From FAP Turbo
1. Giving up too soon
Be careful not to throw in the towel on a good system because it is going through bad times. Look to the long run results. It’s correct that sometimes the behaviour of the forex capital market changes and makes a previously workable system unprofitable, but if you suspect that is taking place, simply paper trade or demo trade it for a bit. Leaping into a new system is not going to unravel the issue.
There is not any system that works 100% of the time. Losses are part of the process should be accepted as such. So long as your total results are profitable, don’t get excited by successes or unhappy by screw ups. Treat them both as numbers and keep feelings out of it.
2. Acting too soon
If you are impatient you won’t be trading at the right moment and your results will suffer. Impatient currency exchange traders do not wait for the signals to be right but jump in and open a trade because they think things might be on the point of going their way, or because they’ve not had a trading opportunity for a bit and they are bored. Huge mistake!
3. Acting too late
Hesitation, on the other hand, usually happens because you do not trust your fx trading system. You have the signals but you want to wait for another movement or another suggestion before you act. If you often end up in this scenario you could need to check your system further or scale back your position size so that you don’t feel so afraid. Fear will hold you back from making your move in the foreign exchange capital market at the right time.