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Old 12th June 2017, 08:33 PM   #1
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Default Three most common mistakes that every novice traders make

Every single day the number of retail traders in the financial market is increasing at an exponential rate. Most of the novice traders jump into the online trading world since they consider trading a doorway to achieving financial freedom. But in order to success in this industry, you need to focus on quality trade execution in the market. The professional traders always suggest the news traders trade the market with a solid trading strategy. For developing a solid trading strategy in the market you need to have a very clear understanding of the basic of the forex market. Even after learning the basic trading skills most of the traders fails to make profit consistently in this industry. In this article, we will discuss the most common mistakes that every novice traders make while trading the live assets.

Trading the lower time frame
The forex market can be traded broadly in two different time frame and that is the lower and higher time frame. Most of the novice traders in the financial market trades the lower time frame since they get lots of trading signals. But trading is all about high-quality trade execution. If you look at the professional traders at Saxo then you will notice that every single one of them trade the higher time frame in the market since they know that the higher time frame gives high-quality trading signals. The professional Singaporean traders always prefer trading the higher time frame in the market since they know a single quality trade execution has the potentiality to secure your huge profit factors in the market.

Over trading is one of the most common mistakes that every novice traders in the financial market make. Most of the rookie traders in the financial market thinks that the more they will trade the better chances they will have to make a profit. But if you look at the professional traders in the CFD trading industry then you will notice that every single one of them focuses on quality trade execution in the market. They simply ignore the lower time frame trading signals and cautiously for high-quality trade setups. As a professional trader, you must focus on quality trades in the market and never execute more than 2 trades in a single day. Always remember that the more you will trade in the market the less you will earn. So it’s totally up to you how much you want to earn in the financial market.

Use of indicators
There is a strong misconception among the novice traders regarding the use of indicators. Most of them think that they more indicators they will use the better chance they will have in the market to find the best possible trades. They simply overload their trading charts in the market and start trading the live assets. But in order to become a profitable trader, you should never use more than one indicators in the market. Try to learn the art of price action trading strategy since it will give you the best possible trading signals in the market. It’s true that if you trade the market with the price action confirmation signal at the initial stage then it will be a little bit difficult for you but if you trade with patience then within a few months you can master the art of price action trading strategy. But when you look for potential price action trading signals in the market always make sure that you are doing the technical analysis in the higher time frame.
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