So, you have a great desire to become a trader, well. But panic comes to you when you hear the horror stories about trading. Don’t be frightened. Here we will tell you about the deadliest mistakes and how to overcome them step by step.
If you are a new commodity trader, this list of standard and deadly trading mistakes can work for you as a bible for your smooth trading journey.
Jumping to trade without research
To our surprise, we discovered that most of the beginner trader enters into trades without any proper research. They detest the idea of the study. Perhaps, they heard the success story of a trader in Singapore, and now they hop in the trading business wishing they will achieve the same success. The problem is they don’t see the hidden perseverance of that trader, how much time he spent.
So, if you want to become a successful trader, invest some time in reading some valuable books on Forex trading. I guess Amazon Kindle can be the best virtual library for you in this case.
Without practical experience in market
The trading market is not steady. There are always ups and downs. Market changes, and that’s the whole truth. But you have to prepare yourself to face the changing situation of the market. It may be good or bad. But you have to be vigilant and pre-prepared. Click on https://www.home.saxo/en-sg/products/commodities and study more about commodities to boost your potential profit.
Don’t invest so much money in your business at the beginning. Just try to invest a little amount if you are a beginner. Gain some practical experience with the market, and then based on your experience, you can trade more and more.
Get Away from Fake Mentors
Do you know the truth? You can’t learn trading watching just some mere YouTube videos. The Internet is saturated with fake gurus, and they post their trading videos on YouTube. Everyone is a trading wizard there! But they talk about trading so that you watch their videos or buy their scam courses.
Don’t be confused yourself in such a way. These fake gurus’ jumbled videos will pump you up to start a trading business, but you will get no true outcome.
But the truth is you need a mentor to help you learn to trade. So, how can you solve this problem? My opinion is that just research a few days by Googling. See the reviews, and after a few days, you will find that your wisdom is leading you to the right mentor. Just one thing to care about, and that is, don’t be led by your emotions but by logic, and in such a way, no one can beat you in the trading business.
Don’t fall for the fast and secret Forex trading tricks of the fake gurus!
Recognize Yourself, Recognize Your Greed
Socrates said, “Know thyself” – that means you should know yourself at first. Ask yourself, are you making a decision because of your greed or not? Try to realize it if you are. Feel it.
I am saying that so much greed can force you overselling without proper timing. Learn to have a good practice of patience. Utilize the time wisely to make any decision.
Build an analytical mindset, always.
Forex trading is all about planning and how you are going to make it effective. According to The Art of War by Sun Tzu, “Every battle is won before it is ever fought.”
Yes, this saying is true for winning your battle too. Just try to make a Strategic Plan from the beginning of your business, and day by day through trial and error, make your plan bulletproof.
Hey, I hope you have got an understanding of the most common and deadly pitfalls a beginner Forex trader faces at first, and now you have to be careful of those. But listen, these are not all the problems you will face. So, you have to study more and take notes to improve. Besides theoretical knowledge, you have to gather practical experience. Write every outcome in a diary, which will help you to achieve success in the long run.