Common Forex Trading mistakes to avoid

Forex Trading Common Mistakes

 

1. Trading on High Leverage.

Most unsuccessful trading experiences occur because of this. Forex leverage offered worldwide varies, from 1:10 to as high as 1:1000 from time to time. Think twice before using the highest proposed level. ‘The more, the merrier’ is not always the right path to follow, when trading Forex. Professional traders’ advice is not to risk more than 5% of your account balance or even lower.

2. Without Knowing Entry Point

Trading is a science; therefore, it is essential to establish a specific strategy. Write down your rules for entering a position and stick to them. Most successful trades begin with a correctly chosen entry point.

3.Without Knowing Exit Point.

What guides you while trading? If it is just luck, try to think beforehand, what you would do if it went against you. According to experienced traders, it is preferable to have a predefined exit point or a stop-order, which may sometimes save your account balance.

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