Here we are going to look at the 3 most common errors traders make and make any of them and you will lose too. The mistakes are easy to avoid so lets take a look at them in more detail.
1. Over Trading
One of the main errors traders make is trading to much. These traders, day trade and scalp the market and try and trade everyday and think by making more effort, they will make more profit but this is simply not true at all. These traders are just trading the market noise and lose.
If you want to win be patient! Focus only on long term high odds trading set ups, so how often should you trade?
I know traders who trade maybe a couple of times a week and yet, they still make huge gains and spend very little time on their trading.
2. Placing Stops in Random Volatility
This is one of the most frequent errors made by novice traders. They try and put stops close to their entry to keep risk low - but all they end up doing is guaranteeing they will lose, as the stops are placed in random volatility.
If you want to trade with 10 or 20 pip stops, don't trade Forex. You need to keep your stop back outside of normal market reactions and this means stops of 50 - 100 pips or more. That's to much risk you might be saying and if you are, then you are probably making the next fatal error:
3. Over leveraging
Most traders use to much leverage. Your broker may give you 400:1 but never use this amount, the most you should use is 10 - 20:1. This will allow you preserve equity place stops sensibly and still make triple digit gains.
Currency trading Success
If you are patient, use sensible leverage, keep your stops outside random volatility and concentrate on catching and holding the long term trends, you can make huge gains in arou8nd 30 minutes a day and enjoy long term currency trading success.
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