Mistakes are pillars of success, they say. I do agree but what are the Biggest Mistakes in Trading and What are the most effective Solutions of those mistakes? As a FOREX, stock, or even a businessman one thing we all should remember we must follow some rules and follow some procedures to complete a process.

Biggest Mistakes in Trading Starts with You?

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What we traders do is what we should not do. I have experience with many traders, trading around me, providing analysis, and asking me for the trade setups. I try to provide some of my analysis but that is not what a trader should look from me or anyone else.

The biggest mistake I generally find in a trader as well as I used my find in myself when I was a newbie or somehow experienced trader earlier is that I used to think that market is going to follow my analysis.

THE BIGGEST MISTAKE:- MARKET IS NOT YOUR SLAVE, YOU ARE THE FOLLOWER, MARKET IS THE LEADER.

The market is the leader here, as you see in the political party, there is a leader, also in the business world, your immediate boss is your group leader, etc. like that the market works as a leader here. You should follow the market to get the most out of the market.

Like any kind of war, we should know what our enemies are thinking and we need to think like them to find a solution to get an advantage over them. As per the book ART OF WAR, the author showed various ways to tackle difficult enemies. In the case of trading, every trader who is trading is your enemy, mostly who are going against your trade. But the biggest enemy is within you. Your incomplete knowledge about market movement and understanding the market price action can lead you to making bad decisions and losing your money. In this case, you can learn from the very best in the field with Lifetime Access like MFX UNIVERSITY, to excel in this case.

So, the biggest mistake in trading lies within you but you should be prepared for the worst. You should have an idea of what can really go wrong and what to expect if you are right. Let me ask you a few questions

• Are you facing terrible consistent losses?
• Are your trades going against you as soon as you are taking the trade?
• Why your Losses are more consistent than your Profits?

The answer to the above questions lies in your mindset and trading knowledge. I have been in the market for around 10 years now and I have learned from many gurus and so-called gurus. The difference between REAL GURU and SO-CALLED GURU is that REAL GURU doesn’t show you rainbow every time. They will see you the truth about the market, will show you the real picture. The scenario where you have to take losses sometimes but you will win at the end. So, whatever mistakes are keeping you away from consistent profit, it starts within you and your trading knowledge. Below are some brief solutions for you which if followed well then will serve you a lifetime.

What are the Solutions of the Mistakes?

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I know no one wants to get psychological GYAN rather than getting something to profit from. I also know over 1000+ people see my post but only 20% act on the knowledge to enrich their performance.

So, I will enclose some small and simple methods which will help you to make profit from Day 1.

What I personally use to know the market are:-

1. Proper planning ahead of time – Do you really plan ahead of a trading week? If not, keep 1 hour for markets on Sunday night and do your work. Plan which currency pairs or stocks are showing promise and have been around a strong price area.

2. Stick with a few instruments – Do not diversify much to confuse yourself. Study a few instruments, for instance only 2-3 stocks or 2-3 currency pairs and know their price areas and reaction levels.

3. Understand Market Context – Try to see the MACRO view rather than MICRO. See what is happening in the world. You can try AtoZMarkets.com for getting updated news and analysis to keep your game ahead of others.

4. Use Proper Charts and Get Proper Knowledge Source- Charts are very important for traders to time entries and exits and also to understand what is really happening in the market. If a strong fundamental is there, it will be reflected on the chart. I always prefer Tradingview charts with FXCM data feed. I also use Ninjatrader charts for Volume and Order analysis where the data is supplied by FXCM as well.

Additionally, for getting proper knowledge, don’t just watch some random Youtube So-Called Gurus. Get into a proper trading course where you will get guidelines while learning the art of trading. You can consider our Lifetime Access course + membership of MFX University. 

There are many things you can learn along the way but if you want to start little by little with some great lessons for FREE, you can SUBSCRIBE to our YOUTUBE CHANNEL – MFX CENTER and watch the videos. You will surely find great techniques to use in your trading process and earn your share of profit before you GET ADMISSION and GRADUATE from MFX UNIVERSITY. 

So what could be done besides learning the art? The best way to get to know the market is to trade the market with a CENT account while trading for the first time. Please note – Demo trading does not help you to increase your trading experience. So, the demo can be used to know the basic titbits of the trading platform and knowing ABC’s but not good for practicing. As in the first few weeks, you will lose a lot, so losing CENT rather than DOLLAR is a wise choice. Best of luck with your trading career and please don’t forget to subscribe to our Free Trade Updates, Lessons, and Services from HERE. 

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Thanks for reading this article.
MD. Rockybul Hasan
Founder and CEO
MFX CENTER