Forex Trading Mistakes - 2 Deadly Errors That Cause Losses
These two mistakes are common and cause a wipeout of equity for those who make them yet there easy to avoid. If you are a new trader obviously don't make them! If you are already trading avoid them and you could turn go from losing to winning quickly.
First understand this:
Cut Trading Frequency down! The most common error novice traders make is they think the more they trade the more chance they have of winning.
They like to trade short term moves day trade and scalp what happens? The odds are not on their side and they lose. On the other hand you have a trade who always likes to be in the market in case he misses a move well you can still miss a move when you're in it by being the wrong way round!
Cut your trading frequency - only focus on high odds trades.
To give you an example of how effective this is - I know traders who trade less than a dozen times a year and make triple digit gains!
In a 9 - 5 job the more hours you put in the more you get out - in forex trading this is not true and in many respects, the less effort you make after getting your basic forex education the better.
2. Being to clever
A Help in most areas of life - a hindrance in the forex markets. Why?
Because clever people very often come with the attitude that I have got a degree ( or whatever) so I am smart and will be rewarded - Dead wrong!
You see these traders have egos and cant take losses discipline breaks down, as they can't cope with being wrong.
Another trait of the clever trader is - to build highly complicated forex trading systems and overload them with to many inputs - complicated systems are not as effective as simple ones, as they have far more elements to break in the brutal world of real time trading. Simple ones are simply more robust and more effective.
The best traders tend to be humble and have simple trading systems and have the all important trait of being able to accept losses and look stupid in the short term, to accept longer term gains.
The two forex trading mistakes above are very common, so don't make them from the start and if you are making them now, correct them instantly. If you do you could turn a losing forex trading strategy into a winning one.
Forex trading is all about trading high odds trades and they don't come around all the time, be patient and be prepared to implement a simple trading system with vigorous discipline when they do, its as simple as that.
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