The old saying goes “Run your profits to cover your inevitable losses” most forex traders simply never do this, for 3 main reasons. They could but they don’t because they make fatal errors which means they lose all their money. Let’s look at the reasons.

Let’s first of all look at a common scenario that happens.

A Common Scenario

A forex trader sees a good trading opportunity and his forex trading system says enter - so he does, his trading signal is in the market and the trade moves into profit.

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Are you driven to succeed? Do you feel the need for everything to be perfect? Do you have to be perfect every single time before you trade?

If you’re an overachiever, driven to success at all costs, it’s also likely that you might be striving for perfection all the time. While the drive for being successful and getting the details in place is important, sometimes this need for perfection can be taken too far.

In business, the businessman cannot wait for perfect conditions to launch his business. If he did, the business would never be started as things are hardly ever perfect in all areas and aspects. The same goes for trading. Perfection in the trading markets will hardly ever be achieved.

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Forex charts and technical analysis is a great foundation for a successful forex trading strategy but most novice traders keep making the same mistakes and lose.

If you don’t want to join them, avoid these common forex chart mistakes!

1. Using Useless Indicators

These are indicators based upon flawed logic and are mostly loved by the far out investment community and in the hall of fame we are going to place:

Fibonacci numbers, Elliot wave theory and cycles.

They all come from the markets move to scientific theory brigade.

Really?

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