FOREX news

27/08/2012 21:53

Being aware of fatal mistakes, can keep you and your trading account alive and well long enough so that you are able learn to trade profitably and make money. Poor and over anxious traders make the same mistakes over and over again. Avoid these mistakes and you have the opportunity to succeed as a currency trader.The first fatal flaw of the failing trader is the lack of a trading system. Employing a set of rules that you can follow for each trade greatly increases your chances of success. A trading system gives you objectivity and the ability to avoid making emotional mistakes. It can tell you whether conditions are right to trade as well as when to keep your money in your pocket. A properly designed trading system helps to give you a systematic approach to the market and increase your chances of success. Not following the system you created to help you profit is the biggest mistake you can make.Shorting yourself when it comes to education in the Forex market, is the second big mistake that failing traders make. Traders who do not take the time to read about the market every day will quickly find themselves becoming broke. The other place they fail is to not spend additional time trying to learn more about the indicators they use and the ways to make them more useful. Education comes in four distinct ways, didactic learning, mentoring, experience and daily reading. Shorting yourself in any of these disciplines will seriously hurt your success.Refusing to employ a money management or risk/reward strategy will ultimately lead you to an empty trading account. Money management helps you to protect your funds but it also allows you to take advantage of profitable trades and grow your account exponentially. Successful traders understand that trading is a numbers game and the advantages you can take, regardless of how small, For more info visit FOREX news can make all the difference.Understanding the emotional draw of the market is another mistake that new traders make. Markets are moved emotionally at times in response to world events and you must be aware of these as they cause changes in the technical reads of the market. Also, there is a euphoria associated with winning trades that lead you to make mistakes just as the desire to get even when making a bad trade can lead to additional bad trades since you may not make wise decisions without a cooling off period.In conclusion, it takes discipline to follow the steps of seasoned and successful traders - a discipline that takes time to develop. Taking the time to invest in your education and employing a part of your trading capital to educate yourself is a wise move. Keeping abreast of the economic news is just as important as well. Failing to take advantage of all points listed above will end your career quickly, while applying just a tiny bit of dedication to them will greatly enhance your ability to profit and after all that is why we trade in the first place. get more info here    


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