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Tag Archives: forex

Steering Clear of the 6 Major Novice Mistakes of Forex Trading

Forex Trading Mistakes

You’re new to forex trading, and you’re not entirely confident in your abilities. That’s fine. You’re not alone. At the same time, you don’t want to be just like most new traders who end the day at a net loss. Here are some of the more common mistakes you can make, and how to avoid them. You Don’t Make Consistent Decisions Of all of the forex trading mistakes, this has got to be the most common. Almost everyone has a problem with consistency when they first start. Everyone figures that the forex market is simple enough. You have a 50/50 chance of profiting. You either win or you lose on every trade. But, there’s more to it than that. Sure, you either win or lose on every trade, but there’s a lot that happens between and during trades that affects your profits. A successful trade involves making disciplined decisions about stop losses, when to take profits and when to ride out the trend. Most new traders don’t have a clue about how to make rules for themselves and how to stick to those rules. So, this is the first step you can take that will keep you out of trouble: ...

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