Analysis Paralysis-if you ┬áhave a forex trading system that has so many things that you need to do before placing a trade and even if an opportunity comes to take a trade, you don’t take it or you may miss it. After a while, you find that you are mentally spent and when you are not making any money at all from using the system, you start to not follow the trading systems rules at all-you start breaking it!
Learn to understand the big picture…which means, if you are trading off the 1hr chart, you need to be aware of what the bigger trend is in the 4hr chart or the daily chart.

If a newbie forex trader sees these kinds of charts and trading strategies, he would most likely believe he’s found the holy grail forex trading strategy. But suppose you take 5 trades for the day and you risk 5% each trade and all of them turn out losers, you’ve just lost 25% of your account in one day.

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