🚫 TERRIBLE Forex Trading Mistakes - Mistake No.1 - Checking the charts too often

Hello traders, Vladimir here from Traders Academy Club, and in this video I would like to start a very, very interesting series of videos about a very important subject: insane and terrible mistake forex traders do in trading and offer the solutions how to deal with these mistakes. But before I dig deep in the subject, if you are new to our channel, welcome to our great community. I would like to invite you to subscribe to this channel. Just follow the subscribe button and please remember to enable the notifications As well, I would like to invite you to join us in our trading club, the Traders Academy Club, and you can also follow our work in our free Telegram channel. And both links could be found below the video in the description or in the pinned comment inside the comment section. The very first Problem I would like to discuss about today, or the very first mistake that traders do, is checking the charts too often. And what do I mean by that? So you probably. Know this feeling and you have experienced this one once in a while. Everybody goes through something like that, and this is a very, very serious mistake. So I would like to share my point of view for a possible trading solution here. So you know this thing that Almost everyone does. Um, like I call it the metaphor of the refrigerator. What it is about, you are watching a movie or any TV series or anything like that, and you feel like you want something, right? You are like a little bit hungry, not too much. You don't want to go to a meal, something. So you go to your refrigerator, you open the refrigerator, you look inside, and there is nothing interesting that you find. You close the door dramatically, like I do, go back to the couch. After 5 minutes, your hunger did not disappear. You go back to the refrigerator, opening it, right, watching it inside again, expecting to get a different result. Maybe there is something that I missed in the first time. Maybe there is some sort of a snack that I didn't see, or I feel like this time you close again and the same thing repeat over and over again. You go back to the couch. After 5 or 10 minutes, you go back to the refrigerator. You're— this time you're angrier. You are opening the refrigerator and like, I have to find something. So it's the same thing that a lot of traders do in trading. What do I mean by that? Let's say you're observing, um, 1-hour chart or 4-hour chart, or even worse, a daily chart. But even if it's like intraday, 15 minutes, okay, and you prepare yourself your trading plan, you marked your trading levels, you prepared your lines of the analysis, right? You— the first step of trading is always making the analysis. It's a preparation for trading, right, to choose the direction and make sure you don't just shoot in the dark expecting something good to happen. So you prepare your analysis, you know what levels you want to do, uh, see the market reach, and then you want to look for action. The thing is, not always the market reacts first, right, to what you would want. So what, what traders do, they like, okay, okay, okay, it needs a bit more time. They go back, they do their stuff, whatever it is. If it's answering emails, having some calls, preparing some coffee, whatsoever, right? And then they come back to the chart, and what happened? There is just like one more candle here, okay? In a good case, because if it's a 1-hour chart, it takes 1 hour to make one more candle. So far we are good, right? Now it doesn't— now I'm presenting on MT4, by the way, but it doesn't matter, okay? That's the same thing, of course, for every single platform. It doesn't matter. And I'm talking about, uh, um, something that happens in real life. They go back, they do their stuff, and then they watch again and again and again. They come back too often. It could be like every minute, every 5 minutes, 15 minutes, 1 hour, whatever. Right? They come back to see what changed. And this is where a big source of a problem happens, because a level, a certain level, especially if it's a bit far, would take time until it reaches, right? A setup to trade would take even more time until it builds. So if you just keep coming back to the chart Or watching in your phone, right? If you take your phone and okay, okay, well maybe now, maybe now, maybe now, right? Nothing would happen. And this is the truth. You are wasting your efforts. You are wasting your time. And the more you do that, the bigger the chances the market will drive you crazy, and the bigger the chances you will make some sort of a mistake like forcing a trade, right? Before a trade really happen. If a level is reached, for many strategies it could be just the first sign, indication to start watching. Okay, so this is a very common mistake traders do, right? Uh, coming back to the charts too often, or even worse, watching the charts without a break, like sitting and watching. In order to make it not boring, they can just change the different instruments, but eventually after a minute or two, they will come back to the same one they are watching. Or even worse, if it's like futures, they will just change them over and over again. Later or sooner, it will drive everyone crazy and force some sort of mistake— early entry, wrong calculation, overexposure by pressing sell too often, then