moonchild
VIP Contributor
As a new forex trader, odds are pretty much stacked against you and you'll have to try as much as you can to preserve your account because most of these mistakes are so subtle that you wouldn't even notice when they are actually happening, in this article we will be looking at those problem and how to solve them.
1) FOMO: This actually means fear of missing out, this happens when a trader enters a trade too late or too early because he does not want to miss out, because of this, you will blow your account in no time because you will always want to be in a trade.
2) Using High Lotsize: Because you would want to make more money, you will be tempted to use big lot size and in the process you will end up blowing your account when a reversal happens, so it is very important to use a lot size that matches your account size.
3) Unrealistic Goals: If you set unrealistic goals in your trading, you will eventually blow up your account, like if you think you will make a lot of money to buy a lamborghini in a year of starting trading, is definitely going to lead to making bad decisions and will eventually blow your account.
1) FOMO: This actually means fear of missing out, this happens when a trader enters a trade too late or too early because he does not want to miss out, because of this, you will blow your account in no time because you will always want to be in a trade.
2) Using High Lotsize: Because you would want to make more money, you will be tempted to use big lot size and in the process you will end up blowing your account when a reversal happens, so it is very important to use a lot size that matches your account size.
3) Unrealistic Goals: If you set unrealistic goals in your trading, you will eventually blow up your account, like if you think you will make a lot of money to buy a lamborghini in a year of starting trading, is definitely going to lead to making bad decisions and will eventually blow your account.