3 Biggest Mistakes Traders Should Avoid In Forex Trading

According to the study, 90% of traders failed to continue their journey in the field of forex trading and only about 10% of traders managed to generate profit consistently.

For that, many are wondering what mistakes are repeated by the majority of traders who fail to survive in trading, and maybe the same thing you do yourself.

This article will share the 3 biggest mistakes that are often made in trading.

Failed To Create The Right Trading Strategy

This is the main factor of a trader failing to succeed in forex trading. A trader needs the right trading strategy for himself and not to follow the ways of others.

Various criteria that will make the trade difficult such as inaccurate pair selection, too many additional indicators, and more. All of this will even add to the stress for you.

Failing to Control Emotions

This second thing will definitely make traders smile reading it because surely many have made this mistake.

Many traders have a good trading system, but the disadvantage is when emotions are difficult to control properly.

Especially when faced with challenges in trading such as analytical situations that do not meet expectations, face losses, and so on.

We can see the similarity in the well-known investors who have been successful is that they have high discipline and good emotional control.

Emotions are the main enemy of every trader. Learn to control your emotions so that trading results will be better in the future.

Failed to Manage Risk Effectively

If you trade without yourself knowing what you are doing, you are actually gambling your account.

Many traders fail to control the risk properly so that the opportunities for them to generate profit in forex are dwindling.

So to reduce risk, first of all, traders must add knowledge in trading by studying the correct formula every time they enter the market.

In conclusion, if you are a trader and you are still doing the 3 things mentioned above, he can avoid those mistakes and start again with the right way of trading. We hope you continue to succeed.