Business & Finance Investing & Financial Markets

Mistakes I Admit in Forex Trading

Every trader experiences a track of lost trades, and after sometime it becomes a part of trading game. Let's assess the trading approach that why poor performance showing consistency while playing with trades in online forex trading. Give a break to the forex broker and analyse your own!

By showing right direction to your trading mistakes a trader may get the profitable path of trading!

Accept your trading mistake:

We have born with the emotions of greed hope and fear, that all work against a trader in the market which is emotionless. Here, we need to admit and learn how to overcome our trading mistakes. To control your emotions is not an easy job and the most prominent reason why traders are getting failed in the forex trading. By proper planning it is possible, remember! True trading plan is the essence of success.

Take a break until your ship sails in right direction:

We are not saying you to remove from the market, but until you are not with clear headed mind, it's better to stop. Your approach may help you to eliminate impulsive trades that will keep you more objective while analysing the foreign exchange market.

Is your trading approach consistent?

If you are not consistent with your approach, you are not going to stay long in the forex market. Here, from consistency we meant to be disciplined towards your routine which is probably one of the safest ways to get aligned with your plan. Be consistent with the major market events you trade, required key chart levels and overall market bias and of course the price opportunities.

Assessment of risk

How many pennies are you potentially willing to lose on each trade? Trading success is the result of better risk management that seems boring for traders to manage, while some trades ignore it, which is the reason of failure in forex. To implement risk management plan not only controls your emotions when you trade but also helps you to develop proper trading mindset. So, first begin with managing your risk properly to avoid sleepless nights!

What's your trading strategy?

A wrong trading strategy may blow out your trading accounts. Employ the powerful, straight-forward, simple but effective strategy in your trading decisions. Be honest while entering your trades, try to interpret the indicators, read economic news everyday and watching financial news is also fruitful to determine strategy in a right way.

What's excites you?

Win or lose?
Probably, forex is not an amusement park! Intensive emotional impulses are the result of poor habits. Traders get excited on winning and get angry when they lose. Doing so, your trading behaviour says you are unplanned for potential loss or win as nothing is consistent in the forex market!

Admit your mistakes and ready to work on them to overcome!


Leave a reply