Top 5 Forex Trading Mistakes to Avoid

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#578: Top 5 Forex Trading Mistakes to Avoid

00:33 – What you must do in order to succeed as a Forex trader.

00:46 – #1 You must have confidence in your trading strategy.

02:00 – #2 Forget Pips and understand Percentages.

03:50 – #3 High Reward:Risk trades.

05:35 – #4 Don’t let trading control your life.

06:40 – #5 Belong to a trading community.

07:52 - 17 minutes Masterclass and Book a Call.

08:52 – Blueberry Markets as a Forex Broker.

09:14 – Comments, Like & Subscribe.

Today, I'm going to discuss the five things that you must have as part of your trading plan in order to be a successful, independent and profitable forex trader. Really important this. Let's get into the more right now.

Hey there, Traders! Andrew Mitchem here at The Forex Trading Coach with video and podcast number 578.

What you must do in order to succeed as a Forex trader.

That’s right today I'm going to give you my five top points that you must have in order to become a successful trader, but a profitable trader and also an independent and knowledgeable trader. So let's get into it.

#1 You must have confidence in your trading strategy.

Now the first point is you must have full and utter confidence in your trading strategy. You must know exactly what to do when to do it. You must have proof in your strategy that it's been proven across different markets, across different time frame charts, across a large amount of length of time that you've traded that on demo and small live accounts before taking it a little bit more serious on a bigger candle problem.

But you have to have that strategy. Why? Well, otherwise you're going to doubt yourself. Aren’t you? Going to see something and you go, I'm not quite sure what to do here or you start gambling or you leave a trade because you've had a few losing trades. And of course, that's the one that would have won. And you do all these silly things and you break the rules, you break your plan and it all comes down to having no confidence or a lack of confidence in what you are doing as a trader yourself and or your trading strategy.

It's because it's not proven, because you're not really 100% committed and confident with it. And so to have a trading strategy, you're fully on board with is the most important thing as part of being a successful and independent trader.

#2 Forget Pips and understand Percentages.  

The second point is you must understand risk. Forget pips, do not count your success or your failure on pips is just madness.

Luckily, over the last number of years, more and more people have figured that out. But when I started, everybody talked in pips and I'm talking 20 years ago now. But luckily today people understand percentages of risk. Now, for me, it's vitally important that you have low and controlled risk on every single one of your trades and it's equal.

So what that does is one, it gives you peace of mind that knowing that if a trade goes against you and we all have trades, it get stopped in you. No it's perfect. It's a part of trading. You got to accept it. But if a trade goes against us that's fine. Providing that the set up that we took at the time look good and you can have some fantastic looking trade setups.

And sometimes the market goes against you. Something happens, news announcement, somebody says something, whatever it is and the trade just goes wrong, that's that's life. Okay? But if the trade goes against you, you have to know that you lose a set low and pre known amount as a percentage of your trading account. Therefore it doesn't matter if you're trading $1,000, $10,000, $100,000, $1 million, it doesn't matter.

It's still the same percentage risk.