Whether you are forex trading expert or completely new to it, few things should never be done. If you do not pay attention to avoiding these mistake, no matter how well you are doing as a forex trader, you can blow up your trading account. Since these mistakes are very common and also fatal for your career, you must read this post to be aware of them. Knowing these mistakes will not just help you avoid these mistakes, but will also help you improve your trading process.
1. Not Having A Plan For The Trading Process
Many people start trading without planning and consider it to be a gamble. Most of the people come into forex trading because of what they have heard about how lucrative are the results in it, but they never prefer to understand how much intelligence and skill is needed to be successful. People who gain profits just by being lucky do wish to enter the market, but because they were lucky once does not mean it will be the same for their entire career. Trading just based on luck or without having a plan can be harmful to your entire earnings. If you are planning to be a professional trader, you must know how to plan your trade. Not doing this is a big mistake and should be avoided by all the traders in the entire career. Always remember that a good plan is based on 3 fundamentals: trading style, analysis method, and risk management.
2. Not Being Aware Of The Currency Fluctuations
This is a mistake that is mostly done by new traders. Though sometimes experienced traders also do this same mistake and the reason is overconfidence. The fluctuations in the currency are never the same, no matter how many times you have used that currency pair. It is necessary to check the fluctuations in currency pairs and start your trading process according to your readings and predictions. If you have followed the process of reading the fluctuations, it will become very easy for you to predict the market. And more easily you can predict the market, more are your chances of winning.
3. Repeating The Same Mistakes Over And Over Again
There have been many traders in the forex market and some made it to the top and some simply could not do so. If we take a group of 10 traders who started together and had the same mentors to guide them, but if only 3 or 4 got success out of them, what possibly can the reason be? We all have the same capabilities and the forex market is such a place where the opportunity is also the same. So the most appropriate answer to this question can simply be that the traders who made it to the top were the ones who learned from their mistakes and made improvements. Doing this is common sense but most traders do not implement it for real and are thus not able to rise the way could have. To be a successful trader you need not be perfect from the start but have the skill to understand your mistake, and then replace it with a better habit.
These are very common mistakes but also career-ending. To develop a good trading style it is good to have a mentor especially if you are serious about forex trading. One of the very good mentors of forex trading is Hafizzat Rusli. In his trading course, he starts from very basic things that can be a way of being a successful trader like he is.
Though in the past he got defamed as Hafizzat Rusli tipu because people created his fake profiles and tricked people to pay for fake courses. So you do not fall in this trap, here is a link to the original website. https://www.hafizzatrusli.com/trading-courses/