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So many traders, would now go ahead and start making trading decisions with those forecasts because they want to get in early and make huge profits. Thats a big mistake, to make, Always wait till the main News is released before riding the trend, created by the news We would learn various Strategies on how to trade Nonfarm payroll (NFP) soon 💰 So no need to get in quick, even if it's 40 pips you could catch , it's Ok

Now, before Major news events like Non-farm Pay roll Forex analysts used to release, what we call forecasts These forecasts tend to come in the form of figures When many Forex analysts has the same value, that value arrived upon by majority of Forex analysts is called A consensus This consensus are published in various news platforms before the main News is released by 7:30am.EST (IE 12:30 pm GMT) Now this is just a forecast, not the real value

💎The 1st is Not having a Trading Plan💎 Which I have already highlighted above . About the importance of Planning your Trades on a daily to weekly and  Monthly Bases. 💎Next is Paper trading for too long Paper Trading is another name for Demo Trading... Even though it's good to demo trade,  but don't dwell in the fantasy world for too long. Get into the real market and trade and Analyze with your emotions on the line... That makes you wiser. 💎Dwelling in the fantasy world of Demo Trading would make you feel relaxed and indolent.💎

Next is Opening so many Trades You would see someone open .GBPUSD .EURUSD .USDJPY .USDCHF .AUDUSD .AUDCAD .EURJPY .GBPJPY .EURCAD .EURGBP .NZDUSD Only You? Tell me, how can you monitor all these trades? It all boils down to Greed Because you want to Grab every single pip in the market. Since its $5.3 Trillion dollars liquid cap, you want to go home with half of the market volume As if there won't be another market day. Never open so many trades, that You can't monitor. It tends to distract you and divide your concentration. I always limit myself to 3 currency pairs per time If you see me open another Currency pair to monitor, that means one entered my Profit Target 🎯 quite early in the day so I had to open another trade. It's better to open multiple positions on one trade (ie on one currency pair) and monitor it judiciously, than to open multiple currency pairs and distract your attention. Unless you are professional like us 😝. The king 👑🤩

I would teach you all later, a systematic way to enter the market multiple times on a particular currency pair. I call it "Scaling-in and Riding The Trend" 📈

TOPIC: COMMON MISTAKES MADE BY TRADERS.

Another important principle in life, is to learn from other people's mistakes. Never wait to learn from your own mistakes.. Those that have gone this part ahead of You would tell You, these are what people have done which didn't yield positive results and hence you should modify your own actions. So I would be highlighting  some of these mistakes so that we all can be wary of them.

💎Next is not Using a Stop loss💎 Always remember to put it in all your trades, especially as a New Trader. Technology has made it there to protect your accounts. Because, No matter how well you might have analysed the market. You may not know when a major news would be released , and it could change the direction of the market . (that's why it's always good to look at the Economic calendar before the beginning of every week ). But by setting your Stop-loss, no matter the news whether it's against your direction or not, You would be protected.