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. In order to learn to trade forex (or any other financial market) you have to invest time and energy to become a successful trader.
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.
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.
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. Learning to trade is an investment in yourself. If you want to learn to trade forex, stock, futures find yourself a forex mentor if you want to fastrack your trading progress and save time.
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. Learn to trade forex by focusing on yourself and our trading.
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.
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. If you have a passion for your trading, learn to trade forex and try to become the best trader possible. Invest some time in your trading plan, trading journal, and learn to trade forex with the right trading skills and habits.