Stupid Forex trading mistakes. We all do it. We’re only human.
That’s right, Forex trading mistakes that are plain stupid. Remember that Japanese broker who put in the wrong figures and ended up losing the firm millions of dollars? For amateur traders, or should I say, retail traders any mistake of that magnitude translated in our home office would almost certainly mean financial ruin.
Yes, you have a trading goal. Yes you have a weekly Forex trading plan – and in that plan you have a money management plan, a trade entry plan and a trade exit plan. And surely if you execute that system to the dot you would be certainly in profit? I’m not talking about erroneous trading systems here. I’m talking about the minor human mistakes that traders can make in between making the decision to enter and executing the order and the time when you have decided to exit and execution of that exit strategy.
Yes, I’m talking about the typos and pressing the wrong buttons when you surely intended to press the other button. It happens. Minor mistakes can be costly. So besides your other plans, you should also have a systematized approach in checking and cross checking your Forex orders when you do execute them. One such simple system could be to type in the number, or if possible set a default in your system. Check if your trading system tells you to go long i.e. BUY, or to go short, i.e. SELL and then press the relevant button. Double check your order ticket, then double check your executed orders as well as your account balance to make sure everything has been processed correctly.
And here’s one final tip: don’t trade under the influence of any substance and don’t trade when you have just woken up two minutes beforehand. Sometimes it is more important to know when not to trade Forex 🙂