In the high leverage game of retail forex day trading, there are certain practices that, if used regularly, are likely to lose a trader all he has. There are five common mistakes that day traders often make in an attempt to ramp up returns, but that end up resulting in lower returns. These five potentially devastating mistakes can be avoided with knowledge, discipline and an alternative approach. (For more strategies that you can use, check out Strategies For Part-Time Forex Traders.)TUTORIAL: ForexAveraging DownTraders often stumble across averaging down.
It is not something they intended to do when they began trading, but most traders have ended up doing it. Please include your IP address in your email. Mistakes happen in day trading. We hope to share with you a few newbie Forex trading mistakes that we have observed over the years, to help you never trip over these dangerous Forex traps. Pipsychology was created to help minimize this from happening to you. The most significant action that you can do to improve trading profits is to work on yourself.
My goal is to share practical advice to improve your forex psychology without boring you to death. Have you ever experienced a trading yo-yo. All Forex traders tend to commit similar mistakes when interacting with the market. They also tend to harbor similar misconceptions about trading and what successful Forex trading is all about.
You should refer back to this article often to help you stay on the path to becoming a profitable trader.
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