1. Counter floating loss
It could cause most losses by putting traders in hopes of a reversal.
Floating loss is the loss that traders can check on the record, which
may be larger than expected. Many traders in the face of floating loss
still hold an open position, expecting prices to bounce back. But the
market always runs objectively.
2. Frequent stop-loss
The stop-loss is a must, but frequent operations should be avoided.
You will have to keep stopping losses if you insist on trading against
the trend. In this case, a heavy position will even blow up your
account.
3. Add positions
When you make some earnings and have a floating profit, you might
think: how much I would have earned if I had held a full position. You
remember experts' suggestion of adding positions with the trend. Then
you start taking the road to ruin.
4. Smart-aleck
Wisenheimers who like to predict the trend only trust in their own
judgments. They usually end up with huge losses. Be in awe of the
market.
5. Believe in experts
There are indeed masters in the market, but traders trying to make a fortune by doing nothing have given birth to fake ones.
6. Follow the news
These traders prefer joining in groups. They trade haphazardly by
following others and end up losing in confusion. Don't trade blindly,
but hold your own strategy.
Download WikiFX (bit.ly/wikifxIN) to get lessons from experts who have traded forex for over 20 years.
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