Every Forex Trader Make Mistakes You Need To Know
Do not have a trading plan
A trading plan is the most significant as it can changes you a successful trader. When you are in a struggle, you need a plan. In Forex, you need to know what the best pairs you want to trade, what the time that you need to look the chart & how much risk you want to put on it. These all you have to follow before trading.
Do not have a trading journal
Most of the Forex trader, they trade & forget our history of trade. They don’t put their own trading history into their journal. The trading journal is also significant as it can help you to a make improvement on your trade. It helps to change your mistake of your trading.
Complicate the Trading Strategy
There is thousands of trading strategy to make a profit in Forex trading. Each and every Forex trader has their own style on how to make a profit. But, you have a too much-complicated system in trade can make your trading loss. Just make it simple and follow one or two strategies, easy to put entry and you will have your own profit strategy.
Trading too much
Trading too much will also affect your profit. For the reason focus on the position of entry will be clumsy. Which entry position that you have to pursue you don’t know, you will lose your focus on the entry position that you will have to follow where the price went and why it turn to losses.
Too long holding the Position
Every trader is afraid to close the entry at the losing position. But when you see the value move away too long from the entry, you have to think on cut it. If you still believe it comes back into the initial price of entry, that's better, but how if it doesn't come back to the initial price entry? You will lose much more and more.
Control the Emotions When Trade
Forex trading is very much clumsy as it also plays with your emotions. When you lose your trading, simply you go for another work or play or get sleep, that’s all for the day. But if you make some profit in the trading, your eager emotion takes your control. All your profit will be a loss if you can’t control your emotions. Have a trading plan and simple trading strategy can prohibit this. Don't forget to put your Stop Loss for every trade.
Taking profit too early
Take the profit too early will also distract your initial trading plan and your Forex trading strategy. Let the profit go all the time and put your trade into smashed even. Take the profit when the value indication of sideways movement and close 50 percent of your profit is better than a loss.
Having No patience
Having no patience is the worst habit in trading. Naturally, when a Forex trader uses to see the pair and put an entry. Whenever they see the pair, they always look the money. Please recall that in trading, you need to have very solid decisions to put an entry on the value. When you don’t have a tip where the value will go, do not put another entry and save your money. Be kind and find the other chance for the other day when you see clear positions that can make your moves right to trade.
When you start to trade, don’t put so much money in a floating position. This is because; you never know where the values will go. Either you make profit or loss your money. Just pursue your money management strategy before trading. All experts say, you just need to risk only 2 percent of your money in trading & that will be successful.