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  • Signs that you are not on the right track of trading

    There are situations in life that we wish to change and there are things in life that we wish to cherish forever. If you think about the situations that you wish to change they are clearly the things that you shouldn't have done. So now, in this article, we are about to describe such situation. To be clearer, there are traders who are on the wrong track but most traders are not aware of it. You will be able to understand where you stand once we mention a few signs of a trader on the wrong track. Well, before we continue with the signs it is important to mention that there's no overnight success. Even if there is, it will be something illegal and short-term. Most Singaporean traders make a living from trading but it did not happen overnight because it cannot happen. They have been working really hard to succeed in their career. Without the dedication and hard work, nothing is possible. Anyway, let us continue with the signs that you should focus on.

    The novice traders often face series of losing trades due to their emotional activity. But even after following your trading system, if you lose money on regular basis, there is something wrong with your trading system. You have to assess your trade history and find the exact reason for losing money. Assessing your trading performance is just a part of your profession. Back test your trading strategy before you go live so that you can truly understand how this system will work in the long run. Try to become a long-term trader since it much safer and will help you to stay on the safe side.

    Running after money
    You will even risk the amount that you cannot afford because you are eager to make money. The Singaporean trader did not consider Forex trading Singapore as a money-making machine rather they considered it as their profession. If you are focused on money you will be running after money, so it is obvious that you will not worry about the amount you risk. If traders focus on making money they will think about fast money which makes them forget the risks and losses in trading. The gist is you should not trade the money you cannot lose. If you are worried about making money ONLY it proves you are on the wrong track of trading.

    Not focusing on the trading plan
    Trading is not money alone rather it is a complete picture that includes strategies, plan, methods, and techniques. If you are not having a plan it will be like your walking in the dark without torchlight. It is not possible to find your way without torchlight the same applies in trading Forex without a proper trading plan. If you want to become successful you should have a plan. You should have discipline and patience to trade Forex and money is the driving force. If you are on the right track you will be focused on the strategies, techniques, methods, and plan. If you are able to focus on these factors making money will not be a big deal. Unfortunately, most traders avoid all these factors. If you are one of those traders who ignore these important factors it means you are on the wrong track.

    Unrealistic goals on unrealistic profit
    Most naïve traders have goals and aim for the profit those they have not earned yet. It is totally okay to have plans but not focusing on the risks is a danger. You have not earned the profits yet which means you are just assuming the possibilities. What if the possibilities are not in your favor? If you are setting goals on the unearned profits it means you are on the wrong track. Once you understand that you are on the wrong track you should try to change your mindset.

  • #2
    Losing money in forex trading is valid possibility. You can lose sight of your goals very easily. The main reasons i think people lose money is beacuse they have very unrealistic goals set in mind. To achieve these goals, they follow very bad strategy.

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    • #3
      If you fail in 60% of your trades, then you are on the wrong side of your trading career. If you can not analyze your goods and bads then you know nothing about whats happening to you on the market. Learn from every mistake in order to get sure success! Thank you!

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