let's start. You are likely to have one [or more] of the following transaction violations.
1. Uninterrupted trading and profit
– Many Forex traders recommend using a psychological stop loss. But how many of you actually follow the stop loss? When the price rises, do you intend to close the position, or do you want the price to fall back in your favor?
Never trade without a stop loss.
2. Master fund management
– Almost all traders I encounter have a much larger stop loss than the target profit target. I have learned [and found that] a 1:1 [or higher] risk/reward ratio is actually possible. You only need to win more than half of the transactions, you can still make money. The thing to grasp is to find the systems, strategies or signals that can be done.
3. Trading before, during or after a major news event
– The liquidity around news events is very unstable. Although sometimes you will be lucky and earn hundreds of points, you will often find yourself on the wrong side of the transaction, or worse, called a margin.
My tip: I have learned not to trade in the 30 minutes before or after the news event… this is the safest way to protect your money…
4. Trading weekend
– Have you ever traded on Friday and got into trouble on weekends? Then, on Sunday, when the market reopens, do you notice that the transaction turns into a bad omen, causing you to suffer huge losses, or in the worst case, to get a deposit? My tip: Don't trade on Friday!
My tip: If you are a day trader, be sure to close all positions before the market closes on Friday.
5. Listen to daily broker reviews
– The main purpose of the broker's advice is to promote his position. This may mean that they will be contrary to the news they posted to get your liquidity. Or they may only need more people to increase their bias.
My secret: Don't be excited about the secrets of the broker. Most can't help you. In fact, they can hurt your chances of a successful trade.
6. Lighten your emotions.
– Too many traders trade countless demo accounts, but never really have the feeling of trading their own funds. Then they made a lot of "money" on the demo account. Then they try to trade their own money. They believe that their simulated trading methods will translate into the same success in their real accounts. Unfortunately, most traders discount their emotions, and the final deal is completely different from when they start trading a demo account.
My tip: First, venture capital only accounts for 10% of your total capital. Never trade a demo for too long. For example, if your total venture capital is $10,000, you only need to invest $1,000 in your Forex trading account. Then, take the $1000 deal a bit more because you don't have to worry too much [if you lose the entire account, you still have $9000 in trading space].
This will help strengthen your mood and make you a better trader than any ebook or tutoring system. Understanding and managing your physical and mental emotions is the key to your forex trading success.
7. Make a lot of investment in foreign exchange tutors
You don't need to spend thousands of dollars on your initial investment to buy a Forex professional trainer or mentor, even if he or she is professional, honest and able to engage in full-time online trading. I have been trading with Mike Swanson [free] for more than a month. I found that there are cheaper, more profitable options. I own Free4xLesson.com. I have a real-time trading room that hosts a series of forex-themed webinars every week. I trade real accounts almost every week, ranging from $1000-$10,000. I even have the opportunity to work with other traders. Who is coming in contact?
Just for fun, if you have made one [or more] of these 7 errors, please send me a message on Free4xLesson.