Costly mistakes of inexperienced traders
If inexperienced traders can not make mistakes in their currency operations, everyone would only enriched. One of the reasons because of which mistakes are made – the lack of a trading system. The chances of success gives it a trading system. Often traders develop their own trading systems. According to them, only they can provide a reliable income.
According to analysts, the vast majority of novice players make the same mistakes.
It is unacceptable to trade in the market without first selecting the style of trading. It is also necessary to choose the most convenient time period. Then you need to prepare a plan that is suitable to the selected trading style. The player in charge of foreign exchange transactions without a pre-arranged plan, there is no chance of success. But it happens that with the plan many traders violate it during the game. It is necessary to remember a simple rule: if you strictly adhere to the scheduled plan, the future success will be provided by a third.
If you are currently trading results are not what you expected, then you must withdraw from the bidding and review the plan of action.
Do not open the position if there are compelling reasons which can determine the movement of prices in the right direction. Typically, such a mistake traders make, if there is no trading plan.
One of the errors – is a long stay in the position in the absence of significant price movements. This kind of situation is stagnant. Being there for a long time, the player puts his money at constant risk. However, he misses the opportunity to enter into other lucrative deals.
You should review all of the transaction. If you find even one, with the loss of more than 3% of your account, it means that somewhere a mistake. Therefore, it makes sense to revisit your calculations.
Hunt for the highs and lows. It’s quite a dangerous occupation. If you try to play the fractures existing trends, it does not work, you only lose money and wasting time.Any reversals of motion and none of the players had never expected, since they always occur unexpectedly.
If at some position in doubt, it should be closed immediately. Do not seek advice from the analysts, as everyone has their own views on what to do at the moment.
In order to thoroughly examine all the mistakes made by beginners, should be to try their hand in the Forex market.