Traders who don’t make profits have two forex trading pitfalls:
- Focus more on profits than on losses
Traders who make small trading in various markets are more likely to generate profits. Putting a lot of money in one trading is a bad idea. Learn how to ensure profits for profitable orders such as trailing stops and limiting losses using stop and limit orders. A novice trader often makes the mistake of focusing only on how to earn money, but in fact it is even more important to understand how to reduce losses.
- Having short tempered while in profit and enduring unnecessarily while in loss
Forex traders, especially beginners, tend to worry if trades do not proceed the way as they wanted. They want to withdraw their profits as soon as they earn some profits from the trading. Even though that revenue could grow to greater profits through risk mitigation strategy. When you have some profit, please wait a little longer for greater profits. Be patient and with the accumulation of some profits, you can become rich over time!