Avoid Trading Mistakes with IQ Option

The world of trading is one that is predominantly about trial and error and in their latest blog post, the trading platform, IQ Option have explained how to avoid the latter.

IQ Option are a firm that are continuously helping traders learn to trade more efficiently. Whether that is by informing them about good trading techniques which they can use, or whether that is giving them helpful pointers about keeping track of your behaviour via trading journals or by setting realistic goals. In their latest blog post, they have given users a different insight into the world of trading and it is focused all about avoiding trading mistakes that can cost you dearly.  As the platform points out, “disenfranchised traders that try to blame everything but themselves for their inability to stay in the black”.

It is exactly this mindset that the platform are trying to prevent with their guide to mistakes. As, of course, you can only start to fix these mistakes by first acknowledging they were made and then avoid doing it in the future. With this considered, they have laid out some mistakes that traders make so if you notice you have made any of the ones that they have mentioned, then it is time to fix them. Without further ado, let us take a look at some of the ones they have pointed out so you can get on the road to success and stop wallowing in doubt about your own fortunes.

75% of retail investor account lose money when trading CFDs with this provider.

The Mistakes

The first mistake they have pointed out is the need to avoid trying to beat the market. Market behaviour is not something you can control and, as recent market behaviour has shown, changes to the market can be caused by any number of reasons. Due to this lack of control, there is little sense in trying to beat the market and it is, and has always been, a cruel mistress. Instead, the focus should be on taking the rough with the smooth and trying to combat whatever comes your way with a clear head.

In regards to this “keep a clear head” point, this is one thing that should be maintained constantly and many of the other mistakes they have listed refer to this. Notably, the next point on their list is to avoid not admitting when you are wrong. This is always something to remember as it means that when you make mistakes or judge behaviour wrong, you shouldn’t power on with that misguided decision as that will only perpetuate the issue. Instead, draw a line under mistakes, make sure you remember them and try something new.

This relates to another of their points about not “being the smart one”. Thinking you are above making common mistakes or not being able to take heed the advice due you being cocksure that you are always going to be right about every call is going to steer you down dangerous territory. As mentioned so far, no one can be right all the time and the worst decision to make is to think this doesn’t apply to you.

Furthermore, IQ Option points out the need to remove emotions from the equation. While it is a bit of a cliché, you need to take emotions out of the equation – both positive and negative ones. Sure, it is good to be happy about a good investment, but don’t let that overwhelm you so much that you make a wrong decision in the future. On the flipside of this, and perhaps even more important, is to not let negative emotions like anger or sadness manipulate your decisions either. If needed, take a break and relax before re-immersing yourself into trading.

For more details about these mistakes and a couple of others not mentioned here go to IQ Option to learn more.