It is said that only 1% – 5% will consistently make money in Forex trading.
You’ll need all the tricks in every book if you want to be among the elite few.
Of course, it starts with not making basic forex trading mistakes.
Are you unintentionally sabotaging your opportunities before you even start your trades?
Here is a list of the minimum you need to avoid failure as a trader:
1. Make sure you get enough sleep
Don’t miss sleep. When you are tired, it is difficult to concentrate.
You are overwhelmed by your emotions and feel deeply frustrated, even when you face a minor setback.
Focus requires energy, and when you feel tired, you will not have enough energy to trade, you will end up making unnecessary mistakes and losing money.
Get enough sleep so you can stay alert and ready to work.
2. Don’t trade money you can’t afford to lose
Many new traders trade with their own milk and wonder why they feel intimidated when they walk in and watch their trade.
If you want to trade calmly and rationally, you should only trade with money that you can afford to lose.
If you have nothing to fear from losing, you will be able to focus on building the system It would produce more consistent profits.
3. Make a trading plan and stick to it
Don’t trade by the seat of your pants. Plan your trades in detail. Know where to enter, where to exit, and when to adjust these levels.
When executing a trade, stick to your trading plan. Know when you have to do what you said you would do during the planning phase.
Amateur traders do the opposite. They have no idea where to enter and exit. If they have a plan, it will likely be unclear and difficult to follow. They don’t know what to do, so they end up panicking.
Creating a plan and following it will help you avoid costly trading mistakes.
4. Double check your orders
Don’t waste all your research and patience waiting for an opportunity by entering incorrect information when it’s time to execute.
Make sure you have a stable internet connection. Know your broker’s platform.
Check that you are trading the correct asset, that the decimals are where they should be, and that you do not have open orders that should have been canceled long ago.
Remember, making consistent profits from trading is difficult enough. You don’t need to sabotage yourself.
By trading with money you can afford to lose, double-checking your orders, sticking to your trading plan, and making sure you get enough sleep, you give yourself the best chance of getting some pips out of the market on a consistent basis.