Responsibility Taking for Trades

Responsibility Taking for Trades

While most traders keep a keen eye on their open positions, there are those that make the mistake of not doing so. By frequently checking on your open positions you will know what your overall exposure is and whether you are in profit or loss.

In addition to errors, some traders simply forget that they have placed certain orders, or through unfamiliarity with the platform, find that they have accidentally placed orders without intending to do so. It is best to detect these mistakes as quickly as possible by monitoring your open positions.

Mistakes made when entering trades are more common that you might think. Traders frequently hit buy instead of sell (and vice versa) or enter the wrong quantity or even the wrong ticker symbol. These are simple mistakes that are often put down to having a ‘fat finger’. However, if you take your trading seriously, you should ensure that you exercise the appropriate level of care.

If you are trading to make a profit, it is important that you approach your trading in a serious, business-like manner.


Source link   Presented by FP Markets

Psychological and Emotional Mistakes

Making money requires a trader to place trades that are ultimately 'correct' and deliver a profit. Because of this, many traders develop the mindset...

Trading for the Wrong Reasons

Most people undertake trading with the goal of making a profit. However, there are some people that participate for entertainment, either consciously...

Not Learning How to Use Trading Platform

It is hard to imagine that a builder would get far without learning how to use his tools, or that a surgeon would have happy patients without learning how...


Using an Inappropriate Strategy

A common mistake among traders involves using an inappropriate strategy, or worse still, having no strategy at all. Using some type of strategy...

Using the Wrong Order Type

Trading with real money should be viewed as a serious business. As such, you should take the time to ensure that you thoroughly understand the most basic...

Instrument Understanding

Being over-the-counter products, there are a great many differences in the specifications of contracts available as CFDs. If you are trading these products...


Poor trade management

While traders frequently commit an inordinate amount of time to selecting, planning and executing new positions, they often make the mistake of exiting..

Not Understanding Impact on P&L

Closely related to the misuse of leverage is the mistake of not understanding how a particular trade will impact your profit and loss. Because of the...

CFD mistakes: Misuse of leverage

Even the most seasoned professionals have been known to accidentally buy instead of sell or trade the wrong quantity or even the wrong security...

  


Share: