Thousands of people are trading with other people trading strategies and many of them have developed their strategy well. They are trading with discipline and still, they are not making money. If you talk with them for some time, you will feel like they have been cheated by their luck and they are right in their strategy. When you talk with them and if you assess, how they trade the market, you will find that these people are making some mistakes that are very common in Forex. This is an online market and all the traders are learning the trends and patterns of the market, the indicators of the markets online. It is not possible for them to get to know these trends physically and many of them are getting wrong ideas of the markets. As a result, they are making many common mistakes in Forex. This article will tell you how you can avoid these common mistakes in your trades. You will find many of these mistakes to be hilarious but they have deadly consequences on your trades. If you do them for a long time, you may not have any money in your account to trade the market. Being a new trader Forex trading demo account should be your first pick.

Currency trading is often considered to be the most sophisticated profession in today’s world. For this very reason, the expert traders at UK always suggest the novice traders, trade with the money which they can afford to lose. It’s true that by using the high leverage trading account you can easily secure big profit but without learning the basic art of trading, chances are very high you will blow the trading account. You need to follow a paper-based trading journal just like the pro traders in the United Kingdom. During the weekend asses, your trading history and it will help you to learn from your trading mistake. If you don’t know how to trade currency, don’t trade with your real money. Use the Forex trading demo account unless you develop a solid trading system to deal with the dynamic nature of this market.

Risking too much

People in the United Kingdom are very smart while it comes to trading the live asset. First of all, they learn how to trade currency pair without taking too much risk. Instead of looking for the profit factor, learn how to manage your trade in an organized way. Make sure you are not risking more than 2-3% of your account capital in any trade. Always focus on investment and stay in the safe zone.

The circle of trading again and again

This is often known as overtrading and many people made these mistakes in Forex. It is not possible to know when you are overtrading the market as you will be indulged in trading. People who trade the market for the first time have the risks of overtrading their account. When you think this market is random and you can make your money if you place many trades, you will be overtrading in your account. One way to not to overtrade is by analyzing the market before you place your every trades in Forex.

Trying to let profit grow

It is good that you are making the profit consistently. When traders try to let their profits grow in Forex, this is when they begin to lose their money. If you do not use take-profit, you can make a lot of profit with your trades but you cannot make that always. You need to know how you can be trading the market and be happy with your profit. You should have set goals and follow your goals.

Following others

It is one of the mistakes that are made by all the traders in their careers.  You are a good trader and believe that in your mind. Trying to follow what others are doing in Forex can lose your money.

By Taylor Wilman