What a trader should not do.

It is always easier to prevent any mistake than to correct the consequences later; this principle is especially clear when trading on Forex.

Here everything is much more serious, because it is not possible to return the lost money, no one will reimburse you for your capital, despite requests and assurances about the incorrect operation of the terminal, broker, or Internet connection.

Therefore, if you decide to choose the profession of a trader, you should know a few things that you should not do when trading Forex:

1. Do not use money that you would hate to lose or that you may need in the near future.

The risk of losses for a novice trader is simply enormous, and if you lose the money your wife put aside for a summer vacation, you will face “unpleasant” consequences. 2. Trade only with your own money - you can borrow or borrow money to trade Forex if you are one hundred percent confident in your abilities, and have years of trading and hundreds of completed transactions (does not apply to scalpers).

3. Do not use large leverage - often only this moment can save a beginner from losing his deposit; it is recommended to start with a size of 1:20, and if the deposit allows, even less.

Some of the financial tycoons trade without any leverage at all. 4. Do not trade without stops - if you follow the previous rule, trading without a stop loss no longer poses much danger; in other cases, ignoring the setting of a stop loss can cause the deposit to be drained, and ignoring the take profit will not allow you to lock in profits.

5. Don’t get carried away - most professionals recommend no more than 2-3 simultaneously open transactions and no more than 5 orders during the day.

Even if you are lucky and all positions are closed with a profit, after 5 closed transactions it is advisable to take a few hour break from trading. 6. Impulsive decisions - or opening transactions at random always become the causes of losses, and even if you are lucky, the profit is calculated in tens of points, but the loss can be much more significant.

7. Do not use automated advisors - such scripts are extremely capricious and often drain your money. If you really want to entrust someone with the management of your hard-earned money, then it is better to choose a less risky option, it is described in the article Forex Investments .