Forex Compass

When starting out as a new Forex Trader, it's important to stop and take a look at what others have done before you. You can go in with your eyes wide open if you listen to the common mistakes that others have encountered in their forex trading journey and learn valuable lessons from it.

Here are some common mistakes that can be avoided when people begin a career in forex trading.

(i) Improvising without a plan.
"A trading plan is an essential element in any successful trader's repertoire. If you are not following a plan, you are leaving room for a lot of inconsistencies that can pile up over time."

(ii) Getting into multiple markets.
"Due to the vast instruments in the forex markets, you may find yourself convinced that you should try to take a piece from every pie on the table. But know this today...the fewer the markets you trade on, the better you become at trading, in general."

(iii) Overconfidence in Leverage.
"The leveraging feature allows a trader to magnify their capital as they make trades, but what they always forget to account for is the increased risk... You'll notice that most successful traders trade using reasonable leverages that don't cut into their pockets deep enough to hurt."

I can spend all day trying to highlight all the avoidable mistakes in Forex from my experience and will probably not be done until nightfall. But one key takeaway from this post is this.

"THE MARKET TAKES MONEY AWAY FROM THE INPATIENT & INDISCIPLINED TO PAY THE PATIENT & DISCIPLINED."

If only 5% of Forex traders worldwide are successful (consistently profitable in the long run), then either the Forex market in itself is a scam or there's something fundamentally wrong with the remaining 95% failed traders."

The only way to be successful as a trader in the long run is to
1. have the right mindset from Day 1 (it's no get rich quick skill and it takes time like any good business)
2. be disciplined and consistent (show up everyday)
3. have a network of disciplined traders and mentor(s) around you that you're accountable to



Wishing you all a HAPPY NEW YEAR. Hopefully 2023 is the game changer year for your trading.

Just another day at the office. And we're not done yet. More trades still in profit yet to close.

Come and start earning without giving your money to anyone.

https://t.me/ForexCompass