Successful traders fix mistakes IMMEDIATELY

Every successful trader has gone through the difficult road of many mistakes at the beginning of their career. One of the differences between the successful and the losing trader is precisely that - the immediate removal of the mistakes. If you take the time and pay attention to this trade fragment, you will certainly be at least one step ahead.

Not a very popular topic is the execution errors. With the introduction of technology and easy access to the market, through online trading platforms, the possibility of making mistakes in executing an order is increasing. That's why it's extremely important to know your trading platform to perfection. Of course, this will not completely eliminate the occurrence of errors, but concentration and precision at work will cut the possibility to a minimum.

Here comes the most important part, namely "FIX MISTAKES IMMEDIATELY ". Young market participants and junior traders often have a gap in the area. The most common mistakes: we buy when we want to sell and vice versa; we close the wrong order; press the quick trade button more than once; we trade the wrong instrument and so on. Of course, everyone has tolerated these mistakes and no one is insured on letting them happen again. The point here, however, is to eliminate the error ASAP.

It may be Murphy's law or market behavior, but in 70% of the cases when we make a mistake, the price moves against us. So if you make a mistake of any kind, swallow your ego and your loss and remove it immediately. Otherwise, intuitively, you know that you have made a mistake and start hoping and praying, and this is not the approach of professional traders. Instead of falling into trouble and thinking about how to correct the inaccuracies and wasting valuable time and energy, you will concentrate in the right direction to make money and make the right decisions on the market.

Conclusion: Always be focused when you start your trading session. Never forget to read the trading rules and your plan (Checklist). Fix mistakes immediately!

Trader Nikolay Georgiev

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