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Common Mistakes in Forex by InstaForex Nigeria

This post from InstaForex Nigeria is designed to educate traders on how best to avoid pitfalls in Forex trading.

1. INADEQUATE KNOWLEDGE:  Trading is knowledge based. Most newbies don’t take time to acquire the required knowledge instead with shallow knowledge acquired from Forex workshop/Seminars they take a plunge only to get their fingers burnt.

2. AFRAID TO TAKE A LOSS:  Trading is business and losses are part of a business and should be taken as part of expenses. Please note that getting trades wrong is natural and should be expected. So don’t give up easily; only re-strategise. At InstaForex Nigeria how to minimise losses are adequately taught to our trainees by our award winning Mr Paul Odibeli of InstaForex Nigeria Technical Support Department.

3. OVER TRADING: Most traders particularly newbies tend to trade excessively undermining their equity. This is not advisable at all.

4. EXCESS LEVERAGE:  In as much as leverage would enable the trader to make more money, one should remember that it is a two-edge sword which in most cases gets a trader’s account wiped out. In other words, high leverage is of great benefit for one to grow his account.

5. INDISCIPLINE/MONEY MANAGEMENT:  Trading is a long term business and should be treated as such. Most traders in a bid to grow their account throw caution to the wind thereby negating all the rules. This happens to most greedy traders/newbies and they get their account wiped out thereby giving up easily.

All these and other mistakes in Forex trading are duly treated/handled and advised to our clients at www.instaforex.com.ng

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