question- what are the things that a trader should never do?

[bigdolly]

Don't keep changing your plan or strategy because of loses .
It's part of doing business in FX .
Even if you have a strike rate of 30% but good RR you will still profit so keep a positive mindset

 

[Kimmydors]

a trader should never trade more than he can afford to lose

 

[ForexTus]

Id also add to this not to trade without a stop loss. So many do it as they are convinced 'things will turn' once people get into this mindset its very hard to get out of it

 

[Dora_WalletInvestor]

Don't keep changing your plan or strategy because of loses .
It's part of doing business in FX .
Even if you have a strike rate of 30% but good RR you will still profit so keep a positive mindset

Sorry if this is a dumb question, but what do you mean by strike rate? Is it the number of winning trades vs losing ones?

 

[bigdolly]

Do not rely on luck, I have seen some traders relying on luck hoping to make some bucks, but it will never end up well if you do that. Try to find the analysis in your trade, read the chart, view the pattern and see what analysis is talking about.

 

[ArmelleD]

Create a strategy and don't follow it

 

[bigdolly]

I guess trading without stop loss is a worst thing that a trader can do because due to law of large numbers the chance that you will wipe out your account due to a loss from one losing trade goes to 1 as the number of trades increases. Basically trading without stop loss makes it certain that you will once destroy your account.

 

[JimmyRozza]

Never let your emotions take control of your trading plan is a good one!

 

[MeliVasarhelyi]

A trader should never let his emotions get the best of him

 

[fxoday]

How to control trading habits, traders must have strong psychology to keep discipline trading always on the track, trader creates a plan for trading, keep the discipline to deploy in the market, and avoid greed, and over-trading., build a good mindset, to avoid anger when loss.