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1. Absence of patience
Patience is one of the most significant qualities that any foreign exchange trader needs to develop and it is particularly true of scalpers who sit watching the market, infrequently for hours at a time. It is really easy to suspect that you see the conditions coming right and then to leap in thinking you will maximise your profits by getting in early. You didn’t have the patience to hang around for the signal set by your system. Over trading in this way nearly always leads to losses in the long term. May be that you went to snatch a coffee and when you get back, your dream trading situation has been and gone. The enticement is to jump in and chase after the price, but it can easily rebound on you. Better to attend patiently for the subsequent real trading opportunity.
2. Many beginners are unsatisfied by this and quickly start trying for more. It is tantalizing to let a trade run when you should be closing out, hoping to get bigger profits than your system allows for, but doing this may probably just leave you losing the tiny profit that you nearly gained. The target should be to make relatively steady profits, accepting some losses but avoid the mistakes that lead to large losses. That way you’ve got a chance of ending up with a profit on the final analysis. So remember, any profit is good profit.
Quiz results: whatever number you checked, that’s's your percentage risk per trade.