Looking for Excitement
Some other traders are attracted to the
Forex market or any other financial market because they think it is
exciting to be a trader.
Fact: Yes, it is very exciting to trade the
Forex market. But if this is the main reason you are still trading the
Forex market, sooner or later you
will discover the most expensive adventure you have ever known. Do some thinking
on it.
Not Using Money Management.
Most traders forget about this important aspect of trading. They think they
shouldn't be using money management until they achieve consistent profitable
results. They totally forget about the risk side of trading.
Fact: Money management allows your profits to increase geometrically, but
also limits your risk on every single trade. Money management tells you how much
to risk on each trade. Using money management is a must if you want to achieve
your trading goals. By using money management you make sure you are going to be
able to trade tomorrow, the next week, month and the following years.
