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Trading is fun. Trading is difficult. Trading is very difficult. Some say that it takes more than 10,000 hours to master trading. Others believe that trading is a way to get rich quick. Both may be wrong. What is important to know is that no matter how experienced you are, mistakes will be part of the trading process. That's why you have to be prepared to estimate it and if possible not make it. That's why I've compiled a list of trading mistakes you should avoid. Real-life trading from http://www.vixbrokers.com/forex/nasdaq100.html will show you how "easy" it can be.
Trading without having a predetermined trading plan
The first fatal mistake a trader makes is trading without a plan. Having a predefined trading plan will help you for two reasons. Trading depends on several aspects, which include the situation of markets around the world, the status of foreign markets, the status of index futures such as the NASDAQ100 exchange-traded fund. Make a to-do list and build a habit of researching the market before announcing your goals. This not only keeps you from taking unnecessary risks, but it also minimizes your chances of losing money.
Trying to get revenge or being impatient
The rule in trading is patience. If there is one thing that ensures a high probability of winning, it is the patience to understand all the necessary information before you trade. This looks like it will take some time as there are many factors involved in it, such as trend formation, trend correction, highs, and lows. Impatience to see these things can result in loss of money. Sometimes taking breaks can be beneficial, allowing yourself time to look at the bigger picture, rather than focusing too much on one aspect. Bear in mind that a single transaction may resonate in a series of future losses if executed at the wrong time.
Some traders fail to realize that it will take time to be successful. They often fall prey to their own impatience in hopes of earning quick cash. This can be a difficult environment, and graphics can be hard to read, so it's wise to step back to avoid costly mistakes. Don't rush out, or try to enter into trades anyway just following your instincts. Markets can be very complex and often send out the wrong signals. Wait patiently for the best opportunity to align yourself and then act mercilessly.
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Ignoring trends
“The trend is my friend” — another cliché phrase, which will help you stay on the right side of the market as long as you are a trader. If you think about trading this way, it can be a tedious business, but at least one that makes money. I'm not really interested in quick returns. I'm not interested in penny stock. I'm not interested in the most popular trades that everyone is talking about. The more boring a trade is, the better it is for me to trade. Always consider trends before placing a trade!
There are so many advantages of forex, one of which is that fund transactions can be done 24 hours a day. This is clearly different and unlike transactions that may occur in the stock market because the forex market will be active 24 hours a day five days a week so you can make any transactions. But make sure you want to buy foreign exchange with a betting exchange in a country you know because every country has a different open schedule.
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