Here’s something new. I’m not sure if it’s good, but it may be interesting nonetheless: Triple Threat FX
1. Shortage of patience
Patience is one of the most vital qualities that any foreign exchange trader wishes to develop and it is particularly true of scalpers who sit watching the market, sometimes for hours at a time. It is very easy to think that you see the conditions coming right and then to jump in thinking you’ll maximize your profits by getting in early. You did not have the patience to wait for the signal set by your system. Over trading in this manner nearly always leads to losses in the long run.
Patience is also needed in another situation : when you missed and opportunity for a trade. Could be that you went to snatch a coffee and when you get back, your perfect trading situation has come and gone. The temptation is to jump in and chase after the price, but it can simply rebound on you. Better to wait patiently for the following real trading opportunity.
2. Trying for more
Many of us believe that currency exchange scalping methods will bring them big profits terribly fast. This isn’t true. Most scalping systems don’t make many pips on each trade. Many newbs are unhappy by this and quickly start trying for more.
It is enticing to let a trade run when you should be closing out, expecting to get bigger profits than your system allows for, but doing this will potentially just leave you losing the little profit that you virtually gained. The aim should be to make comparatively steady profits, accepting some losses but avoid the mistakes that lead to enormous losses. That way you’ve a chance of ending up with a profit on the bottom line. So remember, any profit is good profit.
Quiz results: whatever number you checked, that is’s your % risk per trade. So if you checked option 2, you should not risk more than 2 percent of your total funds per trade in currency exchange scalping.