Let’s face it; Forex is really hard, especially when you’re starting out. With all of the skills and knowledge required the odds are always against you. The truth is most forex traders won’t last. Don’t lose hope though. There are 5 common mistakes most traders make that can be fixed easily. If you’re not making pips pay close attention.
1. You Jump From Strategy To Strategy
Most forex traders start out like this: They come across a free trading strategy on a forex bulletin board. It seems easy enough. But after the first week things aren’t going so well. So they modify the strategy a bit. After two weeks of not making pips they give up and try something else. Rinse and repeat.
A strategy is only as good as the forex trader using it. By strategy hopping you’ll never learn what works. Try using a forex robot instead. It trades the same system with precise accuracy for you everytime. No wiggle room and precise execution.
2. You’re Staying Awake All Hours Of The Night
“This new strategy is great! But I have to wake up every four hours to check new H4 candles.” Sound familiar? Any strategy that interferes with your sleep is bad. If you don’t sleep you won’t ever trade well. Lack of sleep goes hand in hand with not making pips.
3. You’re Too Focused On Making Money
A healthy mindset is very important. That means forex trading should be enjoyable. Putting too much pressure on yourself to make money will only lead to bigger losses.
Here’s a better plan: Throw an experienced forex robot on your charts and then trade casually alongside it. You’ll feel less pressure to make money and maybe even have some fun too.
4. You Have No Free Time
Balancing life, work, and play is hard enough as it is. Add forex trading into the mix and other parts of your life will begin to suffer. Research, practice, reading charts, etc. It can start to feel like a full time job. It’s even worse if you’re not making pips.
5. You Don’t Think It’s Possible To Make Pips In Forex
Forex can seem impossible. Especially if you’ve tried everything and you’re still not making pips. But this kind of attitude will eventually become a self fulfilling prophecy.