5 Mistakes of the Novice Trader
In trading, while some unforced mistakes will occur no matter what, Konstantin Rabin of ForexCrunch.com highlights five common novice trading missteps and suggests ways for beginners to try to avoid these-oftentimes costly-errors.
There is no need to be a beginner to make mistakes while trading in the financial markets. As a fact, a lot of advanced players do errors, when their discipline is not under control and intuition-or feelings-come into the game. So do not wonder what these professional traders have that you do not, as the answer is quite straightforward. Novice traders often choose strategies for trading setting priorities upon wrong criteria-emotions-and that brings more damage than good and ends up in the ineffective outcomes.
Occasionally, you struggle too much to make money and conquer the market, and because of that desperate and unreasonable will, your mind gets clouded. It would be your biggest mistake to begin your trading experience with this kind of mindset as it will cause more losses than gains. Before jumping in, make sure you understand and accept the fact that the market can be random and it is in your benefit to be in a harmony with it.
Control the Market, Do Not Make It Control You
It will probably sound like a paradox, and it is, but lesser you feel the obligation to trade, the easier you will make profit.