Top five deadly mistake in forex trading
6 years ago forexsimulation 0
There are many reasons why we cannot make more profit in the forex market. There are many people who are doing the trade year after year but they can’t make money from this market. They wonder why they can’t make money from the market. They know what market going to do next and what can happen next. They think that they have the power to make a lot of money from the market but at the end, they came up with a bare hand. In the forex market, it’s not about knowing what’s the market is going to do next. But the most important thing is what you are going to do next and how you are going to end that. This is the main fact to do well in the forex market. In this article, we are going to discuss the key factors for which we can’t make money from forex market.
Lack of confidence
Self-confidence is one of the key things to do better in the forex market. Most of the trader finds it difficult to make the decision in forex market no matter what it is about. Sometimes they saw the pattern but due to their lack of confidence, they hesitate to execute a trade in the market. They can’t stand for their strategy due to their lack of confidence make and close their trade and exit from the market too early. They lose confidence when they make a loss and their mind push them back to go for the next trade. Their lack of belief that they can’t make money from trading makes the trading so much difficult. In order to do well in this market, confidence is the key factor to gain.
Not ready for changing markets movement
Another reason why many people can’t make a profit because they are not ready for the market change. If they think that market will go up then they can’t go against their mind even though the markets exhibits enough evidence regarding changing of the trends. They just ignoring those facts and executes lot of new entries in the market against the trend which makes them a loser in the forex market. Though they have the knowledge about the market reversal signal but simply they can’t change their mind to go with the market trend. This is only because they already have a mindset and they are not ready for changing market and do what necessary. Since they are not ready for change that’s why they are too late to enter in the next trend which cut the profit amount also. This thing can hugely affect your trading performance in the long run. if you want to be a successful trader then you need to accept the market movement and go along with the prevailing trend.
Want to be winner in every trade
Many of the traders don’t want to lose any single trade in the market. They want to win each and every trade. They don’t have any money management system they do trading without any stop loss, they move their stop losses to the next level, and they search for the wrong indication to keep their trade. They take a small profit and close the trade before it hits stop loss in order to avoid losing trades in the market. To be successful in a trading career you have to accept the loss. You cannot win each and every trade you opened. Losing is the part of the forex market. If you lose then it doesn’t mean you did anything wrong. You lose only because of the nature of forex market. The thing is, if your plan is not working out for that particular trade don’t be emotional and readjust your stop loss. You need to accept the truth that you can’t win in every trade.
Impatience and not maintaining discipline
Almost every trader know that they need to have patience in order to make profit continuously in the forex market. But when you come to real market for doing trade it just doesn’t happen. You have to wait for the right time to enter the market. As a professional forex trader, you can’t execute your trade too early or too late in the market based on your emotions. The key thing is not to execute any trade with emotions. Make sure you keep patience and enter your trade in the key zone which will maximize your profit and minimize your loss. Impatience trader always does the same mistake and lose money on their way.
Summary: To be a successful trader and earn money you must know how to be patience. You have to be more patience and disciplined to earn more profit. Stick to your basic rule and execute your trade based on your technical and fundamental analysis. Never deviate away from your strategy after a losing trade. If you are not patience most probably you will end up with over trading which is obviously not god for your trading career. Cause over trading means you take more risk and this can end up with more loss. If you are not maintaining your discipline and change your method over and over again, it will not help you to make the profit in the forex market. There will be ups and down in yours trading but that doesn’t mean you are going to change your strategy every now and then. Patience and discipline is the key factor to be a successful trader