Top 7 Common CFD Trading Mistakes to Learn From

Emotions make us human. Do you remember the time in your life when you made a mistake, realized it was a mistake but worked hard not to conf...

Emotions make us human. Do you remember the time in your life when you made a mistake, realized it was a mistake but worked hard not to confess you were the one who did it when confronted? That's normal. We all have difficulty accepting our mistakes.

CFD Trading Mistakes

If this is so, why do some people manage to be calm and consistent in behavior? It all boils down to emotional intelligence, which comes only when one figures out how to manage their emotions.

This article will go in-depth on the classic CFD trading mistakes you have probably made over and over and shed some light for you to see them logically to help you manage yourself while CFD trading. 

Emotions are set as constant; CFD trading does not need a holy grail strategy to be profitable. However, you will probably learn from this article that CFD trading doesn't require one to be a genius to make money in the market constantly. Instead, it all boils down to proper risk management and emotional intelligence.

Top 7 Common CFD Trading Mistakes to Learn From

Let us dive in and reflect on the text, picture our past mistakes and other traders and learn how to be consistent while trading CFDs.  

1. Not Having a Plan

The trading plan should be a work in progress for both the newbies and experienced CFD traders. Since it's expensive to jump into the market and learn all from your mistakes in the markets, you need to invest in trading education and psychology that comes with it from others who figured them out before you. This will form the basis of your plan. Don't miss incorporating these points in your CFD trading plan as you slowly develop it. 

● Identify the market you'll trade

● Your trading time

● How long you can hold on to a position

● Your risk percentage

● Your best trading setups

2. Not Trading Your Plan

In most cases, CFD trading reflects on your discipline to follow your words or your plans. Remember a day in your life you procrastinated on a daily routine? Yes, it all reflects in your trading. 

To be consistent while trading CFDs, you must be disciplined in your daily routines. It is easy to despise a plan, especially after losing strikes. However, you should remember that it doesn't matter what strategy you trade. It all comes to risk management and following your plan. The market has a number of winning opportunities for every strategy. That's why you won a few trades initially, got excited, and made losses before you decided to buy a course. 

Jumping from one plan to another or not having a plan at all will only blow your account in the long run. Print your plan, read it every morning, and only take trades according to the plan.  

3. Overtrading

True winners know when to stop. Just like a vehicle, you must have a brake to everything you do as far as CFD trading is concerned. You must be asking yourself, "What's the brake for you?" Your CFD trading plan and strategy will act as your stop signal. You must highlight what percentage of your CFD account you are ready to lose in a certain period of time. 

Your risk management will allow you to take trades, and it will also signal which trades not to take. Not all opportunities are tradable. Some are traps to lure you into trades that you didn't plan. 

Before taking trades, ask yourself if you are following your plan. Then, stay disciplined to follow the answer you have consciously given to yourself.

4. Not Using Stop Loss

We must agree that no strategy is a holy grail. That said, no one trade is a guaranteed win. If you agree with the two statements, risk management is the wise way to protect your account. Have your stop loss in place as much as you have your profit target. 

5. Overleveraging

Can you remember the email you sent that said you are on a 'margin call' and needed to fund your account for your options open? You probably did not fund the account out of fear, and it blew. You overleveraged.

You are not alone. A lot of CFD traders pick brokers based on the leverage they offer. They go with ones with the largest thinking of making a million on a $200 account. That's insane. Unfortunately, many fall into this trap all of the time. 

Setting a certain percentage in your CFD trading plan that you are ready to lose is important. This way, you won't worry about overleveraging cause you are trading your plan. It doesn't matter if a broker offers 1:200 leverage; trade your plan. The best trades are those you followed your plan anyway.

6. Revenge Trading

You probably remember when your friend did you wrong and got huge revenge for the act. Maybe you did and regretted it. The most important thing is to learn from it. CFD trading acts as a mirror of how we behave when we are winning and losing a trade. 

You've probably placed half-thought trades after a losing streak thinking that you will gain what the market took from you. How did it end? Learn from it and have the ability to stick to what you have learned that is positive. If possible, note it down in your evolving trading journal.

Take some time off after a losing trade and get back to your conscious self. If you consider yourself in control of your emotions, you can lower your risk appetite and take on a few trades according to your plan.

7. Complacency

Complacency can make you despise your CFD trading plan and think you can do without the plan. This feeling often comes after a few winning streaks. It often makes traders think that they are in their winning zone and forget what took them there in the first place. Don't over-celebrate wins. Look at each trade independently. 

After a win, you can engage in some other activities that interest you. For example, do some DIY or read that book you've been procrastinating about. While doing this, learn from your wins and losses before returning to the markets.

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TechGlobeX: Top 7 Common CFD Trading Mistakes to Learn From
Top 7 Common CFD Trading Mistakes to Learn From
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