The new traders are always trying to change their life without pushing themselves to the edge. In a sense, they are just acting like the gamblers. If you want to change your life, make sure you learn to trade the market with proper logic. The new traders often say they are too busy with their trade execution. They don’t have the time to learn new things about this market. Without having the proper education to execute the order, you should never trade the financial instrument. Let’s find why the naïve traders are so busy with trading.
Addiction to this market
Becoming addicted to the financial business is very common. Those who are relatively new to the trading industry always want to make a profit. They don’t follow the common rules and trade aggressively. Trading the market with aggression is one of the key reasons to become addicted to this market. The new traders want to earn more money by taking more risks. They forget the concept of losing trades are inevitable. If you want to change your life, make sure you are not breaking any rules. Stop being an additive trader since it can cost your capital.
Not having a trading journal
Those who are placing the trades with aggression never use a trading journal. Using the trading journal keeps you on track. The trading journal is nothing but fixed sets of rules which determine your potential entry and exit point. Developing your Forex trading journal from scratch is a very challenging task. Most of the time, traders try to use other people’s journals. Look at the professional traders in Hong Kong. Do you think they are using other people’s rules to trade the market? Every trade has a different taste to this market. Unless you set the rules based on your trading style and strategy, it will be hard to make a profit from this market. So, create the journal by analyzing the important details of the market.
Trading all news
You don’t have to trade all the news. There are tons of economic news and you can’t analyze all these news data to find your potential trade. If you want to save your capital from the wild spikes, you must not trade all the news. For instance, those who execute the orders during the press conference always lose a big portion of their capital. If you want to keep your fund safe, you should never trade such news. Try to stick to the conservative trading method so that you can make the perfect decision at any market condition. Once you learn to filter the major news, you don’t have to spend too much time at trading.
Paying attention to the herd
You should never pay attention to the herd. If you do so, you are going to lose most of the trades. The smart traders can make a profit since they follow their trading strategy. They never pay any attention to the herd. Since the majority of the traders are losing money, it’s a very bad decision to trade with the folk. If you want to make your life better, you must act like an independent trader. Stop making a decision based on other people’s opinions as it always results in a big loss. Try to pay attention to your skills and develop your strategy by using a practice account.
Spend time with your family
The new traders don’t want to spend any time with their families. They are always trying to earn more money by overtrading the market. Overtrading is a serious mistake in the investment profession. You must learn to play safe or else it will be hard to make things easier. Get ready to accept the losing trades regularly. Never get addicted to this market. Live your life and spend time with your family members.
