In Forex trading, 95% of all traders lose money and here we will look at some common trading mistakes losing traders make, if you want to win at Forex trading and enter the elite 5%, who make big gains. Let’s look at the mistakes in more detail and give you some simple tips on how to make a triple digit income.

These mistakes are in no order of importance, you need to avoid them all!

1. Using Cheap FX Robots

The vendors of these cheap, get rich quick systems claim you can get rich by giving them 200.00 or less for a program which will make huge gains each month and best of all you have to make no effort! The claim is laughable but the bulk of new Forex traders use them and lose. If Forex trading success was this easy, 95% of traders wouldn’t lose money!

2. Being Clever or Making to Much Effort Another group of traders, think that being clever or working hard guarantees success but this is not true. Intelligence and working hard, will help you in many careers but not Forex. Intelligent people very often, build complex strategies but these strategies end up losing, because they have to many elements to break. In addition, traders think the more they trade the more they will make but they end up taking low odds trades and losing. The smart trader uses a simple robust system, focuses on high odds trades and makes more money, in less time.

3. Trying to Predict Prices in Advance

Many traders try to predict lows and highs but this is just guessing, Forex markets cannot be predicted and you need to focus on, waiting for confirmation of a trend change before you execute your trading signal.

4. Poor Money Management

Letting losses run is a key error but most traders do it — they hold losses and hope they turn around but this leads to disaster and an equity wipe out. If you want to win understand — you are going to lose at times but you must keep them small and preserve your account equity which leads me onto the next point.

5. Lack of Discipline

Most traders lack discipline and let their emotions dictate their trading strategy — they run losses, get angry when they lose and trade more to get revenge on the market, # or swap strategies all the time, in pursuit of the perfect one which doesn’t exist. If you want to win trade with discipline, keep losses small and keep in mind, if you can’t follow your strategy with discipline you don’t have a strategy!

How to Win at Forex Trading

If you understand the points above, you can see how you can win at Forex trading. You need a simple robust strategy which focuses on catching high odds trades and you need to trade it with discipline and keep your emotions out of your trading. If you can do this and anyone can if they want to, your on the road to Forex trading success.

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