7 deadly sins of the trader – and how to avoid them

Let's face it. Most likely, you have made one (or more) of the following trade achievements.

1. Trading without stops and profit

-Many Forex traders recommend using a mental stop-loss. But, how many of you are actually watching this stop Losom? If the price reaches, you close or do you hope that it will be back in your favor?

NEVER trade without stop loss HARD.

2. Mastering money management

-Amal every trader, with whom I have met with much larger trading stop loss than the target goal. I learned (and found) that the balance of risk and reward 1: 1 (or better) is actually possible. You only need to win slightly more than half of your trades and you will still make money. Preparing the system is searching, strategies or signals, which can make it.

3. Trade before, during or after major news events

-Likvidnasts around news events is very changeable. Although sometimes you can get lucky and make a few hundred points, most often you will find yourself on the wrong side of the trade, or even worse, the margin is named.

My advice: I've learned not to trade 30 minutes before or after the news event … This is the safest way to protect your capital …

4. Trade in weekend

-You ever traded on Friday and got stuck in the position over the weekend? Then, on Sunday, when the market opened again, you notice how the deal ominous, as a result of what you have huge losses or, in the worst case, you get a margin? My advice: no trading on Friday!

My advice: if you are a & # 39; a trader, be sure to close all positions before the market closes on Friday.

5. Listening to the commentary Daily Broker

– The main intention of the broker in the provision of advice – to promote its own position. This may mean that they will trade the opposite news, which they gave to take your liquidity; or perhaps they need more people to add their own biases.

My advice: do not worry over the broker's advice. Most of you will not help. In fact, they can just hurt your chances for a successful trade.

6. Reducing their emotions.

-Many dealers sell countless demo account and never feel like trading your own money. Then they make a lot of "play money" on their demo accounts. Then they try to trade your own money. They think that the way in which they traded with the demo version, will turn with the same success to their accounts. Unfortunately, most traders discharge their emotions and as a result trade very differently than when they began to trade their demo accounts.

My advice is to start with the amount of risk capital, equal to only / only 10% of your capital. Never trade a demo version too long. For example, if you have the total risk capital of $ 10,000, invest only $ 1,000 in your trading account at Forex. Trade then that $ 1,000 a little more aggressively, because you do not have to worry so much (you still have US $ 9,000 to trade, if you broke your entire account).

This will help to consolidate their emotions and make you a better trader quicker than any ebook or coaching system. Understanding and managing their physical and mental emotions to & # 39 are the key to success in Forex trading.

7. Allocation of significant investments in the Forex teachers

You do not need to spend thousands of dollars in initial investments in the professional coaches or teachers on the forex market, even if he or she is a professional, honest and makes a full-time trading on the Internet. I trade (free) Mike Suonsanam been just over a month. I have found that there are cheaper and more profitable options. I have Free4xLesson.com. I have a live trading room, weekly webinars on the array so the Forex, and I trade live accounts ranging from $ 1,000 – $ 10,000, almost every day of the week), and I have even & # 39; was a chance to make contact with some other traders, having a go.

Just for fun, let down me a message on Free4xLesson, if you ever do one (or more) of these 7 mistakes before …