Forex trading – 5 major mistakes to avoid

Forex trading 5 major mistakes to avoid

Forex trading 5 major mistakes to avoid

When learning forex trading there are five major mistakes to avoid. Would you like to learn what they are? If you do, you can be rich sooner rather than later. I guarantee you if you avoid these, your journey to riches will be smoother my friend.

Mistake number 1 Lack of discipline. Simple. You should know exactly what time you trade, how long for, how much you trade, when to get in and what to get the hell out of there.. Discipline, discipline, discipline. This is the golden rule of forex trading. You should have a simple forex system every week that even a child could follow. Use the elastic band trick. Every time you mess up get an elastic band and pull it towards your own hand. OUCH! That will teach you. Every time indiscipline creeps in, get the elastic band out. You need to guard against greed, indiscipline and laziness. Form and make habits that improve and govern your forex career.

Mistake number 2 Lack of practise. Until you get really, really good, use a dummy account. Don't use your real money to learn your craft, that's what the demo account is for. Make your mistakes with the demo and when you are good and ready, get your real wallet out. Not one day before though. The demo account is your learning curve. After every demo trade get your notepad and write some notes on your trade. What was good about it? What was bad about it? What would you do differently next time? Remember practise leads to perfect.

Mistake number 3 Lack of research. Use everything and look everywhere for forex knowledge. Use books, courses, seminars, teachers, mentors, other traders and the Internet. Look at charts, indentify patterns, and watch Bloomberg. Give yourself the best possible opportunity to make a good trade. The market will make a fool out of someone who has not done their homework and due diligence. Maybe you could get together with other forex students and research together and learn together. Become a master forex student, so you can quickly and easily identify patterns on charts and make that profitable trade so much easier to come by.

Mistake number 4- Lack of focus. Set FOREX goals. How much do you expect to make this week, this month and this year? Do you have a FOREX financial plan? If not, get one done now. Take small steps every day that are focused towards these goals and keep at them and over time you will succeed. Just preserve and don't give up. Focus on your goals and remind yourself of them daily and why you are trying to achieve them. Plan exactly what time each day or each week that you are either learning about forex or trading, don't let anything distract you at this time. This is crucial. This time is your forex time. Focus and concentration leads to results and BIG profits! Always remember that.

Mistake number 5- Lack of willpower. Ok you had one tough day. Now what? Do you just give up and go home? There will be days when you lose out in FOREX. That is the nature of the beast I'm afraid. When things are going against you in the market, hang in there. Markets change. You get better through your tough times. Mental and emotional strength is required to become a forex master. Remember it is 10% skill and 90% mindset. Get your mind focussed and set on your goals. Learn your lessons and move forward. You can fail you way to success if you just keep moving forward, to learn more click the link below and join the learn forex trading community today. Were here to help.

www.learnforex-trading.com/go1

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