7 Deadly Mistakes that Keep You Losing in Forex Trading

Right after I released the Trading Mastermind Forex Trading Worksop, I have been receiving dozens of emails as well as phone calls from people all around the world everyday asking me to review their trades. They also want me to give my thoughts on how they could have avoided so many losing trades.

Finally, I have decided to sit and write down these huge classic mistakes people make in trading forex. This is what I have written down (so far).

Mistake number one:  not having any knowledge of the simple visual indications for when to enter a trade based on market behavior and common sense.

Mistake number two:  not being on the right time frame at the right time for the current trading opportunity.

Mistake number three: entering trades long AFTER the real entry occurred and exiting way BEFORE the exit occurs.

Mistake number four: no trading plan or direction for a consistent entry and exit strategy.

Mistake number five: following some scam Forex system they recently bought on the internet and using dozens of "proprietary" indicators.

Mistake number six:  entering and exiting trades for reasons other than their own trading method. (fear, greed, etc)

And finally - the biggest one:

Mistake number seven:  Huge mindset issues.

I personally believe that if a person is aware of the mistakes he/she makes, then these mistakes can be generally avoided and you will quickly master forex trading. But bear in mind that the path to mastering this business will not always go as smoothly as everyone wishes it would be.

That’s where the importance of a support group comes in. Forex traders who support each other in a positive environment using a trading method that is proven and tested usually have much higher rates of success. Why do you think newbies and even pros flock to forex trading forums? It’s because they seek support from each other, and comfort each other when a huge loss is endured.

There might be a lot more mistakes that traders commit which are not included in the list. But what’s important is for you to be fully aware of the effects these mistakes have and start eliminating the actions that you take that lead you to commit these classic mistakes.

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