When it comes to trading Forex every beginner would make lots of mistakes before becoming consistently profitable, these mistakes became evident to us after spending years mentoring other traders in the Forex market.
In this article, we bring you the top 3 common mistakes Forex Traders make before becoming successful. If you are interested in other mistakes Forex traders make in the Forex market, click here.
Common Mistakes Forex Traders Make
- Wrong Lot sizes
- No Stop Loss
- Peer pressure
I will explain
Wrong Lot Sizes
This often happens due to the trader being anxious, instead of entering for example 1 lot size, he ended up using 10 lot size for the trade, increasing his risk by over 1000% in one single trade.
Another common mistake forex traders make is, an order with no stop loss.
No Stop Loss
Most new traders would rather finish entering the trade before modifying it with their stop loss, this can be deadline especially in volatile market situations.
Another common mistake Forex traders make is depending on another person for trade ideas, can be very deadly especially if that peer is an over confident lad.
Depending on your peers for trade signals undermines your confidence, and lengthens your learning curve.
If you want to over such common mistakes forex traders make? this video has more information to aid you;