Online Trading Currency has its rewards if you end up being a successful forex trader. Tell you what… I’ve made a lot of money in forex trading and its fun.
Its like an addiction. But you know what? I haven’t been able to keep it. If I have been able to keep the money I’ve made in forex, I would not be working in my day job right now and that’s a fact…instead, I’d be doing this:
Online trading currency also has its pitfalls:these are things that a forex trader does and sabotages himself in trading and I’m the worst of them all.
There’s only one secret to being a really successful currency trader and its this: do the EXACT OPPOSITE of what most forex traders do wrong.
Here are the 20 things I have done wrong (and truth be told, I’m still a work in progress to get my act in order). Hope you learn something from this and do the exact opposite of what you are going to read here.
1: Risking Too Much In A Single Trade
I have been caught many times with my pants down on this…I hate to admit it but sometimes I think that “Oh, this trade setup looks so awesome, I’m going in big!”
So with no thought at all about how much of my forex trading account I’m going to risk, I decide to trade 10 standard contracts (as an example).
The market decides to go the opposite way.
I’m left with a huge trading loss I never wanted in the first place.
Solution:
- understand that every trade placed is at the mercy of the market forces…price can go both ways.
- expect the worst…not the profit. Ask “What If this trade goes wrong? How much Will I lose?” That will cause you to trade with an appropriate trading risk.
- This is the wrong way to trade: “If this trade goes right I will make $10,000 if I trade 10 contracts when my profit target is hit.”
Click the “Next” button below to continue to find out the other 19 Online Currency Trading pitfalls that we all forex traders face.