These mistakes are in no order of importance, there all important.

1. Trusting Forex Robots and Expert Advisors.

If you think you will get rich with one of the above systems for a hundred dollars or so think again – if these systems made money, then a lot more traders would win. The fact is these systems, always lose money but the naïve or greedy trader will continue too buy them.

If you want to make money in any venture in life, you need to learn skills. You need to do your homework and get confidence in what you’re doing, that’s the way to success in Forex trading and always has been.

2. You Need different Skills in Forex Trading

Forex trading is simple and you only need a simple system to win – but many traders make the following errors which are rooted in their mindset, regarding normal behaviour in everyday society.

- Hard work Equals Success

In many jobs this is true but not in Forex. You only get rewarded for the accuracy of your trading signal and that’s it; it can take you 5 minutes or 5 hours but you are judged on solely on the profits you make.

- Being Clever is an Advantage

In many jobs in everyday life this is true but not in Forex trading, as the best systems are simple, complicate a system and try and be to clever and your system, will simply have too many elements to break.

People see computers make our lives easier in everyday life and assume this is true in Forex but it isn’t and that why, despite all the advances in technology over the last 50 years, the ratio of winners to losers remains the same at 95%, complexity and technology have not helped increase this ratio and never will.

- You Need to Trade in Isolation

In everyday life, we don’t want to be seen as loners and on our own. Man is a pack animal and since stone age times, has grouped together for survival but run with the pack in Forex and you will lose. The majority lose and you need to stand alone and have a different view to the majority.

3. Discipline is the Key to Success

Sure you can have a good method but if you don’t have the discipline to execute your method – you don’t have one! Discipline is hard because at some point you are going to face losses and you must hold your discipline and keep your losses small.

Most traders cannot accept this and run losses get angry frustrated or throw in the towel. If you want to win at Forex treading, you need to keep your emotions out of your trading and this comes from accepting, that you can’t win every trade and you have confidence in what you’re doing so you know you will ride out these periods and make big gains over time.

Now you know the Forex mistakes to avoid, you can get yourself a good Forex education
, get confidence and put yourself on the road to a great second or even life changing income – good luck!

Source