To achieve that goal you have to trade according to strict trading plan which includes how many trades you make per day, which assets, size of stop loss and take profit, etc. You basically have to limit the room for emotional decisions to the minimum this is the key to improve trading discipline.
Traders Common Mistake
- Thread starter NeilKruger
- Start date
I agree with @Cholas , emotions can be a trader's worst enemy. For those who find it tough to deal with can check out platforms like zulutrade or etoro, where you can copy the trades of experienced traders. It can take a lot of the stress off your shoulders. Just make sure you do it right, and you'll be good to go!
Since nobody else here mentioned it, I will. I'm not new to FX (A few decades trading FX exclusively) but out of ALL the responses not one of them has stated the value proposition. Exchange rates don't move because of the charts. To think so is certification of retail status. Exchange rates ONLY move when dominant participants recognize value (which has nothing to do with the charts). The end result is if you follow the charts your remain lost, if you follow ALL rates then you know where your traded pair is going to go. So the biggest mistake by retail is their inability to dissect and understand how a dominant and efficient market drives all exchange rate movements in cross border money flow and this is the very mechanism that keeps retail traders lost.
First week trading? That's not even remotely the case. Sorry.
when traders fall a loss session they always try to recover this by trade over and over. this is very common problem we have in trading life.
mistake is okay , but if anyone do same mistake again and again then its not a mistake , its a choice.
traders common mistake cannot be ignored at all. this is a sad reality.