10 Trading Mistakes to Avoid in Forex Trading

in strategy. Trading strategies have predefined guidelines and approaches to every trade. This prevents traders from making irrational decisions due to adverse movements. Devoting to a trading strategy is key because veering away may lead to traders plunging themselves into unchartered territory with regards to

. This eventually results in trading mistakes due to unfamiliarity. Trading strategies should be tested on a demo account . Once traders are comfortable and understand the strategy, this can be translated to a live account.Margin/leverage refers to the use of loaned money to open forex positions. While this feature requires less personal capital per trade, the possibility of enhanced loss is real. The use of leverage magnifies gains and losses, so managing the amount of leverage is key.

Reacting to media and baseless advice should be avoided without verification from the employed strategy and analysis. This is a common occurrence with traders. This does not mean these tips and media releases should not be considered, but rather investigated systematically prior to acting on the information.Positive risk-to-reward ratios are often overlooked by traders which can result in poor

Source: News Formal (newsformal.com)

Mistakes can be very costly especially for the newbies. Learning to avoid them is the first step to success.

Switching to mechanical trading (vs discretionary) will help many traders with the points that you bring up in this article. (Of course, it then brings up other challenges. Lol)

Thanks for sharing

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