1. Time consuming: to become a good trader, you need to get to know the markets through and through which means spending many hours learning, experimenting and analyzing the markets.
2. Emotions: letting your emotions control your trading is the biggest mistake a trader can make. Our emotions cloud our judgment and can even ruin our trading strategy, leading us to losses no matter how much time we invested in analyzing the markets and creating a plan.
3. Lack of understanding: if you don't make sure you completely understand every aspect of the markets, your lack of knowledge can damage your trading efforts. Gaining a broad understanding of these fields is not an easy task, and it takes immense amounts of time, financial understanding and analysis abilities.
4. Expensive learning curve: trial and error is an expensive, inefficient and way to learn. Jumping right into the markets before you have enough knowledge to establish a proper trading plan will probably lead you to major losses. The best way to become a good trader is to learn from experienced traders and establish your own trading strategy before putting your money on the line.
5. Failing to adapt to the markets: every little market change brings along new opportunities as well as new risks. In order to be a successful trader, you must track these changes, notice and analyze them on time and be able to adapt quickly and properly to stay one step ahead at all times.
DupliTrade’s copy trading platform enables you to automate your Forex trading, saving you tremendous amounts of time, effort, emotional distress and overall a big headache. You can copy the trades of our strategy providers, that have years of proven experience and knowledge, and thus create a rich portfolio in no-time!
Our 30-day Free demo lets you get to know the systems, the markets and our audited strategy providers, so that once you start trading your live account, you’ll already be at the top of your game.