1. “I never take a loss”. Losses are an inevitable part of trading. Successful traders know that sooner or later a runaway loss would wipe out their account, even if hanging on for a recovery might pay off in the short term. In Forex trading, everyone loses sometimes – it’s the ability to win more than you lose that makes you a successful trader.

2. “Money management is not important”. Deciding how much you risk on each trade is just as vital to long-term success as good trade entries and exits.

3. “Averaging down is a good entry strategy”. Why would you want more of something that is going against you? Successful traders starting strong is a critical sign of a successful trade. Adding to a trade at a worse price is a self-indulgent psychological defense mechanism that professionals cannot afford (and don’t use often, if ever).

4. “I can predict short-term movements from a chart with 90% accuracy”. This is simply impossible, and even the most talented technical traders claim maximum success rates below 70%. Very few traders do better than 55% even when picking their battles extremely carefully.

5. “I have a strategy that is profitable in all market conditions”. There are two ways to make money trading. The first is to use a defined strategy that makes some money in most market conditions or lots of money in rarer market conditions. The second is to use your own discretion and judgement of the market. A magic formula that makes money every day simply does not exist, with the possible exception of high-frequency trading, which is not accessible to retail traders.

6. “You should be in the market every day”. There are times of crisis when the market is so wild and unpredictable that almost any kind of trading becomes dangerous. Breaks from the market can also refresh the mind and relax the body.

7. “This price just can’t go any higher or lower”. The market can do anything at any time. As John Maynard Keynes once said, “The market can remain irrational for longer than you or I can remain solvent.”