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Forex Trading is very easy for anyone to create their trading account and start to trade. It can be a rewarding or exciting challenge, but it also can be discouraging if you are not careful with it. However, no matter if you’re new to Forex trading or experienced there are some common trading mistakes that we need to be alert and avoided, these may help keep an eye on your trades on the right track while trading.
1. Not Doing Your Homework / Not having a trading plan
Currency pairs are closely linked to national economies and are affected by many factors. They are also traded 24/5, meaning there is usually something going on that will move the markets. Before entering a trade, make sure you do your homework. Not only should you be aware of upcoming events that could affect your trade, but you also need to forecast which way these events could swing the markets. Pay attention to what your technical indicators are telling you and how they compare to your fundamental event analysis.
Having a predetermined trading plan is an important key to success and if followed strictly, it can help in managing the risk involved with forex trading. Trading without any specific plan is like ‘Planning to Fail’
2. Using Extreme Leverage / Over Trading
Leverage in the Forex market could extend up to a proportion of 1:500. Although leverage provides an opportunity to trade more money on the market keeping risk capital at the minimum, which leads to a massive gain, it can also amplify the potential to incur significant losses, if the market starts moving in an unintended direction. Using too much leverage could result in large losses even if there is only a small move against the trader’s position.
Trying to grab too many trading opportunities using extreme leverage increases the chances of making a mistake, which will result in an eventual loss. Overtrading can lead to poorly executed trades and gives less time to react, especially when trading losses are piling up.
3. Trading without a Net
You cannot watch forex markets 24 hours a day. Stop and limit orders help you get in and out of the market at predetermined prices. This not only allows the trading platform to execute trades when you are not available, but it also makes you think through to the end of your trade and set exit strategies before you’re actually in the trade and your emotions get the best of you. Placing contingent orders may not necessarily limit your risk for losses.
4. Emotional Trading
One of the most common mistakes made in forex trading is getting emotionally involved in trading decisions. Emotional trading leads to wrong decisions, which is the reason why traders lose money in the Forex market.
A loss never feels good. No trader makes a great trade every time. Accept that losses are part of the reality of trading and stick to your plan. In the long run, your trading plan should compensate for that loss; if not, review your plan and adjust.
5. Trading Without Training or Experience
Learn trading skills by practicing trading strategies on a demo account. Demo trading is recommended to get familiar with trading and to understand the functionality of the trading platform. Trading with real money with little or no experience (without understanding what it is like to trade live) could increase the probability of committing mistakes, resulting in an eventual loss of money.