4 Psychological Pitfalls That Will Blow Your Account

Updated from Baby Pips original posting on April 26, 2010

In all my years of trading and talking to fellow traders, I have noticed that newbie traders are susceptible to four main psychological pitfalls. Let’s take a look at each one and examine them carefully. Hopefully, after reading this, you will be able to see them coming and stop them before they destroy your account.

  1. The Desire to be Rich
  2. Fear of Losing
  3. The Need to be Right
  4. Being Undisciplined

#1 & #4 – The reasons why I lost a wod of money. I can accept a lost and I expect to be wrong sometimes. But yes, I do trade Forex because I think it can make me rich and I do lack discipline.
Read Full Article Here (By Baby Pips)

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