Do you want to learn Forex trading but you’re stumped by the ironic stories of traders who are not making money and losing capital? Before you give up, it is better to try and understand the reason why traders fail and how successful traders train to become a Forex trader. One of the essential things you must do is identify the pitfalls in money trading and learn how professional traders fix them.

Mistake #1 They Don’t Do Demo Trading

When you are just learning to trade on Forex, it is advisable that you learn how the trading platform works first. Expert traders even stress the importance of analyzing current events to help you time your trades and investments. Demo trading is a wise way to test the waters without diving for a deep swim. Trade living before you learn the methods of money trading is a sure way to fail. You may take as long as 3 months to learn a trading strategy and get familiar with a method that works for you.

Quick Fix: Open a demo trading account and familiarize yourself with placing trades and different trading strategies. Treat your demo account as if it were real money so the transition after a month or so won’t be too hard for you.

Mistake #2 Complicating Things

Trading is really more easy than how many people make it out to be. If you overthink it, check the charts too often, mismanage your money or over-analyzing economic news endlessly, the convenience of forex trading will lose its essence.

Quick Fix: When you train to become a forex trader in South Africa, it is vital that you simplify the process as much as you can. It all boils down to the price action. Variables including news and other indications may just stress you out and complicate your trading process.

Mistake #3 Giving Up or Not Moving On Fast Enough After a Loss

Forex trading is not for the faint of heart. You must learn to accept that losing is almost inevitable for all beginning traders. The important thing is that you learn from your loss and understand why you lost in that market. Most traders can be dramatic. They may be afraid to risk again or trade too small the next time around.

Quick Fix: Set-up a Risk Management Plan. There’s a difference between good and bad losses. When even with the utmost discipline and patience, you still lose a trade, it could simply mean that trade doesn’t fit your strategy. A bad loss is the ones you avoided, over-traded in or where you edge was non-existent.

Mistake #4 They don’t Focus on Trading

Profits are only half of the reward of trading. If you are so engrossed with the profit you can get, you may lose track of your goal and the skills that are needed. Many of those who are learning to trade on Forex focus so much on money that they lose the ability to perform.

Quick Fix: Focus on the mechanics and process of trading. Ask expert money traders their strategies in trading as well as basics like how to learn to read price charts.

Mistake #5 Trading too Often

Overtrading is one of the majority account-killers among traders. Many of those who want to learn Forex trading dive in too fast and lose quickly. To be specific, overtrading when you don’t have the right strategy or edge is a sure way to fail. The problem is when traders become greedy and impatient. These forex traders become addicted, trading even from mobile apps and becoming addicted to the charts without analyzing it.

Quick Fix: The preferred frequency of trading is at 20-30 minutes a day. This includes looking at the daily chart and briefly for once or twice a day. Don’t be a greedy and impulsive trader. Instead, learn and anticipate your trades. Trade more slowly and if you can, trade with a professional trader for some time and learn the best strategy that works for you. When it comes to trading, timing is of the essence. You have to strike while the iron is hot, not strike aimlessly whenever you want to.