10 Things NOT to do on the Forex Market
10 Things, which you should avoid when Trading in the Forex Market. Mistakes, which are better not to make, when you trade Forex or Commodities like Gold or Silver or CFDs. If you have look on the mistakes, you can learn and improve your Trading performance. Increase the success of your Trading strategy by avoiding mistakes.
- 1. Learn from common mistakes to improve your Trading!
2. Learn from the 10 most common mistakes in Forex Trading, try to understand and follow them. And your Trading will be more successful! 3. Your own emotions let you make the biggest mistakes in Trading!!! Trading is against the human feelings- don`t let feelings of attachments to your investment take over you!! 4. It might not feel comfortable to close a losing trend, but if this the direction the trend will go, DO IT! It is far better to close a losing trend now, than losing even more.. 5. Trading without setting a level of Stop Loss, can bring you in a situation to lose all your money! Avoid unexpected losses by making use the Stop-Loss tool. 6. Trading without plan is trading without discipline Which means EMOTIONAL Trading Emotional Traders are VERY likely to lose Because Trading is about Risk Management -> with no plan you are trading with 100% Risk 7. Don`t trade on a Day-Trading basis. Focus on a longer perspective to benefit from a trend. Successful traders make money from longer term trends. 8. E.g. You may think, the Euro is overvalued Your sentiments might be wrong or only partially correct. You have to go with the trend And not with your ideas of the trends! 9. The more complicated your system, the less chance there is, that it will be profitable. The most important factor, when trading any market is the price. Don`t overcomplicate Trading!! 10. Stay always realistic to calculations On the Forex market you can make quick profits but you will not make 100.000$ from 100$ in one night. Like in every business, you need to be consistent and have discipline 11. Open only a few positions at the beginning Don`t open positions for multiple currencies at the same time Don`t trade in two opposite directions Don`t TRADE ALL THE TIME 12. Forex Trading is having a good Money Management Strategy Don`t risk your entire capital on 1 trade Keep yourself more opportunities! Make extra money- don`t take money you need elsewhere!!! 13. Olo FX Trading Sign up for a FREE Demo Account www.olotrading.com www.olofx.com Click here