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Learn Forex Trading > Articles  > Mistakes That Forex Traders Makes

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Mistakes That 95% of Forex Traders Makes

Hi I'm Arvind, founder of Forexnext.com. I have seen many people loosing money in Forex Trading. When getting started in forex trading, there are common mistakes to be avoided. This is a list of common forex trading mistakes. Itís no secret that 95% of all new forex traders will inevitable fail and leave this market after losing some or all their money. What knowledge can we gain from this well know fact?

If Indicators or Expert Advisor gives you profit then why 95% of people fail in Forex trading ?

Always remember : Professional traders won't use Indicators or Expert Advisors.

95% people trading setup screen shot:

This is my trading setup screen shot:

You are a Beginner

Thinking itís easy to make money on Forex: If it was easy to make money on Forex, everyone would be doing it. Forex is one of the most complex and difficult markets to trade and you can only make money if youíre good at it. The only way you can make money on Forex is to educate yourself and work hard on it. You need to read everything that you can about Forex. The fact that youíre reading this article shows me that youíre on the right track. But donít stop here. Read everything that you can and study the Forex market.

Do not use Indicators & Expert Advisors

Stop believing Indicators & Expert Advisors.  Indicators won't give profits. Only beginners use to trade with Indicators / expert advisors. If indicators and expert advisors are working good then why 95% people are loosing money. How about the 5% ? The rest 5% won't use indicators or expert advisors. I challenge these indicators & expert advisors won't work and they publish a fake performance in the website. Thousands of greedy traders get trap. By selling indicators & expert advisors they make money from you. If it's works then why should they sell it for $150 ?

No Parabolic SAR - No MACD - No RSI - No Alligator - No Moving Average

Throw away all indicators / expert advisors. Here I teach you the best method of making profit without Indicators / Expert advisors / Candlestick reading. For more information about the course click here

Not Maintaining Trading Discipline

The largest mistake any trader can make is to let emotions control trading decisions. Becoming a successful forex trader means achieving a few big wins while suffering many smaller losses. Trying to beat the market or giving in to fear and greed can lead to cutting winners short and letting losing trades run out of control

Day Trading

Beginners want to achieve great returns on a short period of time: Most beginners want to achieve great results on the short term. So, they leverage their account too much and try to day trade. This way, they can start making good money daily. Thatís a thought, but unfortunately thatís not the reality. Day trading can be profitable but only if made by the most experienced traders on the market.

Trading Without a Plan

Failing to plan is planning to fail. The successful trader works within a documented plan that includes risk management rules and specifies the expected return on investment. First know what's happening in the market before you Buy / Sell.

Practice & Experience is needed

Thinking youíre smarter than the other traders or smarter than the market: Some beginners think they are smarter than everyone that canít make money on Forex. Thatís a big mistake. Some people are smart, well educated and canít make money on Forex. If you start feeling youíre smarter than them youíll believe that you donít have to make big efforts to make money on Forex, and that will probably destroy your trading career. You need to keep in mind that Forex trading is a difficult business, and you need to work hard on it if you expect to make a living at it

Quitting a job

Thinking that you can make money in Forex with no work at all: Some people think they can make money on Forex with no work at all. Thatís a huge mistake. Forex is a market where most people lose money. If you want to make money at it, you need to work hard, educate yourself, and dedicate plenty of time to it. Thatís the only way you can make money on Forex.

Overtrading

Those forex traders who really overtrade are short term ones or day traders. For sure, overtrading is obviously the process of trading much more than needed. Thus many times that sheer excitement of trading is going to take precedence over the actual profit motive, so that forex traders certainly find themselves seeking some sort of adrenaline rush of fast paced trading but not equity growth.

Forward this letter to any forex trader you know. Aspire to Inspire, Before You Expire!

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S.Arvind
Founder, Forexnext.com, Sunpips.com, Suninside.com
Forex Education and Trading Advisory Consultant
Technical & Fundamental Forex Trader
Introduction Broker (IB) Alpari UK

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