The FOREX Market is extremely fast paced. FOREX trading happens 24 hours a day and a trader doesn`t have the time to relax because they have to make quick decisions based on the FOREX market activities.

A simple mistake may destroy your trading career

Because of the nature of the FOREX market, traders need to be very careful with their trades. Any minute mistakes can cost the trader his or her whole savings and his or her trading career. There is very little time in between trades so you won`t be able to rectify your decision and change your trade. Therefore, it is important to make concise and well thought off decisions all the time. In short, traders have to be very careful at all times. Here are some mistakes that a trader should be careful of during trading.

One of the most basic mistake a FOREX trader can do is entering the wrong amount into the trading platform. Just imagine entering an amount that is way higher than the one you intend to trade in, that means that you have to pay more than you wish because you had entered a more expensive trade. On the other hand, if you plan to invest on a very promising trade but you happened to enter a smaller amount, then you would have wasted the opportunity of earning a higher income.

One of the many consequences of entering an amount that is way too high is getting a warning that you have insufficient funds in your account. Although, there is a possibility that the system won`t remind you of this and you will end up broke after the trade instead of becoming richer.

Having insufficient funds is also another mistake that is easily avoided. Make sure to have enough money left in your account if the trade happens to go downhill. If you don`t, your brokers can close your account. Also, you won`t have money left to earn back what you had lost.

This is by far one of the most frustrating things that can happen to a trader because this error can easily be corrected if the trader managed to perform a thorough review of the trade before submitting it.

Another mistake traders make is entering the wrong conditions. For example, you wanted to go short, when instead you wanted to go long, instead of exiting the trade, you remain in it. Some traders loose their money because they had failed to leave a trade at its peak, therefore loosing the chance to earn an income.

Therefore, a trader must always be vigilant and careful while working. It is not very pleasing to loose all  your hard-earned money because of a mistake you made. Especially if that mistake is as simple as entering the wrong number.

Being careful goes a long way

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