The Most Commonly Seen Forex Trading Mistake

Successful Forex traders know that their success comes from establishing a set of trading rules and then following these to the letter.

It is perhaps not surprising therefore to find that the most commonly seen Forex trading mistake is that of traders breaking their own trading rules.
The greatest danger any foreign currency trader faces is that of emotion and trading rules are established quite simply remove emotion from the trading equation.
Another danger for most traders is that posed by greed. None of us like to think of ourselves as being greedy but this is particular deadly sins that is always close by and has a habit of creeping up on us when we are not paying attention.

A successful trader can quite easily find himself in a winning run of trades earning perhaps $2,000 a day and think to himself that, if he can get this sort of profit day in and day out, it has to be possible to earn $2,500 or $3,000 every day. However, in order to test this theory the trader needs to push himself by relaxing his trading rules so that they can make up a few extra trades each day.

With a bit of luck profits may well increase over the following days, but how long is this going to last? The answer in most cases is not long and time and again traders find that any short term gains disappear. The result is all too often that they move from being one of the truly successful traders to being one of the 90% of traders who regularly lose money.
It is very easy to allow greed to tempt you into breaking your own trading rules and once in a while this strategy will prove successful. However, you are now beginning to trade on emotion and, as with many things in life, having done it once it is much easier to do it again and again.

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Forex Traders Need To Be Objective

A difficult lesson for Forex traders to learn is that within the currency market almost anything can happen at any time.

Because new traders spend a considerable amount of time learning the mechanics of the market and focusing their attention on finding a method for predicting movements in the market, it is only natural that they also come to believe that there are rules which govern the movement of the market. This is not the case and this catches many traders out.

Forex traders use a number of tools to judge when the time is right to open or to close a position, but the majority of traders will also have one particular tool which is their favorite and which they will rely on more than any other. So, once they have opened a position, they will watch their favorite indicator and base their trading decisions to a large extent on what this single indicator tells them.
This is fine until this indicator begins to tell them one thing while the other indicators are telling them something else. They are now in an open position and their favorite tool is telling them for example to hold that position while everything else is indicating that they should close their position and get out of the market. More often than not the trader will hold his ground and will end up in a losing trade.
The problem is quite simply that the trader has created an expectation in his own mind about the market and is not looking at the market objectively. He is using his favorite tool to reinforce this expectation rather than stepping back and looking at the wider picture. He is also probably being encouraged in this view by the thought that he must be right and by the profit in this trade which is being forecast by his favorite indicator. He is in effect seeing the money rather than the market.

The foreign currency market is, by its very nature, unpredictable and, were it not so, the market would soon collapse as we all made a profit on every trade we opened. Of course there are numerous tools to help us to predict the direction of the market and thankfully they do a pretty good job most of the time. Occasionally however even the best of tools in the hands of the best traders come up against an unexpected turn in the market.

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[About FOREXGEN]
ForexGen.com is an online trading service provider supplying a unique and individualized service to Forex traders worldwide. We are dedicated to absolutely provide the best online trading services in the Forex market.

ForexGen provides a unique online trading experience based on our intelligent online Forex trading package, the ForexGen Trading Station, including the best online trading system.

ForexGen serves both private and institutional clients. We have a strong commitment to maintain a long term relationship with our clients.