The key to long term success in Forex trading is learning from the initial failures. For any novice involved in forex trading in Philippines, it is wise to remember that the forex exchange is fraught with risks and it is okay to fail initially. It helps traders take heart from failure and find resolve upon which future successes are built. However, there is such a thing as “helpful” mistakes and “avoidable” mistakes. There are 10 significant mistakes that need to be avoided if traders are looking to build a long and prosperous career in trading.

The 10 Avoidable Mistakes:

1. Risking incessantly: Traders need to be mindful of the amount they are investing in a particular trade. The investment amount needs to be premeditated and in accordance with the strategy.
2. Trading incessantly: Traders need to formulate a plan and trade accordingly. Jumping at every price movement may increase the frequency of bad trades and incur losses.
3. Lack of fundamentals: Trading without getting the basics of forex right is similar to gambling. This approach needs to shunned, and traders need to familiarize with forex mechanisms before indulging in online trading.
4. Trading without a strategy: A sound strategy, one that is rooted in calculations forex robot and contingencies, needs to be used while forex trading. Without forex trading strategies, success can never be assured and will always remain a fluke.
5. Playing a safe game: Online Forex trading is a business, and it needs to be viewed as one. The trades need to be planned and placed regularly. Protecting the trading account by not investing regularly in the market will never help traders conquer the market.
6. Letting complacency take over: Being complacent after a couple of successes and not improving upon the existing strategies will increase the chances of failure as Forex exchange in Philippines is an unpredictable market and can change directions without warning.
7. Decisions fuelled by Greed: While the desire to create wealth is a must, greed is a strict no-no in forex trading. Decisions fuelled by greed can make traders oblivious to risks that befall them.
8. Lack of a risk management plan: Forex exchange trading is not impervious to risks. The formulation of a risk management plan is paramount. When things go south such contingency plans help limit losses for traders.
9. Trading with overconfidence (and without Stop-loss): It is important to not get carried away by successes and act apathetic to failure. One needs to bear in mind that failure is a real possibility and trade accordingly. Also, knowing when to get out of a trade is equally important. Using stop-loss orders may help traders automate their emotional activity.
10. Over reactive to News: While it is important to follow the news for macro-indicators during forex trading, factoring news updates for every part of a trade activity may not yield the desired results. Regardless of negative news, sometimes forex markets follow their ongoing trends as there are several huge institutional investors in the business.

Watching out for these 10 mistakes and preventing themselves from committing the same can help forex traders better their performance in the online trading business.