Enough
of basic learning of Forex Trading till now, it’s time to analyze
that you are not committing some common errors which are major no
no’s.
- Trading when tired
This is
the biggest blunder when you are sitting down at the desk after a
late night or early morning, switching on the screens and trying to
execute your trade plan. At an average 6-7 hours of sleep is
necessary throughout the day. Make sure you are not tired when you
are ready for investment and reap great profits.
- Trading When Hungry or Thirsty
As per
trading pro, Barry Sendach there are sometimes when you are
concentrating on the charts and forgot to remain hydrated or satiate
your appetite, you will strangely distracted. Thus, it is essential
to maintain hydration and satiate your appetite when trading as they
are major contributors to mental alertness.
- Moving Stops or Targets
Once
you are assured that your trading strategy will be effective and
well-tested, avoid all your second guesses during mid trade. Think of
all the effort and time you have invested in creation of profitable
strategy and it is useless to start tinkering with it on a trade by
trade basis.
- Failing to Plan, is Planning to Fail
Barry
Sendach share his secret that anytime he is working at trading desk
and adhere to a proper well-defined trading plan, he has reaped great
profits. Thus, it is essential to execute a trade plan very
efficiently to avoid gambling scenario in Vegas.
- Being over eager for action
You are
following a trade tip very precisely, that’s good, have thorough
understanding on the all parameters is again good, but being over
eager to experience action in forex trading is a pitfall to liquidate
your account. The core task of the trader is monitoring markets very
patiently and never sit on edge to be assure you never lose and gain
maximum from Forex Trading.
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