1. Lack of patience
Patience is one of the most important qualities that any forex trader wishes to develop and it is especially true of scalpers who sit watching the market, often for hours at a time. It is very easy to think that you see the conditions coming right and then to leap in thinking you may maximize your profits by getting in early. You didn’t have the patience to hang about for the signal set by your system. Over trading in this way nearly always leads to losses in the long term.
Patience is also required in another situation : when you missed a trading opportunity. Might be that you went to grab a coffee and when you get back, your dream trading situation has been and gone. The enticement is to leap in and chase after the price, but it can simply rebound on you. Better to attend patiently for the next real trading opportunity. 2. Most scalping systems do not make many pips on each trade. It is tempting to let a trade run when you should be closing out, expecting to get bigger profits than your system allows for, but doing this will probably just leave you losing the small profit that you almost gained. The target should be to make relatively steady profits, accepting some losses but avoid the mistakes that lead to enormous losses. That way you have a chance of ending up with a profit on the base line. So remember, any profit is good profit. Quiz results: whatever number you checked, that is’s your p.c. risk per trade.