attention, I accidentally entered “96” in the “size” field and sold 96 contracts at the market price. Ended up costing me a ton. Thank goodness it was in demo.
Concentrating more about winning than managing risk. I was thinking about winning so much, I let the loss add up to equal 3 of my last wins. 1st thought now is manage my risk, 2nd thought is manage my risk, 3rd thought is manage my risk. The wins will come I don’t have to think about them.
Not double checking my chart setup and templates to verify my 4 min and 10 min Expected Range was set to Volume and not Hi to Lo for my Boomerang charts
Good things I did -
Posted an explanation in the Forum on the Spread Scanner Graph which forced me to thoroughly go through it and learn it.
Asked about a trade in the room which I wasn’t sure about and got some good informational feedback, instead of just jumping in and entering it for a loss
I have a good one. I bought every binary options money maker software out there. One, I even bought a second time not realizing I had bought it a few months earlier…changed their sales page.
This was a recent dumb mistake:
I stayed in a Gold & Silver trade into the DARK ZONE because I thought I was very safe as they were probably 10 ticks away from my strike, both zoomed up past my strike and expired OTM. Lost about $600 on that dumb mistake.
In demo yesterday, I did the ol’ buy back at $95 instead of $5. I had just set up my stop losses and got a little turned around by numbers.
Made the same mistake in live today. Twice.
I calmed down, went back to demo. Focused on the numbers and the basic logic. Built up a little more muscle memory. Still made profits, so the damage was minimal, but I could have had much better profits if I focused.
Okay. Made Big STUPID mistake today, and to keep myself from making it again, and to keep myself honest, as well as warn others, I will put it down in the forum for all to know about.
I have been trading the Core Trade Signals LIVE with real money today, and put 43 in the SIZE PLACE, and not the PRICE PLACE. Just so you understand, this means that I bought 43 CONTRACTS!! I meant to buy 2!!
Very quick way for me to lose $200 dollars, just to close it quickly, and avoid having a disastrous loss. Just to mention it here, be very careful every time you put in an order.
All right, I’ll add mine to the list. I’ve been wanting to learn more about using the spreads, so I’ve been watching videos, trying to follow along and thought I’d take one of the news trading spreads. When I was looking through the results, I couldn’t figure out initially why it was a losing trade, I thought these were supposed to be simple and easy, I got both sides of the trade in right when I was supposed to enter…and then my Homer Simpson ‘DOH’ moment hit me. I had placed the trade perfectly, just ON THE WRONG DAY! And that is reason #1,000,017 why we always trade in DEMO until it’s practically second nature.
