Over last few weeks, I received few questions/comments from a lot of subscribers asking me where are they making mistake since most of their trades are ending in loss!
When I did some analysis, I found 1 common mistake most of the traders make.
And this is a mistake which is commited at the fundamentals and so a trader making this error can never have profitable trades.
Here it is -
"The biggest mistake is to adapt your trading style as per trading strategy"
Yes! By this what I mean is that most of the times the traders come across a trading system and then make changes in their trading behaviour to use that system.
For example, if a trader who trades on 4 hr charts, who has only few hrs a day to trade, gets access to a day trading system, his/her whole trading routine will undergo deep changes if he uses this day trading system.
S/he'll have to have quick reflexes, monitior charts at more frequency, be ready to close the trades at lower profit targets.
Each trading style is very different from one another!!
When I look at forex market, there are 3 prominent trading style that emerge -
1. Swing Trading - Trading on higher timeframes like 1 hr or higher
2. Day Trading - Trading on a 15 min or 30 min or even 5 min chart!
3. Saclping - A variation of Day trading which focuses on quick profits one after another
So as you can see all these trading styles are very different!
So, you need to 1st understand what kind of trader are you and once you figure that out, then select an appropriate trading strategy!
Let me know your comments on this post.
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