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Forex
Common mistakes that forex traders make and how to avoid them
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[QUOTE="selena1, post: 304249, member: 97995"] As a forex trader, it's important to be aware of common mistakes and take steps to avoid them. Overtrading, lack of discipline, failure to use stop-loss orders, trading without a plan, focusing solely on profits, and failure to keep a trading journal are all common mistakes that can negatively impact your trading results. To avoid overtrading, it's important to have a trading plan in place and stick to it. Traders should also use appropriate risk management techniques such as setting stop-loss orders and avoiding taking on too much risk in a single trade. Maintaining discipline is also crucial, as impulsive decisions based on emotions or market hype can lead to poor trading outcomes. Using stop-loss orders is an important risk management tool that can help limit losses if the market moves against you. To avoid this mistake, it's important to set stop-loss orders for each trade and adjust them as needed. [/QUOTE]
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Common mistakes that forex traders make and how to avoid them
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