If you can't execute your trading system with discipline, you don't have
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one. They want to be clever, so they try and cram as many indicators
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in as they can to their system and bend it to fit past data. Simply a dumb way to trade yet numerous traders do it. It's a fact
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that overall, 95% of traders lose their money and that's a huge percentage. The list forex stock trading of mistakes is in no particular order of importance, make any of them and you will lose. The above mistakes are easy to avoid, so make sure you avoid them or you will join the 95% of losers.. However most of the mistakes these novice traders make are avoidable
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and you will find them enclosed...
Forex Trading For Beginners - Fatal Mistakes Most Novices Make
Most novice traders get wiped out quickly. In a 9 - 5 job it does but not
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in Forex markets; you get paid on results and really you
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don't have to work hard, you simply need to work smart. If they did the whole world would trade and no one would work. This is called curve fitting and it doesn't work. Forget the far out investment crowd who follow such disciples as Fibonacci, Gann and Elliot,
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these theories
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are not scientific as people claim they are, if they were they would work all the time and they don't. If you want to win at Forex,
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you have to learn to lose and keep your losses small and this means executing your
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system with discipline. The best systems are simple but most
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novice traders think the opposite is true.
To many traders think Forex trading is easy and think they will never face weeks of losses. You won't be surprised to learn these systems don't work. If
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you could predict human behaviour, we would all know the price in advance and there would be no market. Most traders over leverage their accounts and lose. The facts are there
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for all to see but all traders
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see them differently and draw their own conclusions from news stories, with their opinion coloured by the emotions of greed and fear.
Trusting a Forex Robot or Expert Advisor
Most traders get taken in by the
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hype - pay a
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couple of hundred dollars, get an income for life and make money with no effort with an automated trading system. No two pieces of data ever repeat exactly and the system
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collapses in real time.
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Brokers will give you 200:1 leverage as standard and a novice will use it and blow his account out the water. When they do, confidence and discipline crumble and they throw in the towel. Another group of traders like to trade short term moves but all short term moves are random and they soon get wiped out. The facts are not important, it's what people think of them that counts; never trade breaking news. Trying to predict the Markets in Advance
Prediction is hoping or guessing and that won't get you far in Forex trading. As a novice trader, you should start with no leverage at all or a maximum of 10:1.
