What is one of the common questions asked by ITBFX as a multi – national and experienced broker is, “What is the number one market of Forex traders?” This question is more complex than it seems, because one mistake sometimes leads to subsequent mistakes. The lack of capital, poor analysis, poor risk management and the lack of a strong transactional strategy are common mistakes among traders. While all of these are all common mistakes, but we think the most fundamental mistake of Forex traders is to avoid waiting.
Patience is more important than anything else.
We bet that many of you would think that the number one mistake of forex traders is the inappropriate position size. This would be a potential and standard response for most Forex analysts and pundits. Of course, inappropriate position size is one of the most fundamental mistakes of forex market retailers, but if we make that mistake more accurately, we find that the main reason is the impatience. What makes Forex traders choose the wrong size for their position? The “get rich overnight!” Mentality comes from not being patient with getting rich.
No transactional strategy
If you don’t have transactional strategy, or at least a reliable transactional strategy, this is also about not waiting for transactions; which means you have not spent enough time to build a strategy. Or more clearly, you have not spent enough time to learn technical or fundamental analysis, creating a transactional strategy around one of these two analytic styles. Even if you did, do you test your strategy. A real transactional strategy must be tested in order to be able to estimate at exactly how much profit you get in a certain amount of time. If you have not done this, you are trying to run before you learn to walk. A lack of patience, not only in the long term, which has a loss in the short term.
Violating the laws you have applied yourself
Let’s assume you have met all of the items and have a good transactional strategy that is expected to be very profitable in the long term. However, one morning you open up your metatrader software and you say: “If I’m not going to trade today and just go ahead with my plan and strategy, I don’t know when to get a lot of money!” And you start trading off the plan. That is what happens because of a lack of patience. When you have no patience, you will make hasty decisions and You ‘ll take a loss. Remember, in the Forex market, you benefit from patience, but it has never happened that anyone has benefited from the rush.
The real vengeful trades are also about lack of patience. Why? This is because the trader has lost money and now wants to take away the lost money. Unfortunately, many of the traders in the Forex market have experienced this kind of trade. It may even trade with the same profit – making strategy, but random events have caused the loss. Not personalizing the loss experience is not easy, and the first thing that comes to the mind of the trader is compensation of loss. However, by doing some revengeful trades, after the first loss, the subsequent losses are coming. By not waiting for the right trading mindset and position, you are making one of the unnecessary losses you may experience on the Forex market. Always remember, the occasional loss is in the nature of all financial markets. If you are engaged in vengeful trades, you will soon find that you have no capital to deal with.
The basics of transactions are not often changed, but there are points that need to be addressed and researched. For example, let’s assume that you have recently turned into the trades of future markets. trading on the future markets are what you have not done before, as (supposedly) you have started trading from the Forex world. In order to be able to perform well in future markets, you need to know in what way this market is similar to the Forex market and how different it is from, and this is something that cannot be done except by research. Therefore, first you need to examine the market and start gathering more and more accurate information from this point of view. The world of trades is a vast world, and rest assured that there is always something new to learn, even if you are Warren Buffett. If you love learning and progress, the financial markets will never forget about giving you new things; if waiting is not your job, then trading is not your job.
Always be careful about your mental state.
Always; and especially when money is in the middle. Frankly, some days aren’t really good days to trade. You have to stay away from the market when you have a sense of unease. There is nothing worse than your external factors upset you, and you will work with the same feeling of discomfort and anxiety, with Meta trader software, and lose the benefit you had been trying for days and months. Many Forex traders have this unpleasant experience. If you ask them, they tell you that one of the worst things you can do with your capital is that.
But why do some traders start trading while they are not in the mood to respond to a greeting? Because they are not patient. They don’t realize that tomorrow is God’s Day and that they can rest today and take care of their capital. Not to lose is a kind of profit. Don’t agree?
Probably you think it’s a cliché, but you’d better keep repeating to yourself that trading is a marathon race, not a speed rate. In fact, in our view, one of the most valuable parts of the trade is to include lessons for all aspects of life. One of the daily lessons of financial markets is definitely learning patience. Is there anything you can’t wait for? In all situations, by waiting, thinking and reviewing everything, you can come to a solution. However, many of the traders in the market still prefer to cope with the consequences of not being patience but don’t try patience. Which category are you from?