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Old 28th April 2017, 02:02 PM   #1
sandikal
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Join Date: Apr 2017
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Location : Singapore
Default The common mistakes made by every trader

Most of the time there are successful trade set ups but very less successful traders.The reason is the traders do make common mistakes often, which are avoidable easily. The common mistakes they make are directly involved with their mindset. Although Forex market is highly profitable its not ALWAYS profitable but being Forex traders they do not consider it. As they think Forex can make money all the time they have created the wrong mindset. So here, in this article,we will help you do deal Forex trading wisely.

Figure: Trading forex with professional broker Saxo
Why it isdifficult to earn profits by trading:actually, traders are very good at spotting profitable trades but when they execute trades the chances for winning the trades become a win-win scenario. The huge mistake traders make is that they do not read where their trades are heading and they lose to place the stop loss on time. As many books and articles say place your stop loss if the trades go against you, and accept the small losses and then again start new. If the trade moves in your favor let it move, if you think that you are only able to gain smaller profit then it might be tempting but obviously, its the human nature. Anyways, the mindset is the major factor for all the mistakes made by the traders. If they are capable of building up a strong mindset then they will be able to become successful in the Forex trading.

Learn the mistakes:there are common pitfalls in Forex, as traders its your responsibility to learn the common pitfalls so then you will be able to understand it and avoid making such mistakes. Usually, traders do not measure the risk-reward ratio before they trade plus you should always know that you cannot make profits on every trade you take.Definitely, in Forex you will have to deal with the losses as well. Each and every trader should learn the common pitfalls before trading. Mistakes are always appreciated in the market as long as you learn from it but if you keep committing the same mistakes over and over again then its not going to help you in your trading career. If you access Saxo academy then you will see that professional broker like Saxo is also admitting that you will do mistakes at the initial stage but in order to develop yourself as a full time trader you need to learn from your mistakes in the market.

Planning is essential:you should have a plan but sticking it is even more important, as its human nature you might go over the track. As humans, you would want to earn more profits than the losses but the market will not act according to you need. Market losses are inevitable and facing losing trades are unavoidable too. So dont let the emotions rule the trades and always, stick to the plans. Make sure to place stop-loss correctly the only way to correct your mistakes is by learning it.
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