"7 Big Trading Mistakes"
Thats what kills me on my first day of trading.. Lost $300.00 in a blink..
Very interesting article.. Thanks
Over trading is another common mistake that day traders make.
I would add - mixing up demo and live trading
Big trading mistakes are as bellow :
1. Trading for excitement & thrill Not for profits.
2. Trading with a high ego.
3. Trading with money you can't afford to lose.
4. No Trading Plan
5. Spending profits before you make them.
6. Not Cutting Losses or letting Profits run
7. Falling in love with a sector or script
LoL ! but it is true!
Thank you for interesting information.
If you manage to trade on forex market and if you learn on your mistakes, you will get a lot of income.
6. Not Cutting Losses or letting Profits run
Have to agree with this one. I know some people would prefer to keep it instead of cuttnig their losses because they think it will pounce back
The 7 can be summed up in one big point...
No proven, profitable Forex trading system.
If you don't have a consistent system for profiting from the Forex markets, you will lose money in the long run. Guaranteed.
I would add - mixing up demo and live trading
Great point FXAutoTrader.
I know people who have lost a lot of money to start off with as they had successful demo accounts and then thinking it was the same lost loads on a live account.
MOST IMPORTANT is point 1...DO NOT TRADE WITH MONEY YOU CAN'T AFFORD TO LOSE
You also need to understand each individual person that you manage. For each is a unique person with their own differing personality. Each with their own strengths and weaknesses. A good manager will help develop the strengths and gently correct the weaknesses. Correcting the weakness is more difficult than developing the strength for you must correct this weakness almost unknowingly to the individual.
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The following is a list of things you want to avoid at all costs. Anyone of them can literally destroy your financial dreams and goals. But what you think which one or more of them most common and must be avoid.
1. Trading with money you can't afford to lose
2. The need to be "certain"
3. Words that will kill you! HOPE---WISH---PRAY
4. Not Acting on your plan
5. Not knowing how to get out of a losing trade
6. Having an ego
7. Falling in love with a sector or script
Fortunate Management India