Never Trade on a Fundamental News day unless you understand the effect that the news will have on the currency pair you trade
Research, Research, Research what, how and when the Fundamental News event
Be prepared to Not Trade as much as To Trade!
Never risk anymore than 3% of your capital, if your bank or broker has your leverage too high then change the account to one where you can trade at these levels – remember the object is to live to trade another day if a trade goes against you!
Define the Trend
Define the Exhaustion point of that Trend
Define the point of Entry
Define the point of Exit
Never become emotional
Want your account Managed ?
Our partners manage trading accounts with over 20 years of experience. Established Equities, Forex, CFD, and Spread Bet Fund Manager. Managed Forex account for traders who prefer to have their funds managed by an experienced trading professional. For new traders or traders who would like to trade the Forex market but don’t have to time to monitor it. Personally-managed accounts are provided for both institutions and experienced investors under a power of attorney. Fully regulated (UK). Please get in touch via the contact page for more details. Account deposits should be no less than $50,000 to unlimited amount.
Here are the 10 mistakes traders make:
Mistake #1: Trading without education or training.
Mistake #2: Allowing emotions to influence your trading decisions.
Mistake #3: Failing to realize that trading has little to do with luck.
Mistake #4: Thinking that losing is bad when trading.
Mistake #5: Neglecting to recognize that learning to trade is an unending process.
Mistake #6: Trading without checking the daily news
Mistake #7: Trading with the wrong attitude
Mistake #8: Trading on Friday or the end of the month
Mistake #9: Trading in choppy markets
Mistake #10: Not respecting the Forex market and gambling
When it comes to trading, the most important thing to keep in mind is self-discipline. This is crucial as both profits and losses can be enormous in this market. More than three trillion dollars exchanges hands in this market daily. It is possible to profit from this exchange of currencies, if you are able to control three critical emotions that frequently tend to lead to clouded judgment and often result in lost profits. Those emotions are, “Greed” “Fear” and “Hope”. Given a proper investment strategy, the Forex market makes it possible to earn a tidy profit. With that said, greed always comes into play in any human effort and this is no less true when it comes to investing. Greed results in one of the oldest problems in investing over trading. Whenever a trader engages in over trading, there is tremendous potential to risk far too much, hold a good position for too long or enter the market too late and find oneself in a losing position. Greed can also quickly cloud one’s judgment; perhaps faster than anything else. Homework and self-discipline; however, can help you to keep both your focus as well as your profits.