22) Luck and positive. Current state of your account will tell you nothing about your trade. If you earn a lot and risk too much, you will loose finally. Learn more about your trading operations. Focus on your largest losses and ask yourself how would your account state look today if you had to losses at once? Usually the traders who earn a lot with no huge daily losses have much more chance to succeed than the ones loosing a lot regularly and occasionally.
23) Bravery. When a policeman is following a drug-dealer, he is scared, he is doing his business any way. When a fire-fighter is climbing the roof of the house on fire, he is afraid, but is still doing his business. The same is with the trade. It’s ok to be scared, but you have to keep on moving forward. There’s no move – there’s no trade – there’s no profit – there’s no trader.
25) Time for good trade – Normally 3 hours a day is the time you may stay focused while trading. It’s better to stay 100% concentrated for 3 hours while trading than to spend 10 hours a day with no concentration. Don’t think that the time spent at the computer means something. Trade less but stay focused.
26) Rationalization. Just start trading and let it go. Once the stop-loss is activated, there is no need to remove it forward. Imagine that you are a professional boxer and that you are in knockout once the stop-loss is activated. Is there a need to get up after the stop-loss? Don’t ignore what is evident. If you make a mistake – just quit and come back tomorrow. Little loss will not do harm to you, but a great loss may bring to the disaster.
27) Mixing apples and oranges. Have you ever done the following? Once the EUR/USD is growing, you buy DBP/USD as it hasn’t moving yet? It’s a mistake. In most cases the reason who DBP/USD hasn’t been moving, it means to had been sold out or some of the UK news were bad. Don’t mix apples with oranges and buy EUR/USD.
28) Don’t avoid hard trade. Currency traders have an axiom: the harder is the trade, the better will be the result. I have learned it on practice, when I wanted to buy EUR/USD and it was hard to buy this pair at that moment. When it’s hard to buy some currency pair, just stop for some time and wait till other variants will be achieved. If you would like to enter the market or what is more important, leave it, don’t worry about several points – just do what you have to do.
29) Too many details. – If you are trading at more than two indicators, you have to make your choice. Many indicators are suppressing your trade and letting you find the reason not to trade.
30) Giving up too easy. Your first trade this day may be not the most successful one, it’s not the reason to give up. A trader should have trading standard limit that one has to spend. You can not earn if you will be trying to stop trade. Trading mistakes are natural and expected.
31) Hurrying up. You don’t have to be chasing small incomes and being afraid of loosing. Wait for some evident signals to trade and start trading and focus on everything that is the most important. Traders shouldn’t be distracted by too close stops.
32) Being afraid to loose. Trading is nothing personal. Don’t think that some bad result is your fault. It can be your fault. It may be your fault later if the trade order will heat the market and for some short period will cause an unexpected movement. Again you should place the stop-loss and never make your risks greater. If the things are going bad they can get even worse.
33) Too much hope that the risk may be justified. There is no privilege in the risk justification. If you place your stop-loss on 20 points and the profit on 60, you should forecast your plans as 3 to 1.
