There are lot of common mistakes every trader do when they are new. I also did the same. Like opening trade position before big news events and after the news events. Opening too many lots is another mistakes. Risking more than 1% of the capital is also a mistake. Another big mistake is unrealistic expectation. We come here to make double, triple of our capital over night. But it's the biggest mistake one can have. We also make mistake in choosing broker.
The biggest mistake people make is they think trading doesn't require skills. It happens when we treat trading just like gambling. But the truth is to make consistent profit you need knowledge and skills.
There are so many people who think that forex trading doesn’t require skills and you can make money in the market whenever you can. But it’s not the truth. You have to do your learning and enhance your skills to make profits in the market.
The common mistake which I noticed among most of the traders is doing overtrading, in the urge of making maximum profits they open multiple positions without sufficient capital and end up gaining loss.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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Past performance is not indicative of future results.