THINKING BEATS THE MARKET


The market is not something you can beat, but it is something for you to understand and enter when the trend is determined. At the same time, the market is also something that can kick you out if you try to earn too much from it with too little capital. The "beat the market" mindset often makes traders trade too aggressive or go against the trend, and this is definitely the trigger for the bomb to blow up the trading account.

LOW START-UP CAPITAL


Most traders are eager to find ways to make money easily, so marketers always encourage you to trade largely by using high leverage to make a huge profit on small capital. meager initially. However, with only a small amount of capital and the risk is too large due to too high leverage, you will find yourself easily touched with the ups and downs of the market, so it is also easy to jump in and out at times. worst possible point.

THE RISK CANNOT BE MANAGED


Risk management is the key to survival as a trader. You may be a very skilled trader, but you will still "stop out" if risk management is poor. Your number one job is not to make a profit, but to protect what you have. When your capital is depleted, your profit-generating ability will also be lost.

In command to counter this threat and practice good risk management, you should place stop loss and trailing stops when you have a reasonable profit. Please use the right lot size for your account capital. And most importantly, when a transaction no longer makes sense, find a way to break up as soon as possible!

MAKE ROOM FOR GREED


Some traders feel that they need to squeeze every last pip of a market move. However, where is it necessary to do so? Trying to catch the last pip before the pair turns can cause you to hold positions for too long and cause you to lose your profitable trade.

The solution is obvious: Stop being greedy! The opportunity to make money in the market is not lacking and you should not just because there are a few pips of expectation, but blindly the amount that should have been in your hand!

HESITANT TO TRADE


Sometimes, you may find yourself regretting a trade. This situation occurs when a trade you just opened does not immediately turn into profit and you begin to tell yourself that you have chosen the wrong direction. You then decide to close the order and then ironically, the market reverses, getting back in the direction you originally chose.

In this case, you need to choose a direction and be consistent with it. All those wobbles will only cause you to continuously erode your account until your investment capital is exhausted!

TRY TO CATCH THE TOP AND BOTTOM


Many new traders will attempt to immediately catch the currency pair's reversal points. They will place command on a currency pair when it continues to go in the wrong direction, they still hold orders because they believe that the price is about to turn around ... But if you trade this way, you will end up suffering. More risks than planned!

It's best to trade in the direction of the trend. It's not worth showing off to someone that you've hit the bottom after 10 tries! If you think the trend is going to change and you want to start trading on the new trend, wait for more confirmation of the trend change!

WRONG DENIAL


It is human nature to always want to be right, but sometimes, we make mistakes is inevitable. As a trader, you just have to accept that you will be wrong a couple of times and just let it go, instead of sticking to proving yourself right and then ending up with a zero balance account.

While doing this is not easy, it is the best way for us to move up in this profession. Admit yourself wrong, either you entered the trade for the wrong reasons, or the trade didn't go the way you planned. Either way, the best thing to do is admit the mistake, close the deal and move on to the next opportunity!