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5 Things You Must Avoid to Succeed in Trading Forex

The amount of these mistakes lowered, but sometimes emotions overcome the mind and the trading strategy. Here is the list of 5 Things You Must Avoid to Succeed in Trading Forex.

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5 Things You Must Avoid to Succeed in Trading Forex

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  1. 5 Things You Must Avoid to Succeed in Trading Forex

  2. Index • Avoid to Succeed in Trading • 5 Things You Must Avoid to Succeed in Trading Forex 1. Don’t Place Stop Loss 2. Trade in Lots Too Big 3. Overtrade 4. Closing the Winning Positions Too Early 5. Following Forecasts and Signals

  3. Avoid to Succeed in Trading Forex • The amount of these mistakes lowered, but sometimes emotions overcome the mind and the trading strategy, and as a result, pips are lost. • Here is the list of most devastating and stupid things you can make in forex trading: 5 things you must avoid to succeed in trading forex.

  4. 1. Don’t Place Stop Loss • Sometimes you just forgot to place, and sometimes you hope for the price to eventually go in the right way and think that stop loss will be an obstacle. • That is wrong! Always place a stop loss its good to have it significantly lower than your targeted profit.

  5. 2. Trade in Lots Too Big • Even if you are 100% sure that this position will be profitable, don’t make it too large 2%-5% is more than enough. • Losing 20% of deposit will require much more risk to recover.

  6. 3. Overtrade • Everyone says it is bad to overtrade, but for a trader, it is always hard to stay away from the market when there are "so many opportunities". • Try to set a limit of daily/weekly trades for yourself. Overtrading is a result of the stupid emotions, not your mind, so avoid it.

  7. 4. Closing the Winning Positions Too Early • It seems to get some guaranteed profit against risking to wait even more. • But trading experience proves that early closing for winning positions and waiting for the losing positions to go green is completely wrong. • Let your winning positions run and cut your losing ones early.

  8. 5. Following Forecasts and Signals • Some traders it hard to avoid this, when there is some forex guru they respect. • Trading with your own strategy and full responsibility is the only way that can make you an expert and successful Forex trader.

  9. Thank You

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