New traders are bound to make mistakes. For better or worse, it's something that all traders must go through while gaining experience.
Not all mistakes have to be made, however. There are some that could be avoided if traders would heed the advice of other, more experienced traders.
Greg Michalowski, President of GregMikeFX.com, recently discussed this challenge with the Benzinga crew on PreMarket Prep.
"Now what is the biggest mistake that traders do…? They focus too much on the reward," said Michalowski. "And that sounds weird to say, but I hear so many traders say, 'I am going to short the Euro and I think it's going to 1.28.' That is just unrealistic because there's 1.33 to get through and there's 1.3226 to get through and there's other levels that you need to get through before you get to that."
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Posted In: Long IdeasNewsShort IdeasPersonal FinanceTrading IdeasInterviewGeneralBenzingaGreg MichalowskiGregMikeFX.comPreMarket Prep
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