So you think making the most common forex trading mistakes belongs only to novices?

Your friend has made some good money out of it and you think you can do the same? Is it just about buying & selling currencies, and you think it is easy to manage?

Well, think again.

Such a glittering market can easily make you fall in a trap, whether you are a novice or an experienced trader.

I have realized this and have been working hard to compile a list of the most common mistakes traders make.

Please go through it in detail and try to pass it on. You never know who will gain from it and avoid these mistakes while trading in the forex market.

I will also welcome any comments on this list, and will also appreciate if you can point out even some more mistakes.

Post it on Facebook, send a tweet, use whatever means available to spread the word. Promise?

Here are some of the most common forex trading mistakes:

1. Getting into the momentum first – During the start of their career, most traders tend to look only at the brighter side of the market, without thinking about the darker side. Market belongs to nobody and novices get punished severely. If you are a starter, always go slow. Learn to swim in shallow waters.

2. Avoiding getting the skills first – The forex market is not the place to learn by action. You must equip yourself first before venturing into this adventure. Before starting to trade, spend time with some knowledgeable traders to get the real feel. Study a lot, read a lot, discuss a lot, and then enter the market. The internet (and particularly forextradingbig.com) is loaded with free information and tutorials for the beginners. Make a habit of using them and avoid making forex trading mistakes.

3. Beware of beginner’s luck phenomena – Quite often, it is seen that one may get lucky in the beginning. This should not deceive you as every trade is independent of your previous performance. Building a home has to start with putting up a solid foundation before erecting walls and decorating them.

4. Over trading – The market may look like a tree full of ripe fruits. However, this can be deceiving if you try picking and eating all of them. Too many trades will make you lose focus and result into regrettable mistakes. It is always better to know your limitations and focus on fewer positions, instead of many.

5. Opening too many positions – Over committing to the market is another common mistake traders make. If you have too many open positions, it will be difficult to focus and you will lose hold of your position. In such a situation, a trader is more prone to making unwarranted forex trading errors.

6. Understand margin rules and requirements – When you have open positions in the market, it is not the best time to learn about margin rules and requirements. Understand them first before stretching yourself to that level. Once you get caught in a margin call, it will be very difficult to focus and get out while learning at the same time. Get proper understanding beforehand. Right?

7. Not having any plan – Always remember that a goal without a plan is just a wish. The market does not respond to wishes. Make a plan and stick to it. Otherwise, the only plan you will have will be to get doomed. You don’t want to be an unguided missile.

8. Win battles to win wars – In order to win the market, you must plan to make smaller trading goals, keep them within reach, and try to achieve them. You must learn to take the first step before you start walking, and you must learn to walk first before you start running.

9. Manage your resources – It is vital that you understand and know the limitations of your resources. Learn to take risks only to the level you can sustain. A proper money management strategy will make you focus well, which is very important for sustainable trading.

10. Riding all the time – No matter how much you enjoy riding the market, and no matter how much profit you are making, never try to ride all the time. You will get fatigued and lose the concentration to stick to your plan.

11. Having blind faith on role models – You may think that someone is unbeatable, but that’s not true, especially when competition is against the market. Even the most seasoned and experienced traders make wrong choices. Just because someone knows a lot doesn’t mean that he or she will make profits all the time.

12. Have some patience –To minimize forex trading losses, many traders make the mistake of keeping close range stop losses. Even if you have made the right decision, there is no guarantee that it is the best time to enter the market. Have some patience, and the market will respond to your call.

13. Avoid over-patience – The extreme of anything is not advisable. Just like too little patience, over-patience can also backfire. Setting a stop loss too deep and still hopping the market will hit that level may also mean that you have taken a wrong position, to begin with.

14. Know what you want – If you don’t know where you want to go, you are certainly going to get lost in the jungle. Always make profit targets and be disciplined to get out of the market when your target level is reached. Always remember: the market belongs to no one and can quickly turn the tables around. You don’t want to see your profits wiped away just because you couldn’t make an exit.

15. Having too many cooks – There is a flood of news, events and information all around. Don’t let yourself get overwhelmed with it. Try to create a filter process to concentrate on the most relevant information coming from the most reliable sources. Having fewer advisers will not harm.

16. Trying to be a lone crusader – Never think you are the only person who can beat the market. A lone crusader will reach nowhere. And, making your own isolated path will not take you to the destination.

