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September 19, 2018

Never exceed your limit in the trading profession



Do you know when it is enough for you? Or do you know when to take a break from your work? It is important that we have a profession. Because we have to have money to live in a civilized society. Money is important and adults are always looking for earning it from different sources. Trading is like one of the professions where you can earn a decent income from executing trades. But most of the times traders make some mistakes that cause them to lose their capital. The funny thing is these mistakes are made due to increasing the income from the executed trades. But, almost all the time trader’s plan backfires because of this mistakes. Today we are going to discuss some of the common mistakes in this business. Hope you will be able to avoid them next time you are trading in a marketplace.



Micromanaging your trades

This is one of the most common mistakes of young and novice traders. It appears when traders are facing too many losses from their trades. When an inexperienced trader loses trades too frequently, he or she thinks that the effort is not enough and there is a lot to cover. As result traders start to track the market with a high precision. They start looking at smaller timeframe charts. Traders try to manage their work to the micro level. This is called micromanaging and your brain will get really busy when you are attempting this mistake.

There is no need to use smaller timeframe charts for observing. The higher the time duration of the chart is the better and all the experts will agree on this. When you are trading try to apply those tricks and strategies that you know. Don’t try learning all the things at once. Prepare yourself step by step and think everything simply. If you made a loss, move on and this time approach your trades in a different way.

Making things complex

Making things complex is one of the biggest mistakes of the novice Singaporean traders. Though Forex trading Singapore is extremely popular yet the number of successful traders is very low. In order to change your life within a short period of time, you must develop a simple trading system. Focus on price action trading strategy as it deals with the basic formations of the Japanese candlestick pattern. Being new to this industry, you can easily change your life by learning the perfect way of trading. But to do so, you need to have strong determination, devotion, and dedications.

Too frequent trading

Frequent trading is one of the most common mistakes of the novice traders. When you are starting our trading business, you need to select which schedule you want to follow for your confrontation. There are four types of traders and all of them are categorized according to active hours. The Scalpers keep their trades live for a few hours in a day. The Day traders keep their trades live for about a day. Then there are Swing traders and this must be the most ideal choice for most of the traders. Because you won’t feel too much headache when you are trading as a Swing trader.

They keep their trades live for a week. It means, swing trader only trades once or highest twice in a week. So, this should be really easy for you to maintain. And, forget about the position trading, because it is a higher level technique of trading. So choose wisely and carefully when you are planning your trading schedule. If you can handle too much pressure, go for Swing trading. And if you can’t stand too much waiting, go for the lower two. In a nutshell, without developing a perfect edge you should never trade the real market.be very smart when it comes to the investment business.



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