Tips How to Overcome Failure as a Trader
If you make the following mistakes, you can be sure you fail as a trader. These fatal errors are a few tips to Overcome Failed As a Trader:
Does not have a trading system
Not having a trading system is the first fatal mistake. If you do not have a trading system, then you will tend to trade based on an approach that can be said to be messy plus random. How can you expect success from a random method?
On the other hand, having a trading system means that you have clear guidelines and goals and how to achieve these goals in trading. Having a trading system increases the chances of success, because you have guidelines for entering, exiting the market or standing aside. In other words, you are well on your way to achieving your goals.
Undisciplined
Even if you claim to have a trading system, but if you yourself are not disciplined in following the system you set, it means that you are making a 2nd fatal mistake. Many friends of traders claim to have a trading system, but in practice, they still often trade impulsively regardless of the system they have determined themselves. Well, so the trading system function is only for a kind of display...
Not studying
Claims to be a trader but never tries to keep up dated technical skills, never follows news developments related to forex, never reads a book about forex, or doesn't attend forex seminars and doesn't join the forex trader community. Well, there are many ways to always "learn". You do not always have to follow the existing forex seminars. You don't have to be active in forex forums either. But at least you always try to improve your trading skills.
Maybe it's enough with informal discussions with fellow traders, or just monitoring the news, or just reading books or e-books related to forex. At least, don't be a “trader in a shell”… Hehehe… Btw, I often monitor prices even though I'm not trading. To the extent that I am often called strange, because I like to monitor prices even though I am on trading leave.
To be honest, for me, continuing to monitor the market makes me still feel the passion of the market, even though I don't open an open position. And that's practically a special preoccupation for me. I don't care about money management. Money management aims so that you can control risks and losses so that you don't experience fatal errors that cause your account to "wilt before growing". Hehehe… So if you don't care about money management, that means you're giving up your deposit for no clear purpose)
Ignoring the psychological aspects of trading
A trader who is able to control his emotions in trading will be able to understand that not all positions have to generate profits to get positive capital growth. Loss occasionally does not make them "gemes" and then take revenge. After all, the possibility of the loss has been taken into account in the trading plan. So, please trade with the intention of taking revenge because of the loss you just experienced, guaranteed that the revenge will make your account even more bloody…
Too brave to take too much risk
Are you willing to risk a loss of 100 pips to only take a profit of 10 pips? Or even, you often trade without a stop loss? Wow… don't be… Remember that we are here to act as investors. We are traders, not gamblers. So, do not take risks that are not commensurate with the rewards that we will get. Ok. Those are the mistakes that can be said to be the main cause of our failure in this "cruel" world of forex trading...
Mm... but it's the cruelty that makes us addicted, right? xixixi… That's too much ahh… Eh, but seriously… You want to be a successful Prospective Trader? That's it… Please, don't make the mistakes above, OK… Honestly, I'm often sad when I see my fellow traders fail. So, let's try to always survive and enliven the market. OK? See you on market.