In " The Trading Sessions: The 5 biggest mistakes that even experienced traders make again and again - and how you can avoid them!", trading expert Wieland Arlt provides on May 17, 2018 at 6 p.m. GKFX provides easy-to-implement solutions to avoid the most common trading mistakes.
Trading not a purely technical process
Trading is more than just the technical process of opening and closing positions. Trading is primarily about the person who opens and closes a position with a click of the mouse,, i.e. the trader. This topic is often discussed, but is rarely the focus. Traders should always keep in mind that successes and failures are no accident. Both are always closely related to your own behavior. This means that every trader is responsible for his own profits and losses. A trader who uses a stable trading strategy but always shows negative behavior patterns cannot be successful in the long term. This is why traders in this current GKFX webinar learn how to avoid common mistakes.
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Speaker with more than ten years of experience in the financial market
Wieland Arlt is not only a graduate economist, but himself an active trader for over ten years. He also works as a certified coach and trainer. Arlt is very experienced in the financial markets and has been part of the trading team for the Trader magazine for eight years. His book "Risk and Money Management - Simplified" was also published in 2014. He is often a guest at trade fairs as a speaker and a competent interlocutor. In addition, he works at his Torero Trading School with well-known trading concepts, which he combines with his knowledge and experience as a management trainer.
Only act fit
Even experienced traders make mistakes. These are just as much a part of trading as losses. However, if mistakes and behaviors that are harmful to trading occur again and again, this can damage trading success.
So it can be a big mistake to trade if you look at does not feel 100 percent fit physically or mentally. An illness can affect trading as negatively as private or professional concerns. Traders must always be fully concentrated, so you should only trade if you are in full possession of your mental and physical strength. If you cannot concentrate completely due to physical or mental problems, you run the risk of making mistakes. In addition, emotions, for example due to concerns, may have a negative impact on trades.
Focus fully on the current trade
It is also important to always focus fully on the current trade focus. Past or future trades shouldn't matter. For example, if the result of the last trade was a loss and you are still thinking about the reasons, you may be taking too much risk because you want to make up for the loss. Traders who have recently been very successful may go into a new trade too carelessly.
Each trade is unique and is not related to past or future trades. Therefore, if possible you should mentally close the last trade before opening a new position. After a series of losses, it may make sense to first take a break and then start trading again with a little space and a clear head.
Realistic trading goals
Also Unrealistic goals can be a big mistake when trading n. If a trader dreams of financing a trip around the world with his next profit, he may risk too much and invest too much.
In addition, traders should always know why they are entering into a trade. Going into business out of boredom or anger is often unhelpful. Fear, tension or nervousness are also bad emotions at the time a position is opened. Strong emotions can affect trades and cause errors - and possibly also losses - if you go into a trade with calmness and patience, is often well advised. Sometimes it can also make sense to simply watch the market for a while and not to place a trade, for example when the market is currently very confusing.
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Without Trading a plan may be a big mistake
It can be a very big mistake to start trading without a plan. Therefore, many traders have a trading plan. In it, they record when and under what conditions they want to open a position. Ideally, you should not deviate from this plan. If a trader does risk this and suffers losses, he may later regret this perhaps rash decision. If he leaves the trade with a profit, this may have been pure luck and therefore not his own merit.
The economic calendar is closely linked to the trading plan. Many traders, not just news traders, use it to look for interesting entry points. However, the economic calendar is also helpful for risk management, because volatility often arises on the market around important dates.
Pay attention to risk management
Another part of risk management is Set a stop loss to limit losses. If you do not do this, you may also make a mistake. However, traders should carefully consider where to place them. It is often not helpful to extend the stop loss or even to cancel it entirely.
Many traders have criteria in their trading strategy when and where they set a stop loss. Part of your own strategy is also the targeted profit target, for example a certain market value at which you want to close your position and take profits. It is often associated with a very high risk of exceeding this value because there is a risk that the price will soon change in the opposite direction. In this case, traders leave the trade with losses instead of with safely believed profits.
Part of the risk management is also the position size. Traders determine in advance how much money they want to invest in a trade. At GKFX, traders can start trading with just 0.1 lots.
Document and analyze trades
When a trader closes a position, the work is not yet done. One mistake that many traders make is not to document their trades. As part of a later evaluation and self-reflection, traders learn a lot about themselves and their trades. They often recognize errors that they can avoid in the future. Ideally, traders should write down all important information about the trade right after the trade. Many traders use a simple Excel spreadsheet for this. The emotions they had while trading are also part of the documentation. Since these are often forgotten particularly quickly, it is advisable to write them down immediately after the trade.
The documentation should include as much information as possible and as necessary. This facilitates later evaluation. However, a single trade may not be very meaningful. As a result, many traders compare multiple trades and, for example, recognize at what time of day they were particularly successful. One should not over-interpret a single trade, especially if it was associated with losses.
Noob or pro?
International broker from Great Britain
GKFX is a internationally known broker, which has had its headquarters in London since 2009. An experienced management team founded the broker there. Today GKFX operates in many countries and has more than 15 branches. The German branch is located in Frankfurt am Main. That is why GKFX also has BaFin approval.
GKFX would like to provide its traders with innovative trading solutions and give them access to currencies, raw materials and CFDs. This is possible via modern trading platforms such as MetaTRader 4 or your own webtrader. GKFX has over 500 employees worldwide with expertise in the financial and capital markets.
Providing traders with knowledge
The broker is concerned with passing on knowledge to its traders. That is why GKFX offers a great deal of training and further education. In addition to webinars and live trading sessions, traders will also find training videos and tutorials. Some of them are specially designed for beginners. Financial experts explain current developments and setups in special videos. Traders have the opportunity to deepen their knowledge again and again.
Conclusion: GKFX webinar on avoiding common mistakes in trading
Would you like to learn what are the biggest mistakes in trading and how can you avoid them? This is in the GKFX webinar "The Trading Sessions: The 5 Biggest Mistakes Even Experienced Traders Make Again and Again - and How to Avoid Them!" possible on May 17, 2018 at 6 p.m..
Traders should keep in mind that their success or loss in trading does not depend on the purely technical processes involved in opening and closing a position, but on their own behavior. Harmful behaviors can have a negative long-term effect on trading. However, even experienced traders always make mistakes.
The well-known trading coach and author Wielandt Arlt, who has many years of experience in the financial market, gives tips and easy-to-implement solutions to this problem in this webinar avoid common mistakes in trading. He also introduces the five most damaging behaviors of traders.
For example, it can be a big mistake not to act according to a plan and not pay attention to risk management. In addition, it can prove to be a mistake not to document your trades and to evaluate them regularly.
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