closing, then all again and again and again— because there is no setup, but you expect maybe something would happen if you already in a trade. And as you understand, this will lead to even further bad mistakes. So what do we do in such case? Very important part for me in these videos and the series of videos I am about to create, it's not just to point out a problem but also to try and to offer a solution. You might agree with my solution, you might already do that, you might think about that, or you might think I'm a, I'm a silly guy, uh, that have no idea what he's talking about. Everything going through your mind is very welcome, very much appreciated. Of course, I'm just sharing my point of view and the way I deal with such things and the way I help my students to deal with such things. Again, you can agree with me, you can disagree with me, everything is welcome. The purpose of this video is just to share my point of view and hopefully, uh, to those who find this, uh, solution helpful To be able to and help. So the way to deal with the things I just talked about is first of all recognizing the problems and accepting that. And then once you do— because every problem starts with acknowledgement, recognition, and acceptance, right? You must accept that there is a problem. So there are alerts available inside your trading platforms. Okay, you can set up an alert if a specific level is reached. Uh, once this level is reached, then you can of course let the market work. You can get your notifications on your desktop, back to your mobile, or even by email. You just need to set it up in your MT4. Or other trading platform. The other solution, if you just want to make sure you get in a trade in specific levels— pending orders, right? If your strategy does not require a specific pattern to happen, like for example you must make sure there is engulfing, okay, or some MACD cross or any other such things, then if you just work with levels, then you can use pending orders. Once the level is reached, you don't need to be there in order to enter a trade. Third thing is understanding the time. So if you are on a 1-hour chart, every candle is 1-hour chart. If you need a level to be reached and a setup to be created This would take at least a few hours. So 99.999% of the chance that you would not miss a trade. And if the market runs away, most chances that you wouldn't trade it anyway if you would be around, right? Because if you are waiting for something specific but the market runs away, you are not going to chase it. I hope you're not. So this is another solution. And of course, there, there is the ultimate solution of automation. You can automate— I hope I said correctly— basically, you can code what's required for you. So a specific level to be broken and a trade to be entered, right? There are a lot of programmers and you can hire someone to do it for you. If you know how to do it, you can do it yourself, or there are solutions already available online. Um, so just find your potential answer within the automated trading solutions world, okay? If you are, for example, looking to trail your stop loss, then you need a solution that will help you for that, right? If you are using some specific techniques and not just by points, if you are using false breakouts, then you need a solution that would help you with that, etc., etc., etc. Okay, um, so you will need to find your If of course that's what you need in terms of solutions, you will need to find available solutions or to create one. Okay, it's that simple. Um, so once— I want to summarize here— once you understand that you make this problem, you make this mistake, and it happens to you, and it happens to most of the traders I know including myself, Now, of course, much, much, much, much less. Um, in the beginning of the journey, it was terrible mistake. And also, let's admit, it doesn't matter how experienced you are, once in a while we all have setbacks. Setbacks are great for you because they help you to refresh and return on a normal routine. So when I feel I start going too much sensitive about the level and rushing. This is a feeling you learn to recognize eventually, right? When I feel that, what I do, I close my PC and I go to do something else because I know if I will stick to the chart and I will stay there, most likely I will find a way to make a mistake. And usually mistakes that you know you should not be doing, if you still do them, would lead to the same results as they did in the past— a failure. As simple as that. Like this truth or dislike this truth, it is still a truth. So that's pretty much it for this video. Um, that's the first mistake I wanted to bring up and talk about and suggest my solutions for that. Let me know, what do you think about that? Do you maybe have better solutions for such a mistake? Please share your view, uh, with other traders inside the comment section below this video. Let us know what do you think and how would you deal with this situation. And, uh, that's pretty much it. I would like once again to invite you to our trading family, Traders Academy Club, and enjoy all our real-time trading ideas and of course our real-time trading education on a daily basis. The link to join is right below this video, and I would like to thank you for your time watching this video. Stay safe, be well, and I'll see you soon with more videos. Bye for now.