4 Costly Mistakes Forex Beginners Tend To Make

When you're new to the field of Forex trading, making mistakes is a given. Nothing new can be learnt without making a few mistakes, and it so happens that mistakes offer an unforgettable learning experience! In Forex markets, however, making mistakes costs real money, and it gets very expensive on some days. While making mistakes is indeed essential, there are some you will have to avoid at all costs, to keep away heavy costs! 

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Here are 4 mistakes novices make in Forex that can hamper their trading experience:

1) Not Playing The Long Game: 

Always think of the long run impacts when you trade. Driven by the need to make money and see big profits, Forex traders devise their approach in ways that are far from long-term. With their short-term approach, profits may come, but they will go with a lot more of your account with them, come a bad day! 

2) Having Unrealistic Expectations: 

Forex markets don't have a button you can spam to get riches. There is no magic portal to making money as a Forex trader. You will have to work on a Forex demo account, hone your skills and mainly - keep realistic expectations from your trades! Sometimes you win and sometimes you don't - that's just how Forex Trading In South Africa is. 

3) Getting Greedy: 

"Just one more trade" - this thought has ruined more trades than you can imagine. Giving in to greed will lead to a very painful downfall. You will burn your funds in the blink of an eye when you trade out of greed. Be humble in your approach and let the smaller profits give big happiness. Money is but a relative pleasure in Forex trading - it comes and goes without notice; its best if the losses are minimal and profits and maximized! 

4) Poor Capital Management: 

The final mistake many traders make, mostly out of the lack of knowledge, is due to bad capital management. Your trading account should always have enough money, either for hedging a bad trade or for being able to make good ones! 

With a good Forex Demo Account, you can slowly learn the basics, implement strategies and improve as a trader. Establish a clear goal before Forex trading in South Africa, and achieving it will become all the easier! Sign up with WesternFX today, and avail from the plethora of Forex solutions we offer. Tailor-made to suit your needs, we will ensure you get the perfect start, devoid of hassles, and see to it that you go on to rock your trades!