17. Know the pip cost for each pair – This is a common mistake that most new traders make. You must understand that every pair has a different value and different factors affecting its value. If you don’t understand this, it can deplete your financial resources, sooner than you expected.

18. Using the right broker – You should consider it as almost the deciding factor between winning and losing. Don’t let yourself fall into the great scam trap. The world is full of wolves that are waiting for someone to fall prey. The best way to choose a broker is to get a trusted advice. Click here to read on how to choose the best broker.

19. Not using the right trading platform – Even if you have chosen the right broker, it does not necessarily mean you can operate well on the trading platform. Always remember that practice makes a man perfect. It is advisable you first get acquainted with the platform by starting to trade small before indulging into heavier trading.

20. Not knowing about bid and ask pricing – Quite often, only one figure is quoted while talking about currency prices. Actually, the quotation has two figures, which represent the bid and offer prices. If you don’t know the difference between the two, then you will not be able to calculate the spreads, and may end up with shrunk profits or even losses.

21. Don’t put yourself in someone else’s shoes all the time – If you think you can follow someone all the time, and make profits, then you are mistaken. That ‘guru’ might be a seasoned trader but can still make costly mistakes. If you make mistakes, at least you should be able to say that they were yours.

22. Waiting too long for a rebound – This is a very common mistake traders can make. If the market has moved against your expectations, it could mean you made a wrong decision. Realize it and get out of it. There is no reason to continue with a wrong decision while hopping that one day it will get in your favor. That one day may come too late.

23. Don’t put all your eggs in one basket – Even with the confidence that you have correctly analyzed the market, don’t over-commit to a single position. Remember that you are trading not gambling. Nobody knows what the future holds or where the market will end up. So, be cautious to avoid mistakes.

24. Letting emotions come in the way – Allowing emotions to get the most of you will never help, and quite frankly, the market doesn’t care about your emotions. This is the business of money and emotions have no place. So, if ever you are feeling emotional then the best policy will be to stay out of market.

25. Trading without financial backup – If you think you will always win and don’t require funds to make up for any forex losses, then you are mistaken. If you think you will make money from the market and compensate for any losses, you might still be mistaken. Arrange adequate funds for any possible losses.

26. Making profits is a must – There is one thing for sure: if you intend to trade in the forex market, then you should have the ability to handle pressure, and still remain composed. Inability to withstand pressure will make you vulnerable and prone to making wrong moves. Leave the market when feeling under pressure.

 27. Strategize your actions – A well-built trading plan carries one or more strategies. It provides the roadmap for reaching the planned destination. Things may change quickly and you should be ready to strategize and adapt to the changes accordingly.

28. Leaving your plan aside – Quite often, market movements have a tendency of making you lose your footing and thinking that perhaps the plan was not right. Traders usually try to deviate from their plans, which further worsen the situation. Follow your plan until its logical conclusion. Even if it goes wrong, you will be able to learn from it.

29. Not knowing technical analysis – There is a whole field of technical analysis necessary for successful forex trading. Never think that you don’t need technical knowledge and can make money without learning or understanding it. In this market, timing is everything, and the best way to predict its direction is through technical analysis. With this, you will be in a better position to determine the entry and exit points.

30. Not dealing with news properly – Although most traders consider news trading as a good technique, you should not be carried away with it. Usually, the market reacts very fast to news, and you can be swept away in the storm. Have some patience, as it might be a good idea to wait until the storm settles before jumping in.

31. Getting to the party when it’s over – Normally, indicators provide useful information of the anticipated market direction. However, relying too much on them can be misleading. They can take you into minute details that you actually don’t need. Furthermore, indicators are formed when a particular pattern is already completed, and it might be a little too late to act. The best thing is to combine indicators with other factors like price action.

32. Indulging into complex trading systems – If you are not familiar with your trading system, then it will only add to the misery and difficulty of trading decisions. Engrossing yourself in a complicated system, and then being unable to get on top of it, will only make you lose focus and increase forex trading errors.

33. Too much relying on financial muscle – A good financial muscle will enable you withstand market turbulence. However, if you try to use your financial muscle to disregard trading discipline, you may increase your losses. Always remember that the market belongs to no one and nobody is bigger than the market.

34. Losing the altitude by wrong attitude – The famous saying that it is your attitude that will determine your altitude is also true in the forex market. You should have the right mindset and the right attitude to succeed. You must have the confidence in yourself and a belief that you understand the market and its movement. You should be able to shake off the losses from your mind and focus on the trade at hand.

