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Mistakes to Avoid When Trading Forex

Trading Without a Strategy

Developing and trading with a strategy is the easiest way to improve your trading. Emotions are one of the hardest barriers to overcome in trading, but by trading with a plan you not only remove your emotions from the equation but also guarantee more consistency. You will be able to see what doesn't work and can fine tune your strategy accordingly. Its highly recommend that you start off in a demo account to develop a strategy.

Improper Risk Management

Ask any trader what the most important aspect of trading is and they will say risk management. Risk management isn't just keeping your losses small and not risking more than x percent of your account in one trade. In fact one of the easiest mistakes to make is being too cautious. Too often people see their trade run into profit and instantly move their stop loss to break even or just close the position. Its important that you give the market the respect to run you into a proper profit at which point you can consider moving your stop. This is another reason why sticking to a plan is really important .

Ignoring Fundamentals

When starting out it can be easy to get wrapped up in the charts, analysing the candles, looking for the perfect technical pattern, it's easy to forget what drives the currency markets: Banks and large institutions moving their money around to invest and get the highest interest on their capital. And while its less relevant on the lower timeframes, the impact of fundamentals should never be underestimated. I wrote an article on the main factors that influence the markets here.

Blindly Trading Other People's Signals

Trading off signals is a trap. Like many other 'get rich quick' schemes on social media, if you get lucky they may work for you in the short term but are almost never viable long term. Even if you find some consistent signals, your not actually learning anything, and in the long run you are setting yourself up for failure. Signals can be a good way of learning if you understand exactly why the person making the trade is doing so and how you can apply it to your own trading.

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Bitcoin, Ethereum On Sale Again

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What's To Know After The BoE's Monetary Policy Summary

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Bitcoin Goes On Sale- Golden Cross Opportunity

9/21/2021 Bitcoin Update For the past month, Bitcoin went on a tear rising over 20% from the beginning of August. Recently, however, China and other risk-off factors have contributed to a 23% decline from the recent highs around $52,760. Now the most prominent crypto has touched these monthly lows which could be a potentially good […]

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DISCLAIMER: All comments made by TraderNick’s Forex Group, LLC are for educational and informational purposes only. All comments should not be construed as investment advice regarding the purchase or sale of any securities or financial instrument of any kind. Please consult with your financial adviser before making an investment decision regarding any securities or financial instruments mentioned by TraderNick’s Forex Group, LLC. TraderNick’s Forex Group, LLC assumes no responsibility for your trading and investment results. All information on any of the platforms utilized by TraderNick’s Forex Group, LLC was obtained from sources believed to be reliable, but we do not warrant its completeness or accuracy, or warrant any results from the use of the information. TraderNick’s Forex Group, LLC, its employees, representatives, and affiliated individuals may have a position or effect transactions in the securities and financial instruments herein and or otherwise employ trading strategies that may be consistent or inconsistent with the provided strategies. Trading of any type involves very high risk and may not be suitable for all investors. TraderNick’s Forex Group, LLC, its subsidiaries and all affiliated individuals assume no responsibility for your trading and investment result. Read our full disclaimer here

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