Ah yes, this one mistake will eat you alive. It will empty your forex trading account. It will break your spirit like no other trading mistakes will. This is the very same mistake that every trader would have made at least once in his or her trading experience. But if you can avoid this costly mistake, half your battle for successful forex trading is won.
So what is this monster of a mistake?
It is over-leveraging a trade and not cutting its loss when it begins to go the wrong way, instead letting the loss snowball into something out of control. Just making this mistake one time… yes one single time, will make you doubt if you could ever recover your losses or even damage your psyche and cause you to abandon forex trading altogether.
If you have been trading, you will know exactly what I am talking about. If you’re about to begin learning forex trading, you would probably have heard about the dangers of trading – losing your capital in double quick time.
And this is exactly the danger you’ve been hearing about trading that even the most professional traders are susceptible to making.
The truth is that you DO NOT have to make this mistake of suffering a mega loss on a single trade. But due to human nature, greed, fear and so forth, overcoming these “mental barriers” can be challenging for many.
With that said, do not let that discourage you. Because if you are determined to succeed at forex trading, you will persevere and overcome this problem eventually. And thereafter you will find that making money from forex trading isn’t difficult at all.
If you are serious in becoming a successful forex trader, get started right here today!