Wednesday, March 23, 2016

Stop Repeating the Same Forex Trading Mistakes

This is probably the most important article regarding trading because this is where you'll learn how to achieve the goal: making money. Now, this might not be what you were expecting to read about because it won't necessarily be 'fun'. However, if you follow through on these tips, you'd assuredly get maximum profits.
When it comes to trading, you need to do what is best (generally) not what you think is best. Trade isn't 'the wheel of fortune' where you might go big or you might go home. Here, you can either go big if you have a good mindset or you'll go home.

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Wider Stop Losses
The most rookie mistake you can ever make at trading is placing a stop loss within the markets daily range. This might seem like a good idea but it isn't. Stops need a wider margin. If you just do what looks best in the moment you're practically handing money away.
What's keeping you from following this simple rule is the fear of reducing your position size. Rest assure, this isn't a bad thing. Thinking about trade as a game of logics rather than as a game of chance can allow you to have a better track record i.e more funding.
Don't think of wider stop losses as 'messing up your game', if you want to make it big then you need to realise that your reputation is key. Even if you aren't as experienced but in your performance review scored bigger than you'll be big. Ultimately, not getting too overly emotional.

Fewer and Longer Trades
What might sound like a bad idea is actually one of the best decisions you can probably make. Rather than continuously entering trades, you need to hold on to that handful of big offers for a longer time.
With every trade, comes a broker fee. The more trades you put out the more fees you give out and eventually they constitute to your profits with anything you make or take more when you aren't successful.
What leads to any trader’s downfall is when they get so attached to the trades that they begin to over-trade. If you've had a winning streak and think that it'll be that way forever than you just made the cardinal sin of trading.
The best offers don't just present themselves to you in a hand basket, you need to be patient for months on end. This doesn't mean that they won't come, you just need to remind yourself that.
At the end of the day, it isn't about how many trades you can place but how much profit you make and one big win which doesn't come by every now and then is much better than continuous flactuations in your trading record.

Patience is key
Many traders are in the game just for the adrenaline rush not because of the profits. A good trader, is a boring one. This doesn't indicate that trading is boring but that you shouldn't be in it for the thrill of seeking as many trades as possible because as mentioned earlier, sometimes patience is key to success.


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