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How To Trade News Events: two trading mistakes which can destroy trading accounts

Beginner Forex - forum.fxopen.com
One of the most common mistakes is sticking in a trade where you know your forex trading strategy is correct, but the market continues to move against you. Famous economist John Maynard Keynes once said: “The markets can remain irrational longer than you can remain solvent”.

?People’s strong desire to be right will often times keep them in trades that they should have moved on from even though the market may eventually prove them correct. Many times when the market touches a support or resistance level it will have a brief spike upwards or downwards which hits the stops of a trader looking to profit from the reversal, taking him out of the market just as it turns in his favor. Because many traders think a like, often times the level at which the trader is taken out of the market is right at his stop level as well. If the trader gets lucky and the market does turn back in his favor this only goes to support this bad habit which will eventually knock him out of the market.


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