Well, let's see what are the six fatal errors:
1. Does not have a trading system
Does not have a trading system is the first fatal error. If you do not have a trading system, it means that you will tend to trading based on approaches that could be said messy. How can you expect the success of the messy method?
Instead, having a trading system means that you have the guidelines, objectives, and also how to achieve the clear objectives in trading. Having a trading system increases the chances for success because you have the guidelines for entry, exit the market or standing aside. In other words, you are definitely on track to achieve your goals.
2. No discipline
Even if you have a trading system, but if you do not discipline in following the system that you specify, it means you made a second fatal mistake.
Many traders declare that they have a trading system, but in practice, they keep trading impulsively regardless the system that has appointed by themselves. So the trading system would create such a display function only!
3. Not learn
Admitted as a trader, but never try to always be up-dated of technical ability, never follow the news in connection with forex, never read a book about forex, never join the forex seminars and not join the community of forex traders.
Well, there are many ways to always learn. You do not have to always follow the existing forex seminar. But at least you are always trying to improve your skills in trading. Involve in informal discussions with fellow traders, or just monitoring the news, or just read a book or e-book related to forex.
4. Do not care about money management
Money management aims so that you can control the risks and losses. So if you do not care about money management, it means you let your money to vanish without a clear purpose.
5. Ignoring psychological aspect when trading.
A trader who is able to control his emotions in trading will be able to understand that not all positions must generate profits to get a positive capital growth. Occasional loss does not make them become "irritated" and then take revenge. After all, the possibility of loss is already factored into trading plan.
Okay. Above statements can be said to be a major cause of our failure in the world of forex trading. Do you want to be a successful trader? So please do not do the above mistakes.
So, let us try to always survive and enliven the market! See you on the market!
Happy trading!
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