Dwayne Buzzell Blog | Understand these errors to avoid them in your trading path | Talkmarkets

Dwayne Buzzell

Forex Trader
Member's Links: Forex Trader

An economist, Forex trader and Forex writer, I have a keen eye for spotting international trading trends, particularly since shadowing my mother’s work over the past 20 years with one of the largest fashion groups.


Understand these errors to avoid them in your trading path

Date: Wednesday, June 20, 2018 8:33 AM EST

You would have been forced to accept the fact that Forex is simple. The Forex world isn't simple rather it is understandable. With proper learning and practice, you can understand the market. But to remain in the market you would need mental strength. Even to follow a strategy you should have the strong mentality, most traders fail to maintain a stable mindset. You cannot expect every trade to be as you expected so there will be some differences between one trades to another. So in such instances, you would be questioning your own strategy which was profitable in the previous trade. So when a day trader fails to stick to the right strategy things become hard to handle. The trader might enter into trades at the wrong time, risk more than the required amount, get out of trades early, and over-trade. So likewise, there are different ways how a trader might ruin his or her trading journey. But most these errors occur due to the unstable mindset. However, let us check out the errors that you should avoid in your trading path.

Understanding the core concept of trading is very hard. Majority of the new traders trade the market to change their life. They want to earn huge amount of money within a very short period of time. But just have a look at the experienced traders in the United Kingdom. They are more concerned about their investment rather than making a profit. You need to stay in the game to earn consistent profit from this market. Losing winning doesn’t really matter as long as you learn from it. Trading is just like your traditional business. You have to deploy your strategy to find the best trades. But even after doing all the hard works, you will have to lose some trades. But this should never have a psychological impact. Consider the long-term outcome of your trading performances and trade the quality signals only.

Not selecting the suitable method

If you believe on your method you wouldn't have a second thought about it. In order to have the suitable method you should know what forex is. So, what is Forex trading? Why do you need to know it? Forex means trading different currencies in the world. And by knowing this you would get the wider picture, is it true? Well, knowing the Forex market doesn't mean knowing the definition. If you want to become a pro trader you should know the market completely. Not just the definition. However, you should dig deeper if you want to become the top in something. You should use the methods that will help you trade better. But the problem is how to whether it is the right method? It is pretty simple you would be confident when using this method. And to achieve confidence in what you do, practicing often is the best solution. As naïve traders, you should practice as much. Through practice you can improve the overall trading journey.

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