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Biggest Mistakes in Trading and Solutions

Mistakes in Trading and Solutions

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?

Biggest Mistakes in Trading and Solutions

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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?

Biggest Mistakes in Trading and Solutions

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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. 

Read More articles from our Library – Click Here. 

Stay TUNED to MFX CENTER

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

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JUST FOUND AN ANSWER ABOUT FOREX TRADING (EPISODE 2)

Just Found an Answer About Forex Episode 2

If you have read my first article on JUST FOUND AN ANSWER ABOUT FOREX TRADING Episode 1, proceed to this article. Or else click on the article title to read that article first before continuing. As I have included some advanced stuff here, you will need to understand the first article before continuing to this article.

MFX Center Exclusive Article Saga

What a FOREX trader or any trader or any businessman desires? Information or Analysis or Setups or Suggestion? What’s your view? No, Everyone in this world, looks for PROFIT. It’s our social need. We need money and money comes from Profit. Isn’t it?

Just Found An Answer About Forex Trading Myths

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Why people are living in big houses and some are in slums? Why people are walking around the streets while others are travelling in Air-conditioned car with maximum comfort? Its all about money and as a trader or businessman money comes from profit.

What would be the best gift for a trader? Analysis? No. Then Good Indicator or system? No. What then? It’s the profit-making scenario. If a trader makes a profit, he becomes confident and becomes happy, but if the trader buys an online course does he seem that kind of happy like the time when he made profits. Answer simply No. So, after writing all these lines, I just wanted to express and let all of you understand that why we are trading and why we want to trade. And all answer describes one-word PROFIT.

So, after reading above, you might be thinking, what rubbish is this? Is this an article or a joke? My friend, its reality. I am showing you this again, I know you work on it and you know it very well but you don’t recognize it properly. That is the problem.

THE HOLY GRAIL TRADING SYSTEM

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image source: eradity.com

Recently one of a student found an indicator named HOLY GRAIL costing about $620. Believe me guys he was so interested that he really wanted to use that. He was very much influenced and believed that it would make him profitable. But, the one and only thing that can make a trader profitable is his own trading sense (MINDSET and Trading Literacy), Nothing else.

Do you know who is your real enemy? No, it’s not other traders or your competitors. It’s solely you. You are responsible for your profit and losses. Traders become frustrated when they lose and they become over and over and overconfident when they win. They try to make more when they win, that’s good, we all think like that but at what extent? If we lose, we try to recover our loss with more trade named as over trading and they lose more. Yes, it’s guaranteed. LUCK? Believe me, if you believe in luck totally for trading FOREX. You are a gambler. Stay away from the trade. Don’t misbehave with the market, don’t harm yourself. Cause when you misbehave market does not get affected, the affected element is you. So beware. To learn how to trade like a professional and build up your trading career, join MFX UNIVERSITY with Lifetime Access today.

Simple Solution to The Forex Trading Problems

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image source: ForexTraders.com

So, what to be done? Just try to read the market. I always tell my fellow students, followers and everyone I know who trades FOREX, Futures etc. Just to keep it simple. Always remember, if you try too hard, it might rip off. Just think of a rubber band, if you try too hard to stretch it at its max, after a certain period of time it will rip off from the middle. That’s what we traders do. We try too hard. We search for good indicators, we search for the holy grail, we search for system etc. but we always forget we are really searching for that is PROFIT.

There are thousands of indicators, everyone is telling that their systems are the world’s best system. But do you know, if worlds best system belongs to you then you will not be making a profit. Why? Its because the system does not suit you. When a system does not suit you, whether its EARTH’s best system.

So, what’s the solution? Search on the whole world? No, just try to keep it simple. Remember, when we try to mix something complex we become confused and we take the wrong decision. According to a survey, students mostly fails in MCQ based examinations cause the options to seem too relevant with each other to confuse him/her. So, try to keep your trading very simple. Check our simple rule-based article on how to keep things simple in trading, techniques from the movie 3 idiots.

Indicators Are Not Bad

 

You are using indicators, good, use only 2-3 maximum even the world’s renowned scammer KARL DITTMANN’s indicators also can make a profit. How? I myself made a good profit with his indicator systems. Its because every indicator and systems are made of some algorithms and if a trader can track that, then the magic begins. So, first, you need to know the functionality in case of using any indicators or systems then go for profit but we traders we are in a rush to lose our money here.

I see many screenshots with huge profit scale, they are doing 20+ trades in a day. Don’t do that, its a business not a coin collection game like Subway Surfers. Don’t try to run to get profits, you may be smashed by a train soon. So, beware. Learn to be a profitable trader by learning from a worldwide known analyst and trainer with Lifetime Acess, Join MFX University today. Click here to join now. 

Keeping it simple, is the main rule. To know more about it stay tunes to MFX CENTER. The next episode will bring in some new techniques to keep it simple along with certain rules and make profit consistently.

Thanks for being with us
MD. Rockybul Hasan
Founder and Chief Analyst
MFX Center

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