Don’t Fall For These Big Mistakes
Article from Forex Cash Rocket
1. Giving up too soon
Be careful not to give up on a good system simply because it goes thru bad times. Look to the long run results. It is true that occasionally the behavior of the foreign exchange capital market changes and makes a formerly workable system unprofitable, but if you suspect that’s occuring, simply paper trade or demo trade it for some time. Leaping into a new system isn’t going to resolve the issue.
There is no system that works one hundred percent of the time. Losses are a part of the method should be accepted as such. As long as your overall results are profitable, don’t get excited by successes or unsatisfied by mess ups. Treat them both as numbers and keep feelings out of it.
2. Acting too soon
If you are impatient you will not be trading at the right time and your results will suffer. Impatient currency exchange traders do not wait for the signals to be right but jump in and open a trade because they suspect things might be on the point of going their way, or because they haven’t had an opportunity to trade for a bit and they are bored. Huge mistake!
3. Acting too late
Hesitation, on the other hand, usually occurs because you don’t trust your currency trading system. You’ve got the signals but you would like to wait for another movement or another indicator before you act. If you regularly find yourself in this scenario you could need to check your system further or cut back your position size so that you don’t feel so afraid. Fear will hold you back from making your move in the foreign exchange capital market at the right time.