Biggest mistake in my opinion. Over leveraged, Not cutting losses quickly enough -poor risk management and risking to much per trade.
"Formal education will make you a living, self education will make you a fortune"
Jan 25 at 15:27
The biggest mistake is to start trading without trading plan.
As result you face loss as you basically dont know what are you doing.
As result you face loss as you basically dont know what are you doing.
Jan 25 at 16:41
Yes, when a trader joins a new trading, Forex seems like a money making machine to him. That idea is completely wrong. If you maintain a plan and discipline, you can make some profit at the end of the month.
If you don't know about trading analysis, if you don't know about brokers, it will become the biggest mistake in your trading.
Jan 25 at 18:25
kc8yty posted:
Biggest mistake in my opinion. Over leveraged, Not cutting losses quickly enough -poor risk management and risking to much per trade.
True. Trading with high leverage without proper risk management is like suicide.
True. The second biggest mistake is to risk what you can`t afford to lose.
momchil_slavov@
Jan 27 at 10:43
Numeromatt posted:
I absolutely agree Martingupttil, newbies don’t think about the amount of effort required for learning trading. All of those years where now successful traders earned only peanuts while learning trading, is not seen by many people. Sometimes it can take a lifetime to make substantial profits.
It is not only about trading but in every field it is the same, hardships can only make you understand the real meaning of the hustle. There are many new people who don’t look for features which they require but go with other recommendations. When I started out I tested a whole lot of brokers and trading platforms on their demo accounts and only after extensive testing of different strategies on FXCM and fxview, I went live.
Biggest mistake for me was to start trading on a live account first. I wish I had used a demo
Jan 27 at 12:47
Martingupttil posted:Numeromatt posted:
I absolutely agree Martingupttil, newbies don’t think about the amount of effort required for learning trading. All of those years where now successful traders earned only peanuts while learning trading, is not seen by many people. Sometimes it can take a lifetime to make substantial profits.
It is not only about trading but in every field it is the same, hardships can only make you understand the real meaning of the hustle. There are many new people who don’t look for features which they require but go with other recommendations. When I started out I tested a whole lot of brokers and trading platforms on their demo accounts and only after extensive testing of different strategies on FXCM and fxview, I went live.
According to me more than greed there are other factors like lack of experience and a robust plan for trading which leads to the downfall of the traders.
