1) Get rich quick​​

Get rich quick! If you think trading is a business where you get rich over the night you better stop right now.

With thinking like that you have an extra pressure, you forget about trading system rules, and you start trading with the real money from the day one without understanding the markets and with over-exposing your trading account.

2) Not treating forex trading as a business​

Not managing your trading as a business. Your goals are low and you just want to make “quick profits”.

You do not organise your trading, you do not have a vision and achievable goals and you are not planning your trading for a next few months or years further. You do not focus on your success, but on excuses.

3) Blaming others

Always blaming the markets, brokers and/or your trading strategy. You never take a full 100% responsibility for things you can control.

Not listening to yourself, but always trade based on someone′s trading signals, media, crowd. Looking for free advice and tips on forums, books and other wrong sources of information is useless.

4) Following and listening others

You are the follower, not leader. You do not focus on yourself and your own trading, but on what others are saying, thinking and doing. Become the leader of your own trading and life.

Make yourself a trading journal and trading plan. Focus on following your trading plan with discipline and patience.

5) Not having forex trading strategy, edge

Not mastering one good trading system to understand the price movement and market. You jump from one trading strategy to another every single week. Stop looking for a strategy with 100% winning rate. Choose one style and master it.

6) Not managing the risk

Not managing your risk and exposure and always finding the excuse to not place a Stop-Loss order. You just gamble and hope market will move in your direction. Strong Money Management is unfamiliar to you. As traders we never think about placing the trade without knowing where to put our Stop-Loss order and how much to risk, in case we will be wrong on our trading idea.

Successful traders are only those who successfully manage the risk. On first place, you want to protect your trading and mental capital. Correct risk and money management makes trading less stressful and play a huge role whether you will survive on the markets on the long-term. To calculate the position sizing I personally use this calculator.

7) Overthinking

You are your own worst enemy. Without real reason you are over-thinking about your trading (business!). Once you have proven trading edge your only job is to follow it religiously and be consistent on trade-to-trade basis.

Forex trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the fx market. Don’t trade with money you can’t afford to lose. You must be aware of the risks of investing in forex and be willing to accept them in order to trade in these markets. Forex trading involves substantial risk of loss and is not suitable for all investors. Please do not trade with borrowed money or money you cannot afford to lose. We will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from the use of or reliance on such information. Weekly forex outlook opinions on this page are for informational purposes only and are not investment advice. You should do your own research before making any investment decisions and take full responsibility for your own results, performance.

Education feed

Editors’ Picks

EUR/USD loses 1.1800 amid escalaing US-Sino tensions

EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed. 

EUR/USD News

GBP/USD resumes decline, weighed by UK concerns, US-China conflict

GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world's two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.

GBP/USD News

USD/JPY jumps toward 106.00 after NFP, retreats to 105.70

USD/JPY spiked to a fresh daily high with the initial reaction to US data. Nonfarm Payrolls in the US increased by 1,763,000 in July. US Dollar Index stays in the positive territory above 93.00.

USD/JPY News

Editors’ Picks

EUR/USD loses 1.1800 amid escalaing US-Sino tensions

EUR/USD dips sub-18 after the US reported an increase of 1.763 million jobs in July, better than estimated but pointing to a deceleration. Escalating Sino-American tensions are boosting the dollar and fiscal talks are eyed. 

EUR/USD News

GBP/USD resumes decline, weighed by UK concerns, US-China conflict

GBP/USD trades at fresh weekly lows below 1.3050 as the dollar got a sudden boost from mounting tensions between the world's two largest economies. UK Chancellor Rishi Sunak said the furlough scheme that is underpinning the economy cannot last forever.

GBP/USD News

USD/JPY jumps toward 106.00 after NFP, retreats to 105.70

USD/JPY spiked to a fresh daily high with the initial reaction to US data. Nonfarm Payrolls in the US increased by 1,763,000 in July. US Dollar Index stays in the positive territory above 93.00.

USD/JPY News

BTC/USD is on the verge of a massive breakout towards $10,000 or $8,000

Bitcoin has already lost a significant portion of its dominance against other altcoins. After trading sideways for such a long time, many coins are taking advantage of the situation to create massive rallies. 

Read more

Gold: Meteoric rally falters, closes the week below $2050

Dollar comeback poured cold water on gold’s record-breaking rally. US-China woes, US stimulus deadlock and upbeat NFP boosted the USD. The focus stays on US-China trade talks amid light US docket next week.

Gold News

RECOMMENDED LESSONS

7 Ways to Avoid Forex Scams

The forex industry is recently seeing more and more scams. Here are 7 ways to avoid losing your money in such scams: Forex scams are becoming frequent. Michael Greenberg reports on luxurious expenses, including a submarine bought from the money taken from forex traders. Here’s another report of a forex fraud. So, how can we avoid falling in such forex scams?

What Are the 10 Fatal Mistakes Traders Make

Trading is exciting. Trading is hard. Trading is extremely hard. Some say that it takes more than 10,000 hours to master. Others believe that trading is the way to quick riches. They might be both wrong. What is important to know that no matter how experienced you are, mistakes will be part of the trading process.

Strategy

Money Management

Psychology