The 7 Most Common Forex Trading Mistakes

This list of the 7 most common forex trading mistakes, as compiled by James Theiss in “The 7 Most Common Forex Trading Mistakes“, is definitely worth the read. I have to admit that I have committed more than a few of them, and that probably explains why I’m just a couple of trades away from wiping out my account.

The mistakes:

1. Trying to predict how the market will behave instead of reacting to what is going on presently
2. Continuing to trade in a losing direction as a result of making mistake #1
3. Not having enough money in your trading account
4. Having too many trades running
5. Not setting up stop losses
6. Not taking trading seriously (treating trading like a hobby)
7. Trading without a written trading plan

What is very interesting to me and in some way disheartening is that I have a demo account running and I am profiting in demo mode but lose in live mode.