Many of the people trading forex makes minor to major mistakes while they trades. By starting this thread we should be able to know various types of bad habits which we have to avoid during forex trading.
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Many of the people trading forex makes minor to major mistakes while they trades. By starting this thread we should be able to know various types of bad habits which we have to avoid during forex trading.
The bad habit in forex trade is greed. Mos to the trader fall under serious trap of greed. While trading if they win some profits, they stay longer in the trade with greed of making more profits, but in the end just end up losing all the money. Greed is that one bad emotions that every trader must learn to avoid else trading will be much more difficult than one would ever imagine.Quote:
Originally Posted by nikhil_rrane
yes I was greedy at times and I paid the price so I decided to be greedy never ever again. so just eliminate your mistake and then you will improve as trader. every one has bad habits and we can work out to eliminate those bad habits. we can add some good habits too. habits can effect on your trader. but Greed is one of the biggest bad habit.
i usually trade on the eur usd..and i every time forget to change the lot size..and i have more greed..so i really want to improve trading for control this bad habits that obstacle for goood earningn
the worst bad habit is not booking the profits which you have just collected, if you book the profits in time it only increases your balance and your ability to trade more, second bad habit is to trade when the market is dead, third bad habit is trying to predict the market movement
Everybody when take position then they want to take profit. No one wants to take loss. my big mistake or bad habit that I never put stop loss which gives me many times margin call.
my bad habits at the moment are
1 having less patience
2 not following the news properly
3 less time to trade
Point number 1 and 3 also applicable for me. When i place a trade, my mind think we have to get the profit immediately, i always face with this problem by not controlling patience i will not able to create more wealth. Thats why ultimately i always give less time to trade.Quote:
Originally Posted by mayengbam
I have a very bad habit of not booking the profits during my trades when I have them and emotion of greed comes into existence and I wait for more profits which leads to losses in same trade.So I need to overcome this habit of mine.
The bad habit in forex trade is greed. Mos to the trader fall under serious trap of greed. While trading if they win some profits, they stay longer in the trade with greed of making more profits, but in the end just end up losing all the money. Greed is that one bad emotions that every trader must learn to avoid else trading will be much more difficult than one would ever imagine.