35. Taking leverage to a fun ride – Leverage is a wonderful tool in the currency market. However, leverage is a double-edged sword, and too much of it can be disastrous. You must calculate how much you are willing to lose for each particular trade. Using too much leverage can land you in trouble.

36. Not investing your time and efforts in the market – The forex market not just demands the investment of money, it also demands your time and efforts to learn the trade. There is no short cut for this, and you have to be totally committed, or else, it is better not to trade. Any half-hearted attempt will take you nowhere.

37. Getting trapped by the promise of paradise – Nowadays, scammers are everywhere. Never fall prey to their glorious words and a promise of paradise. If anyone says you will make money without effort, he is lying. If anyone says profit is guaranteed every time you enter the market, he is fooling you. Beware of such statements. Take care of your money and don’t let such scams steal it from you.

38. Not evaluating your own capacities – In forex trading, just like in other areas of life, knowing your capabilities is important. Always keep in mind that every person is different. Instead of just copying someone else, try to evaluate your own abilities and capacities. Do your own SWOT analysis and stick on it.

39. Thinking that you are smarter than the market – If you can get lucky and escape with a few successful trades, it does not mean you are always smarter than the market. No one can be smarter than the market. In fact, you don’t need to be smarter than the market. All you need to do is to get profitable trades consistently from the market. It may be just a bucket from the ocean, since you do not need to trouble yourself with the entire ocean.

40. Trading without believing in yourself – Always believe in yourself and have faith in your abilities. If you do not have confidence in yourself, then there is no need of trading, as you may incur more losses. So, even if bad things are happening in your life, keep them separate from trading.

41. Not waiting for the right time to enter – If you enter a trade at the right time and in the right way, then you are sure to succeed. However, many traders make the mistake of getting desperate to enter into the market without waiting for the right time. This will make even the right decision wrong.

42. Misreading technical charts – Technical charts provide useful hints and indications for the market movement. So, properly interpreting technical charts is key. It will also help if you discuss your conclusion with some seasoned technical chart readers, just to ensure you avoid misreading.

43. Failing to interpret tops and bottoms correctly – If you incorrectly pick tops and bottoms, the market could take a different direction and hurt your capital. At the same time, picking tops or bottoms very late will also not serve the purpose. You have to create a delicate balance between the two.

44. Competing with the market – So the market has beaten you, and now you want to take revenge? You start competing with it thinking that your next trade alone will teach a lesson to the market, and make you wealthy instantaneously? Wrong. No matter the heftiness of the loss incurred, never think that you can make up for it with just a single trade, or even within a single day. You may have to make another detailed plan, wait for the market to come to the right level, and then act while sticking to your plan.

45. Not letting your profits flow – This is a common mistake that even experienced traders can make. After careful study, detailed discussion, and with cautious approach, you enter the market, and it starts moving in your favor. Looking at the profits, you just feel elated, and get out of it too early. You will take only a part of the ride, and may miss the actual profits.

46. Hunger for too much – Yearning for more is a good thing, but don’t let it get on top of you. The forex market does not spare greed. You have to make a plan, strategize, and then follow it by practicing restraint. If you are hungry for too much, and try getting everything at the same time, it can cost you dearly.

47. Not knowing about spread – You must understand the difference between buying price and selling price. If you are not aware of the spread principle, it is possible that you will miscalculate your exit points. It will have the most impact on stop losses and limit orders.

48. Having fear of loss all the time – Perhaps, the only thing that can keep you away from success, despite being equipped with all the essential knowledge and information, is entertaining the fear of losing in your head all the time. This is one factor that can easily stray you from your plan, make you lose concentration, and make you end up with forex losses. You can overcome fear with the simple strategy of going slow and taking things easy.

49. Getting into too much analysis – Studying and analyzing is good, but remember that overdoing them is hazardous to your life as a trader. It can happen that you spend hours analyzing and, before you know it, the market has completed its movement. If you take too much time studying, then you may end up crying over spilt milk. Like it?

50. Being oblivious to the market fundamentals – There is no match to having good and in depth understanding of the fundamental factors that affect the forex market. If your trading activities are based on fundamentals, then it will give you more meaningful, long term and profit making opportunities. When fundamentals change, all the technical analysis will have insignificant meaning.

51. Ignoring international news and events – The forex market is an international market, and all types of news and events happening globally can affect it. You have to keep a close eye on the events happening across the globe; they shape the currency prices and its movement.

