10 common trading mistakes

 forex  in Kenya

well it's no surprise that the brokers put a disclaimer in the services and tells you that it's neither a financial advice or a way to earn a living, why then in holly earth are we here? To me Forex is about making some money maybe a lot and sometimes just enough to post-pay a fortune, but the stuffing truth  is that they are right the moment you take forex as your daily need canceler your on your pathway to making a lot of bad financial evaluations but the problem is neither the market nor the broker it lies within our conscience

mistakes made by new traders

the common mistake made by new traders may be usual but the shocking part of it is that it's committed by both the long term traders and the new traders, lets dive into them buckle up it won't be an easy ride folks

• laziness

I often get shocked beyond recovery when I see new traders tired with the process failure to track their progress and the lack of ambition to do more, creating time daily, everyday to trade might sound easy but trust me I know how it can be tricky but just as they say, "wake up, dress up and show up" no  one gives  a fuck just take the responsibility for your choices.

• excitement 

although laziness is a bad vice but they say too much of something is never good, when you love what you do doesn't mean yo do it every time you have a good laid out plan and when anything goes out of your plans then you know when to take brakes but when yo are excited you continue being in the market even if you're basking in the losses arena ,take a break champion and see when to trade and when to just analyze the chats that's what  good traders do don't get  carried away.

• less time on demo

when that excitement and euphoria of a real account earning hits  you might be wondering how it is to get money daily by just lifting a finger but it's of no use going to real account when you have spent less that 5 months in a demo account, WHOA! five months looks like forever when showing up daily to trader taking hours to analyze charts then gain nothing but since nothing is free trust your instincts and continue since trading in forex is a journey not a destination tale your time the skill is invaluable and it's worth the time you're giving it just  be patient enough..

• inconsistency

yesterday the trades were awesome but today I got other things to attend to so maybe I should just binge a trade there without doing chat analysis ,by just checking the general graph flow you think luck will come lurking, take your time and give forex the time it deserves because at at the end of the day it's one of the businesses you can do  at nigh without any complications so giving it some respect counts take note to never skip a day, go to your broker daily.

• lack of a mentor

not everyone has a friend with a friend who knows about bitcoin or about web3 or about java  or about space-X my point is that  you can never have everyone in your close proximity being valuable when it comes to business, when you find yourself in such a situation just get out of your comfort zone and look for someone who knows a thing or two about forex trading, I'm not saying that you won't have success I'm,, saying it will take longer when you have no  one to  guide you compared to when you have a mentor.

• no goals

when you know where you are driving to the ride becomes easy as you  know the paths to take it's the same case in forex when you have a well laid out plan the falling out becomes hard as you really know what yo are  doing, that is actually the idea most traders lack with a goal as simple as making $5 daily in your demo account gives you $50 in ten days not only did the account grow consistently but also a goal aided the rise.

• greed

when I was just starting out I wanted to leave my mark to my mentor as a  good student, he pocketing a solid 5year experience still stick to making $10 daily i saw that kind of less contrasted to the trade appetite I had so i decided I'll be making double what he makes long story short that week i blew up 4 real accounts, don't mix trading and wants.

• equity

funding trading accounts might be tricky as the amount you have is never enough,  well  you can not complain to anyone about it, maybe yo crave higher lot sizes or maybe you just like having high free margin but either way it's not a good idea to deposit the small cash you ran into, I have a very good strategy pertaining to that which I wont talk about in this  section,  but mind the amount of money you deposit.

• strategy

when musk choose  to first become a major twitter shareholder before making the other members to sell him their shares he had a plan some sort of guide he used, that is what a good strategy looks like, works like magic and no one thinks you didn't think it through but the truth is to make an impact  anywhere you need a strategy, there's two ways strategy  is  involved;

strategy wings

• financial  management

straight to the point if you have $10 and you feel like trading, just keep that money and trade with it's equivalence to a demo account, after ten such  feelings you will have raised  $100 to trade with and you will have gained some skills from any error you'll be making in the demo account in the ten past trades, beautiful isn't it?

• loss and profit management

when I was new to  this, the word loss wasn't part of my thinking criteria I  had it  all  figured out, any trade that goes against me I tried to compensate, I tired myself down because it's a bad practice it's emotional trading with  is  not a very productive trading momentum when you make a loss treat it as a trade product close  it for the day and wait for your next trading time stick to you strategy and trading cycle.

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