Trading weakness.
Majority of newbie believe that Forex is a fast money making machine, all of them want to get rich overnight. Another factors that make them to blow off their account are greediness, impatience and lack of knowledge about the Forex trading.
At my viewpoint, to tackle these weaknesses - trading contest demo account is excellent for practice trades per trader starter, because they're able to work with their strategies in this contest, and psychology they are going to be overwhelmed in this contest.
Hi guys, I just want to share something to you. ..While practicing to a demo account, i observed that everytime the currencies i trade turn to my direction and earn me a profit i suddenly closed my position. Do you think it is part of my weakness in dealing to Forex that i am scared to lose my money and never wait for the best time that makes my money increase rapidly.
It always happen to newbies when they start to make profit they quickly liquidate their position but if they have losses they will hold until market returns to their avour. this is very wrong. As a trader you must have confidence in your analysis. Always adhere to your trading plan and strategy. If you quickly liquidate your profits it defeat the purpose of your hard work to analyze the market and your time planning your trading strategy. Dont let your emotion control you during your trading.
What’s your worst trading habit?
I think we all have at least one bad trading habit as nobody is perfect. I know there are some who think they are, and most of them have never turned a consistent profit in their life.
My worst habit is that I sometimes don’t account for an economic release and occasionally I pay the price for it, at least temporarily. I usually check my economic calendar every day just to be aware of them, but since I don’t trade economic releases I sometimes tend to either ignore them or forget them (I do set reminders, but during a busy day I tend to click the away rather fast unless they are marked urgent; maybe time I mark those economic releases as urgent).
It would be better if you use TP tool in each of every deal. It would help you not to be greedy. I have been trading in this market for long period of time and i always like to analyze market strongly. I use both SL and TP tool after analyzing the market and open trade. At the end of the trade i got clear idea whether my strategy is correct or not. It would help me to analyze the market in better way. You may follow this strategy before opening any trade.
While TP is ok for retail traders to use, it does not mean that you are safe in the markets. Risk management is what you need to master in order to protect your bottom line.
Traders had many weakness first of all is weakness in making analysis that is the base for good trading .. With weak analysis or trade can not run in right direction we will not get desired result. Second weakness is lack of risk and money management that causes unexpected losses for traders.
It always happen to newbies when they start to make profit they quickly liquidate their position but if they have losses they will hold until market returns to their avour. this is very wrong. As a trader you must have confidence in your analysis. Always adhere to your trading plan and strategy. If you quickly liquidate your profits it defeat the purpose of your hard work to analyze the market and your time planning your trading strategy. Dont let your emotion control you during your trading.
Unless you're a scalper and openin/closing fast position is your way of trading which is also qutie possible.
Yes you have to be very much patience which doing investment in forex as forex is very risky market and without knowledge you may loose your money here. You need to control your greed in forex.
Patience not so enough. Discipline should be there
Hi guys, I just want to share something to you. ..While practicing to a demo account, i observed that everytime the currencies i trade turn to my direction and earn me a profit i suddenly closed my position. Do you think it is part of my weakness in dealing to Forex that i am scared to lose my money and never wait for the best time that makes my money increase rapidly.
To be successful in Forex we have to develop our trading skills so that trading will be done properly and demo account is the best platform where we can develop our trading skills.
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Hi guys,
I just want to share something to you. ..While practicing to a demo account, i observed that everytime the currencies i trade turn to my direction and earn me a profit i suddenly closed my position. Do you think it is part of my weakness in dealing to Forex that i am scared to lose my money and never wait for the best time that makes my money increase rapidly.