52. Ignoring the basics – This is a predominant issue with beginners. Don’t let a few profitable trades get in your way, and make you ignore the basics. Every time you enter the market. it is a new position, and should be handled with extra carefulness.

53. Not betting on the best horse – Sometimes, a personal likeness can affect the way you trade. Quite often, if you are not fully aware of all the dynamics and factors, then the best way is to bet on the best horse. It will have more chances of winning than anyone else.

54. Becoming reactive to market movements –  The market can fluctuate even if you have taken the right position. You may see it going against you for a while; therefore, you should not try to overreact, and give it the chance to bounce back. If you try to capture every market movement, chances are high that you will end up losing.

55. Not owning your failures – When you incur a loss, it is usually easy to find someone to blame or look for a scapegoat. Well, it may be easy, but it certainly doesn’t help. Just as all the profits are yours, you have to own the losses, as well. All the failures are yours, even if you have worked on the advice of someone else. Remember it is your money that is on line.

56. Boarding too early – You may have done all the study, gathered all the information, analyzed all the chart data, but entering too early can make you lose momentum. Boarding too early can expose you to the risk of unfavorable market movement caused by any fundamental change. It is better to stay out of the market, and wait for the right opportunity.

57. Complicating your trading pairs – When trading currency pairs, it’s better to choose the ones that resonate well with your preferences and trading style. Trying to trade every currency pair is complicating your life.

58. Trying to chase trading patterns – If you are trying to follow all the patterns, you are likely to enter the market when most of the patterns have been completed. Usually, after a pattern has been completed, price reversal takes place. You don’t want to get caught into that spiral effect. If you identify a pattern but miss the entry point, it is better to wait for a better entry, instead of trying to chase the trade pattern.

59. Trying to go against the market trend– Whether you are a beginner, an intermediate level trader, or an advanced level trader, the basic rules of trading are pretty much the same. You have to go with the general flow of the market, and never try to go against it. On your own, you do not possess the force to change the course of the market. You have to follow the trend.

60. No knowledge of margin requirements – Your account can get busted if you are not aware of the detailed intricacies of margin requirements. If you are trading without the knowledge, your margin call can come at a time when you have already experienced huge losses. It is better to discuss the matter in detail with your broker before getting into online forex trading.

61. Giving up – As a key rule, you have to remember that every trade is different from the other. Even if you have incurred a loss, it does not necessarily mean you will suffer more losses in the subsequent trades. Don’t give up because of trading losses. After all, there is no failure other than to stop trying.

62. Falling in love with your trade – Sometimes, you can gain profits from a particular trade and think it has a lucky charm on you. However, this is not always the case. If you have enjoyed a profitable ride, and taken an exit, then try to get away from it, and concentrate on something else. Falling in love with a particular trade is not what the market appreciates.

63. Not following your own red book – Always make a set of rules and regulations for yourself, and then religiously stick to them. This will be your own red book, which must be followed at all times. Usually, traders start with discipline, but are then swept away by the happenings in the market. Don’t let it happen to you.

64. Less preparation and more desire – It is said that failing to prepare is like preparing to fail. You have to make all the necessary preparations before entering the forex market. Consequently, it will be just about following the prepared plan. You may wish to make superfluous profits, but that wish alone cannot reap good returns. It is better to prepare a plan for movement, and stick to it.

65. Missing the market pulse– No matter your knowledge of fundamental and technical factors, you should always keep a close eye on the market pulse. Sometimes, the market is just not ready to react to a changing situation; therefore, overcommitting yourself during such times can result in failure. It will be of much benefit if you understand what the market demands from traders, each time.

66. Making a wrong call – Just imagine how you will feel if you identify the right market direction after careful study and analysis. Doing your research well can help avoid wrong calls.

67. Not learning from mistakes – A vital principle in forex trading is to never let your efforts go wasted. Even if you have made a mistake, the best thing to do is take lessons and avoid making it again in future.

68. Letting your earned profits erode – If your trade is turning out profitable, it is good to let your profits flow. At the same time, waiting for too long can work against you, as the market can reverse without notice. It is sad to get into a profitable position just to see your profits erode because you have not taken the decision to exit at the right time. If the market has reached your planned target level, then it is best to exit.

