Losing Out While Trading: Things To Note

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Good day to all my readers out there, I really appreciate your support and contribution towards my post so far, am grateful. Today is another episode I would have lot to post something related to business but the vibe changed, I will be diverting to trading, traders own today post but it is for everyone you will surely pick one point or two.

Many always have this passion or zeal to trade on one platform or the other be it forex, crypto or binary trading but always lack one thing or the other, I also experience a lot, back then I always think this thing is easy, like we will just predict, click and start cashing out, but seriously it wasn’t, after tasting it, I now know what those traders out there are facing every blessed day, here are the common mistake most traders are facing

Trading Without Zero Or Little Knowledge

Most beginners always make this mistake almost every time, they want to trade but have no knowledge, most are even too lazy to read or watch tutorial videos about what they want to venture into. They always advice beginners to make use of demo account to trade for a while and master the trading, funniest thing is that while trading with demo and they start winning, instead of them to master it, instead one spirit will push them to open a live account, fund and trade, before they realized it, they will be liquidated or loss out. Learn and Relearn before venturing in to trading

Dont Borrow To Trade

Never ever make this mistake, no matter how professional you are, don’t borrow money to trade because it is very dangerous, people always say, trade with your spare money or start with little amount. To me, I will even advise you, learn to say no when your friends want you to trade for them, because if you do and you lose, they will always ask you for their capital and you will be in debt. So desist from borrowing.

Over Confidence

If you cannot respect the market, you will surely lose out, don’t prove stubborn, there are times you will set your strategy or predict the market and it will go against you, best thing you can do at that point is to relax or just leave the market for the main time. I still remember when I lost while trading, there is this thing that try to push me to continue trading, I have to off my data because I know I will surely lose. Always learn to respect the market at all times.

Your Emotions Must Not Overcome You

Emotions (Greed and Fear) is one big problem traders are really facing, you will always want to increase your lot size while trading so you can earn more profit, the higher you lot size, the more risk of losing. Follow your plan always, don’t think of earning what you should earn in 10days, in just one day. That is greed. Be careful

Stop Loss Is Vital

Don’t trade without setting your stop loss, stop loss always help you to reduce your loss. Also don’t always shift your stop loss up when losing out, thinking it wont touch it. It might shock you.

When trading, you should always learn to take cautions and always follow procedures. Your plan is very important and don’t divert from it. With time, you will surely enjoy trading.