- Being unaware of news and data events: Even if you’re a dyed-in-the-wool technical trader, you need to be aware of what’s going on and what’s coming up in the fundamental world. You may see a great trade setup in AUD/USD, for instance, but the Australian trade balance report in a few hours could blow it out of the water.Make data/event calendar reading a part of your daily and weekly trading routine. The market throws enough curveballs with unscheduled developments, so make sure you at least have a handle on what’s coming up. A forward-looking mindset also allows you to anticipate potential data outcomes and market reactions and to factor them into your trading plan.
- Trading defensively: No trader wins all the time, and every trader has experienced losing streaks. After a series of losses, you may find yourself trading too defensively, focusing more on avoiding losses than spotting winning trades. At those times, it’s best to step back from the market, look at what went wrong with your earlier trades, and refocus your energies until you feel confident enough to start spotting opportunities again.
- Keeping realistic expectations: Face it: You’re not going to retire based on any single trade. The key is to hit singles and stay in the game. Be realistic when setting the parameters of your trading plans by looking at recent market reactions and average trading ranges. Avoid holding out for perfection — if the market has achieved 80 percent of your expected scenario, you can’t go wrong locking in some profits, at the minimum.
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