69. Trading in a market that is shaken with news – The market is most volatile when there is a major news announcement. It can be about some economic data or any other activity affecting currency prices. While trading during that period could yield good profits, the risk will also be high. Moreover, with a volatile market, price could touch your stop loss limit quickly, and then rebound. Sadly, you will end up poorer for no reason.

70. Becoming rigid with your position – Nobody likes losing. If a position has gone against you, then you won’t like it. But sticking to a position just because you have taken it is not right. The market is very flexible, and it doesn’t like rigidity. Admit that you have made a mistake; get out of that trade and move on to the next one.

71. Trading without setting alarms – Trading without setting alarms can be quite dangerous. This means you are exposed to inflated risk. If you are aware where to set trading alarms, chances of making profits are high.

72. Making a wild uneducated guess and relying on it – If you try to ride the market by guessing the way it will go, it is better not to be in the market. Guesses and gambling moves may work elsewhere but not in forex market. At least, it has to be an educated guess. Just relying on prediction will only give you misery and increase your losses.

73. Waiting for the market a bit too much – Most traders tend to cling to their positions even if the market has changed direction. Although it may be because of some technical adjustments, you cannot wait forever to have a rebound. If you move your stop loss level further, you are actually inviting more trouble. Instead of waiting forever for a reversal, it is better to get out of the trade and look for opportunities elsewhere.

74. Trading without proper composure – You have to be fully composed before committing to the market. If you are being distracted by all the things happening around you, then it is better to keep away from the market. Only open your trading terminal when all the other thoughts are out of your mind. Got it?

75. Entering into wishful trade – Just like a mere guess work doesn’t work, any wishful thinking will also do no good. If you have wrongly analyzed the market, then don’t expect it to honor your wishes. For example, if you made a successful transaction in the past, do not think the same conditions will continue playing out in your favor.

76. Becoming a crowd follower – It is a simple rule of investment that if there is an overwhelming consensus on one thing, there is a very high probability that it is wrong. A handful of people make bundles of money while the vast majority suffers losses. So, if that is the case, then there is no charm in following the crowd. Believe in yourself!

77. Keeping a casual eye – If you are not a careful observer, there is a strong possibility you will miss out the details. A simple casual observation will not be effective. You have to keep a vigilant eye on the market movements, and gather all the available information for making a rational decision.

78. Not sticking to one system – Concentrating in a single trading system you are familiar with is key. If you are not familiar with the system you are using, it can backfire and cause severe damage. Always try to get fully acquainted with the system before using it for trading. Hopping around from one system to the other will not help.

79. Trading without being adequately equipped – While being equipped with knowledge and information is vital, equally important is to have other equipment in proper shape and without any hindrance. Just think about how sheepish you will look if you miss a profit opportunity or suffer a loss, just because your internet was not working properly, and your transaction could not take place.

80. Keep living in the demo world – Usually, during the demo session, most traders perform well. While it will prepare you for real trading, continuing with demo trading for an extended period can give you a sense of over confidence, or a false sense of reality. You cannot learn swimming without entering in the water. The real thing is live trading, which has pretty different dynamics, as opposed to demo trading.

81. Not booking your profits – If you have marked a target price level and the market has hit it, then the best action is to book your profits instead of keeping them afloat. You would not want to see your favorable position going against you. It will not only make you suffer losses, but will also shake your confidence.

82. Not following your own plan – It is important to make a proper plan before entering the market and taking a position. More so, it is even more important to continue following its every bit and piece. Otherwise, you may miss out on some vital actions that could turn your profits into losses.

83. Trying to go against the flow – Never try to create your own market. The trends and patterns are there for some reason. The market usually moves in a particular direction, and on the back of some news, event or information. There is no point trying to go against the market. Just move with the natural flow. Simple.

84. Not taking action at the right time – This is quite common amongst beginner traders. They are never sure being ready for the real action. Despite understanding the trend and studying it enough, they are unable to pull the trigger at the right time. Consequently, they pity themselves for having missed the ride, and take next position in a hurry.

85. Ignoring the discipline – This is the biggest mistake even a veteran trader can make. The movements of the market are such that they can sweep you away from your original plan. Lack of discipline will result in hasty decisions, and eventually a loss.

86. Defying the reality while being ignorant – Sometimes, you can place a trade but the market goes against you. And, after carefully studying the pattern, you realize the entry was a wrong decision. However, since you have already taken the trade, you defy the reality, and ignorantly keep the position open. This will do more harm than good. If you have realized the decision was wrong, better get out of it, and focus on another trade.

