Forex trading mistakes
Forex trading mistakes are common things. Especially when we do not have forex trading strategies. Actually, the mistake is a good character form. We must learn from wrong.
Otherwise, we can not know which one is better. We know it’s wrong if someone else’s value. If nobody judges, yes we do not know. So when someone says: it’s wrong to do what we do, do not get it wrong.
That means they care about you. Well, it is better to learn why the person is saying something wrong with your actions? if the logic entry is wrong, leave it.
In forex trading, there are so many mistakes. Especially as a beginner, almost they do common mistakes beginner investors make. Because indeed, the beginners have high ambition and passion. The spirit is necessary to maintain in order to succeed. If the spirit is in the middle of the road? Yes, any job will not be able to maximize success. Some things you should know and remember for traders beginners may be read below:
Work from home CFD, forex trading online with TenkoFX
TenkoFX broker regulated by IFSC Belize
1. Trading without Stoploss
Who would have lost or lost some of the funds we had deposited? Even the loss in a short time? Certainly grumpy look like this condition. But something more important than that, Losing some funds or losing all the funds? Choose where? This is what makes up many MC traders because it does not use StopLoss. Assume the price is always in line with the analysis.
The starters are very reasonable. When we see candles in a small zoom, we usually have a view. From there we have a lot to guess. But unfortunately, this is not always true. Mostly if just guessing is not much profit. most walking just a few points and this makes the heart happy, afterward by drove back the direction of the ultimate loss.
3. Interchange of techniques
Indeed, forex trading techniques are very much. Even each of us can make his own according to their own understanding. Beginners are usually confused about which techniques do not have the loss !! Everybody uploads SS with big profits, right in the technical question, and asked to teach it.
I used to have the most technical change. In the end, it’s saturated, no one can give any profit. at the very least learn one technique only to really understand. Not using any kind of technique that even confused.
4. Position size with big lot
People think that using big lots of sizes will make a lot of money. Actually nothing wrong. But if it does not have a strong enough understanding and analysis it will only drain the chemistry. Lucky if the profit, can be smiling wide, but if it is otherwise? The loss of funds is big enough in a short time. It can make it really a nightmare.
5. Desired to get Quick rich
Forex opens an instant way to find wealth. Even if you’re looking at just clicking a buy and sell button, but it needs analysis, depleting psychology, and emotionally. Very not advised that forex trading is only for quick richer.
At least to understand the movement of prices in the chart we need a few weeks or months. Like normal work, we have to find a comfortable place before we can focus. When it’s focused, it’s easy to control all the problems.
Make Forex a business. Every business is built up and can not make a lot of money and make it rich, but gradually. So do not expect to want to get rich quick forex.
6. Direct real
Play demo what is it? Usually, it does not affect the psyche and psychiatry, as trading becomes the origin. It’s not wrong to use a real account, it’s best to choose a small account like a cent. To learn to train this technique can be made alternative
When I first learned forex, I did not know anything about forex trading, with the deed of depositing 100 $ standard accounts. Unfortunately, no matter how long, accounts get lost and MCs. Only had to spend $ 30. This may be a lesson not to be too ambitious to be real. Trading the demo first with really in, assume demo like real is better.
7. Slide position
When we put away a long line of TP, feeling the price was not up to the line, eventually shifting closer lay. In fact, if you let the price move and reach the previous TP line. Probably condition like this makes there a sense of regret in heart and annoyed. In the end, take the second action as below
When the price moves according to our analysis, it will make a good sense of it. Moreover, when the price goes smoothly close to the installed TP line.
With a thirsty and greedy feeling, assuming prices continue to run in the direction of analysis, we shift the TP position further. Ultimately, the price goes back quickly and even makes a loss. This is often the case with the beginner traders.
8. Too many techniques
We are free to use any technique. because of the technique, there is very much. The most important thing is that the technique makes it feel comfortable when in use. But if still learning, the thirst for technique and indicator makes all the downloaded indicators are installed on the chart. In the end, it is confused to use which signal.
This was once I experienced, when I used various techniques in one chart, almost full of screens. Unfortunately what’s put in MetaTrader is not working anymore alias adds confused !!! So there’s no need to use a lot of techniques, just one, but we understand in their application
9. Respond to revenge
Maybe someone has ever done revenge with the forex market. Because of the saturated and emotional cost of the depleted fundraises the desire to reply. Revenge is the big Forex trading mistakes.
Unfortunately, when it comes to revenge, this will only destroy the balance. As a beginner who knows new forex, it may be quite reasonable. But after reading this article, you should not need to take revenge forex, hoping to re-analyze why you can lose a lot before.
10. Do not have a plan
Every business must have direction and purpose. If you do not have that, it’s like we are in a crowd of people who do not know where to go. As a trader, it is necessary to make planning, trading journals, and hone trading analysis.
Planning for example targeting within a few months should be able to get a $ $$$, so in trading, it is really serious to go through it. Not just want to make instant money.
To train the skills it is also necessary to create a trading journal. Prepare books and pens, write down all the reasons when opening the OP. observe and analyze when misunderstood. But most traders do not do that. Why? Perhaps still confused in getting started
Traders often do, for example, in the morning the trade has reached the target. But because of greedy, doing trading continuously until late in the afternoon, as a result of even loss. The more sadistic the loss exceeds the amount of profit. Very love, is not it? This will only make psychology be unnecessary. Should be avoided and do not apply!
12. Violating trading rules
It may have been among the again who often did not follow the rules of the technique being used. Suppose we know that if the price has reached such a point, the OP must sell. But after reaching the price at that point, we even OP buy.
And the price runs in the direction of OP sell. Why? When arriving in the area it is probable that there is doubt or doubt about the previous analysis. Though the price is in line with the analysis.
Also, why not follow rules? could be because of gambling. Trading is just a reflection, whereas the technique or indicator that is installed is just as an ornament. This may happen because it may be ignorance and there are still many who are not clear about the use of the technique.
Those are some of the Forex trading mistakes that a beginner trader is still learning. But we do not realize it, because if the starters, of course, do not know. Well then you who have read this, do not need to do what as written above. If you do not believe it, try it, maybe it will feel after you really know the forex. Maybe this will be your experience.
Mistakes can be a valuable lesson if a trader can recognize which mistakes. By recognizing Forex trading mistakes in the future, you can at least minimize the same mistakes so they don’t repeat again.
Trading is a very risky job, without discipline and patience it will be difficult to develop and win. The risk of a trader is higher than his profit. This is because traders are definitely subject to a spread or commission fee by the broker each time they make a new order.
A trader cannot rely on emotions in making a profit, and if it gets profit it is just luck.
Are you ready to start trading?
You may read