Deadly Sins of Forex Trading
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If you are constantly losing trades, you may be committing one of the deadly sins of Forex trading. It’s easy to let emotions cloud your judgement and to lose sight of the bigger picture, and yes, this will lead to losing money. Right now we want to talk about the 6 deadly sins of Forex trading and how you can avoid them at all costs.
The Deadly Sins of Forex Trading
When it comes to Forex trading, there are some really deadly mistakes which all too many newbies make. Here, we like to call them the 6 deadly sins of Forex trading. Make no mistake about if folks, the 6 sins we want to talk about here today can be very costly. If you are constantly losing trades, you might be committing one of these sins. Let’s talk about each of them in some detail right now.
1. Impatience
One of the biggest mistakes or sins committed by Forex traders around the world is impatience. Folks, patience is a virtue, and it is something that will get you far in the world of day trading. Without patience, you are impatient, and this means that you rush to judgement. People, Forex trading is something that requires skill and knowledge, it requires careful planning, and it needs a lot of analysis, and this goes for every single trade you plan on placing.
If you rush head first into trades without performing the proper analysis and research, chances are that in Forex trading, you will end up suffering big losses. If you think that a trade is better placed in an hour from now, but it’s time for you to go eat dinner, don’t just place the trade because you are hungry and want dinner now! Patience is a virtue that all day traders need to have!
2. Greed
Another deadly sin in Forex trading is greed. Folks, greed is not only a sin in the real bible, but in the world of Forex trading too, and it’s something that will not get you far at all. If you set unrealistic goals, or are just never happy with what you have, you will end up losing trades.
Whether you end up risking way too much money in a trade, you place trades that are super risky, or you abuse leverage (leveraging way too much), it is not going to end well for you. Always wanting more and more usually leads to actually having less. There is no point in being greedy in Forex trading because all you will accomplish is massive losses. You need to be patient, you need to have a plan, and if you do it right, leaving greed out of the equation will allow you to win trades.
3. Carelessness
Yet another deadly sin in Forex trading is that of carelessness. People, Forex trading requires a lot of planning and research. You need to be familiar with both technical and fundamental analysis, you need to know how to research the market, how to interpret news releases, and so much more. If you are careless with your trading, when it comes to Forex trading, you will end up losing a lot of money.
Something that has to do with carelessness is emotion and gut feelings. Many people think that using a gut feeling is beneficial, when in reality, it actually qualifies as being careless. Gut feelings and emotions, and carelessness, all have absolutely no place in Forex trading whatsoever. Everything you do needs to be well planned and very methodical.
4. Gambling
Perhaps one of the biggest sins in Forex trading out there is gambling. Yes, gambling is another carnal sin that the bible tells you to avoid committing at all costs. Well, this is also very true in the world of Forex trading. If you gamble, the results will be just like in a casino. People, Forex trading is not a game of black jack or poker, it’s something serious.
Now, just like gambling, there is a certain amount of risk involved, as well as a little bit of luck and chance too. However, unlike with gambling, in Forex trading, you can plan, you can research, you can analyze. Only a bit of Forex trading involves chance, whereas the majority of it has to do with strategic planning. Just like at a casino, if you treat Forex trading like gambling, the losses are going to add up real quick.
5. Overthinking
The next deadly sin of Forex trading is that of overthinking. Now, it is true that you need to be patient and cautious with trading, you don’t want to be emotional, and you always want to have a solid plan, one you will stick to.
However, on the other hand, overthinking is a big mistake, one that will cost you profit. You see, there is a fine line between planning and overthinking. If you overthink every single trade, you will become very hesitant, and you will end up missing big trading opportunities. Here, you need to find the balance between caution and overthinking.
6. Anger
The other deadly sin of Forex trading we want to talk about is anger. Yes, if you lose a lot of money, chances are that you will not be very pleased. However, getting angry is not going to solve any problems, and it surely won’t help you recoup any losses either. The point here is that you need to keep your emotions in check and don’t get angry. It’s like they say, don’t get angry, get even.
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Forex Trading Sins – Final Thoughts
At the end of the day, these are the 6 most deadly sins you can commit in Forex trading. You need to be patient and cautious, but also avoid being hesitant and greedy at the same time. Always make a solid trading plan and stick to it. If you truly want to become a professional and profitable day trader, the Income Mentor Box Day Trading Academy is by far the best place to learn from.
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