3. Focusing on the news not the price
Successful forex traders don’t watch business channels all
day long. Watching TV is more likely
to confuse, scare or mislead you.
To find out what’s going on at any time, just watch the
price. The market tells you when to be
bullish or bearish, not the media.
Here’s a key lesson: The price leads the news, not the other
way around. Most days, the media is
simply reacting to market movements. If it’s an up day, then
good news is reported. If it’s a down
day, then bad news is reported.
The truth is on any given
day there is good news and bad news,
but chances are you are only hearing the news that fits the
market move for that day.
Always keep in mind: news doesn’t make major trends, news
comes from the trends.
4. Not learning from your mistakes
As the saying goes “Those who don’t remember the past are
doomed to repeat it.”
Admitting mistakes is difficult. It’s a lot easier to blame
something else. But you can only learn
from a mistake after you admit you’ve made it.
Most people give up on their goals because they’re not
prepared for the mistakes and setbacks
they’ll face on their way to what they want.
The larger your ambitions, the more dependent you will be on
your ability to overcome and
learn from your mistakes.
Most costly mistakes don’t stem from a lack of knowledge but
from a lack of discipline.
Understanding what and why you made a mistake will help you
avoid repeating it again.
Brushing it under the carpet will not.
It doesn’t mean you will never make a mistake again. None of
us perfect. But avoiding major
pitfalls will help you achieve what you set out to do - to
make money.
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