Mark’s 5 Beginner Forex Trading Mistakes
I am sure there are many more but these are the mistakes I have made so far.
Letting Losing Trades Run
There is nothing worst for me than entering into a trade only to see it head the other way I expected. But I have found something worst! Its sitting in that trade with the blind expectation that it might turn around and only to see the trade run even more faster the wrong way!
Lesson: If the trade looks like its heading the other way pull out unless you have had a fair amount of experience with the currency pair.
Pulling Out of Winning Trades too Soon
I have done this a few times but I am learning to be more patient. I pulled out of one trade when the profit from the trade covered all my previous loses and gave me over $80.00 USD profit for my Micro account. If I had left it run another 24 hours I believe I would have doubled my profit.
Lesson: This is a hard one but overtime you will get a “gut feel” for staying in the trade a bit more if its running the way you want it to.
Treating Forex like a Weekend in Las Vegas
Forex trading is not gambling – its speculation and there is a heap of difference.
Lesson: Do not apply the “winning streak” mentality to Forex trading. Or the “One more go to get back what I lost” – you will lose more!
Start Forex Trading with no Education
This is an absolutely guaranteed way of losing all your money. What I learned at the Knowledge to Action Ultimate Forex course put me on the right path to trading and gave me the foundation to build a successful career Forex trading. Don’t expect “free” courses to give you all the right information you need. Would you risk your hard-earned cash in the Forex market using free advice?
Lesson: “You pay peanuts you get monkeys”.
Not Placing Stop Loss Orders
I have not done this because in the Ultimate Forex course they hammer into you the importance of placing a stop loss order in with each trade. I have seen a couple of my trades in a matter of minutes hit my stop loss and still kept going. If it was not for the stop loss order I would have lost a heap of cash.
Lesson: Add in a stop loss order for every trade.
Mate, it seems you are praising K2A and you are yet to make any real money. Are they paying you a commission for this website?
I will be going to one of the free seminars K2A are holding in Sydney next week. But, I must say, I am not holding my breathe. I have done a few courses and ALL promise the world, only to run away with your $$$ when you ask for a refund.
I will go in with an open mind to see what they have to say. Have you met anyone that is making money after K2A?
Sorry – just like to say that to stop spammers hijacking the comments section all comments go into a moderation queue. You have to do this these days with blogs.
Mate, thank you for posting.. Hey, wanted to ask you, what is the K2A Live Trading Room Like? Do you follow what the traders in the live room are doing?
I follow the live trading floor alerts but I also look at the markets myself and attempt to make some trades without waiting for the alerts.