Are you struggling to break through the glass ceiling to a profitable trader? Check within you; maybe there are some bad trading habits you need to break.
Here is a list of 28 bad trading habits that will keep you a sore losing trader.
Beware when you notice them, and do all you can to break these bad forex trading habits.
1 Not having a trading strategy
Only a tested trading strategy improves your odds of making money from trading. Yet, many traders don’t find the need for one.
2 Hopping from one strategy to another
Those who realize they need a strategy never seen to stick to one long enough to see the full potential of the strategy. No strategy makes money 100% of the time, but some of us are in the habit of looking for that one strategy. In the process, you lose money.
3 Trading without a full understanding of a system or instrument
Most traders don’t bother to create their own strategies; they borrow from forums and friends. Without understanding it, they go live. Same with a trading instrument, you are told crypto is the thing, and you are all in, not understanding the intricacies behind a pair, you lose.
4 Not having trading rules
5 Breaking trading rules
6 Not planning trading entries and exits
7 Trying to catch the tops and bottoms
8 Fearing to lose money
9 Making Trading decisions based on emotion
10 Not keeping a trading journal
11 Trading without a stop-loss limit
12 Moving a stop-loss limit
13 Removing a stop-loss limit
14 Adding to a losing trade
15 Trading with high leverage
16 Taking random trades
17 Holding on to losing trades for so long
18 Impatient with winning trades
19 Trading when you are tired, sick, or bored
20 Depending on external sources for trading decisions
21 Blaming the market or others for trading results
22 Feeling bad about losing trades
23 Trading with money, you know you can’t lose
24 Hesitating taking or exiting trades
25 Trying to double a trading account in one day
26 Not investing in your wellbeing
27 Ignoring the importance of trading psychology
28 Not learning from your mistakes
Before you think of breaking bad trading habits, you need to be aware of the bad habits in the first place.
Once you are aware of these trading habits, it becomes easy to notice the patterns and strategically stepping into the cycle to break them.
I’ll be honest with you; honing the right forex trading habits is the most challenging section in the journey to a disciplined, consistently profitable trader. But, if you want to make money from trading, you have to walk this course.