87. Having variety of lot sizes – Too many open positions are difficult to control, and it becomes worse if the lot sizes are also different. Managing such divergent positions could make you easily lose control of your trades. It is best to keep a uniform lot size so that you focus better.

88. Not taking the punch on the chin – The easiest thing you can do while suffering a loss is to blame someone else, the market, lack of information, or even factors outside the market. This will take you nowhere, and will certainly not change the fact that you have been hit. Remember that it is your money, your profit and your loss. No one else can be responsible for that. If you realize it was your fault, then you will make efforts to make amendments in future.

89. Losing the bird’s eye view – A trader can open a position and then engross so much in that particular trade, and lose the overall picture. If the bigger picture is suggesting something else, there is no point in keeping your trade. A resistance or support level will not change just because you have gone against it.

90. Getting in high action too early – More than the other financial markets, forex is a place that demands patience. You have to wait for the right time to enter the market. No matter how much you have studied, a cautious approach will always save you from making losses.

91. Trading without sufficient training – You need a thorough forex trading education to become a successful trader. When did a surgeon start performing surgeries before spending time in school? Likewise, neither should you underestimate the importance of forex education.

92. Trying to outsmart the market – If you think you are smarter than the market, then you are 100% wrong. You may study it wrongly, you may misread the indicators, but wherever the market is, it is there for a reason, and you must acknowledge that you have missed that reason. The market will always be in an equilibrium position, and you could be the one misbalanced.

93. Changing your path rapidly – This can be a fatal mistake. If you keep on changing your position every time the market reverses direction, then you will end up nowhere but in the red. You must follow consistency, and make all the planning before entering the market.

94. Getting the news wrong – This can be quite disastrous, since misreading the news will mean that you are going against the market when it is most volatile. You have to understand the news or an event completely before attempting to place an order. If you don’t understand its impact, it is better you remain out of the market. News usually change the market sentiment, and if you have missed it, you are better off looking for other opportunities.

95. Indulging in trading all the time – Making a profit will enhance your confidence, boost your morale, and of course, add to your financial backup. Now you think it is the right time to make it big. You just don’t take time to relax, thinking that it is a now or never situation. Remember the market will always be there, and so will be the chances of making money. Take some time out, relax a bit, take a deep breath, and then get in the market again. You will make better decisions. Trust me.

96. Not following healthy habits – The market will need your alertness, and will not spare you just because you are not totally fit. Keep healthy habits, as these would prepare you for the market. Exercise well, sleep well, and eat well. You will be able to make more rational decisions. Trust me.

97. Not having life outside the market – If you think you should remain inside the market and forget about everything else, you are mistaken. The life outside the market will make you relax and feel pressure–free. You will be able to maintain a balance in your life. Hang out with friends and family, have some fun activities, enjoy a ride, and then come in the market again. You will make better decisions. Trust me.

98. Relying on rumors alone – If you just want to place a trade just because you heard someone saying it is a good entry, then you will be deviated from your original plan. This is something you should not do. Do your own analysis.

 99. Losing the balance in your life – Sometimes, traders tend to lose the balance in their lives. They get so much engrossed in the market and start thinking all other issues are irrelevant. Always keep a balance between business and pleasure.

100. Not converting profits into cash – This is the most regrettable thing that can happen to you while trading in the forex market. A profitable transaction is not worth a dime if it is not converted into cash. A floating profit means nothing. The market can change very quickly and you can see your floating profits erode. Complete a transaction, book a profit, and then enter again. You will feel better and more composed.

101. Not having strong nerves – There is one thing for sure that the market demands: nerves of steel. You should be able to withstand the movements in the market. If you don’t have strong nerves, then perhaps this is not the best place for you to be.

102. Losing focus in the middle – If you must become impatient, if you must get nervous, if you must lose confidence, if you must get distracted, it is better not to be in the market at that time. Losing focus in the middle of a transaction will only worsen matters for you. Try to enter when you have undivided attention so that you can have maximum focus towards the market.

103. Repeating mistakes – If you suffer a loss due to a mistake, then you are unlucky. And if you suffer a loss by repeating the mistake, then you are foolish. Better be unlucky than be foolish, right? Always learn from your mistakes, and be alert not to get carried away by the market movements through repeating them again and again.

Conclusion

Out of the above forex trading mistakes, which one(s) are you fond of committing? Please share your thoughts in the comment section below.