Basic mistake we make
Mitglied seit Nov 20, 2021
19 Posts
Dec 20, 2021 at 10:10
Jude_craig posted:
Not understanding what you are making your order and missing out on using stop losses in your trades.
Right, this is the only biggest mistake a trader can make in hurry. Sit and apply stop loss by calculating the risk and reward for yourself.
Dec 22, 2021 at 05:44
Deciding a stop loss is one of the common mistakes people make. Before deciding stop loss or even before starting a trade, support and resistance levels should be identified. Only after identifying them can you execute a good trade. If you just place a stop loss according to your risk limit there are high chances that it will get hit.
Dec 22, 2021 at 06:33
I see, a number of new Forex traders are too aggressive! They use healthy trading lots size in their trading, although they have nothing knowledge on technical and fundamental market analysis! Novice traders should concentrate on learning rather than earning.
Mitglied seit May 27, 2021
64 Posts
Dec 22, 2021 at 10:38
Exactly!
You need to gain as much knowledge as possible. You can't rely on beginner's luck.
You need to gain as much knowledge as possible. You can't rely on beginner's luck.
Dec 22, 2021 at 12:15
Over trading is also common with new traders. i was the same. It is exciting when you first start trading and you think that you need to trade all the time every day. After 3 years trading i now know that is the opposite of how it works
Dec 22, 2021 at 16:46
The threadrunner is absolutely right by saying that it is better to concentrate on learning and gaining experience rather than chasing some profits in the beginning of the trading journey. Most of the traders want to take their first profits as soon as possible, however, in chase for profits, they abandon learning and concentrating on studying how to trade. The first steps should be motivated by the very idea of trading rather than by the money which it can bring. Some people may say that you can do both: learning and making profits, but they are totally wrong.
Dec 23, 2021 at 01:19
I find that one of the basic mistakes of new traders is their focus only on earning money. It is better in the beginning that your focus is on learning and gaining necessary experience in order to make one profitable strategy, then on simply chasing profits.
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Absolutely right.
So who here has a working strategy, that can give you wealth .?????????????????????????????????????
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Absolutely right.
So who here has a working strategy, that can give you wealth .?????????????????????????????????????
Not Specified
Mitglied seit Dec 14, 2021
28 Posts
Dec 24, 2021 at 04:53
Overusing leverage is probably the most common mistake new traders make. If you don’t have a winning strategy (which most of us don’t have in the beginning) then you’ll only end up amplifying your losses. As leverage increases the individual risk on a single trade, the psychological pressure also increases which amateur traders are not able to face and end up acting irrationally when they deal with outsized positions.
Mitglied seit May 27, 2021
57 Posts
Dec 24, 2021 at 12:33
The basic mistake traders make is not understanding the market and trading without sufficient knowledge.
Mitglied seit Mar 16, 2021
477 Posts
Dec 25, 2021 at 02:33
Tuxedo888 posted:I think that's what we need to focus on to gain knowledge. Money will be made automatically. But it is not necessary to focus on money from greed.
I find that one of the basic mistakes of new traders is their focus only on earning money. It is better in the beginning that your focus is on learning and gaining necessary experience in order to make one profitable strategy, then on simply chasing profits.
\
Absolutely right.
So who here has a working strategy, that can give you wealth .?????????????????????????????????????
Dec 25, 2021 at 19:49
I feel that the worst mistake which is usually made by the newbies is underrating market analysis. It requires discipline to calm down and start thinking logically and operate with numbers. This discipline should be trained and brought up with the passage of time.
Dec 30, 2021 at 03:45
Learning and gaining experience can be challenging. A common mistake many people make is trading before they have sufficient knowledge or experience to do so. Forex trading is not something that everyone can just jump into and be successful at. You need to have the proper training, education and experience to be successful in this field.
Dec 30, 2021 at 06:05
I can relate to this. When you are new to forex trading, you become very impatient and want to make money quickly. But forex is complicated and you need to have requisite skills to become a profitable trader, which gets better each time you trade. As a newbie we should focus more on learning and developing skills, rather on profits. Forex is like wine, it yields better results as time passes.
Mitglied seit Nov 06, 2018
83 Posts
Jan 11, 2022 at 13:48
Michihito posted:One of the biggest mistakes for sure. I focus on risk/reward.
I find that one of the basic mistakes of new traders is their focus only on earning money. It is better in the beginning that your focus is on learning and gaining necessary experience in order to make one profitable strategy, then on simply chasing profits.
Mitglied seit Apr 09, 2019
538 Posts
Jan 11, 2022 at 16:39
Get the ROI sorted and then let compounding take care of the rest.
If you can't spot the liquidity then you are the liquidity.
Mitglied seit Jul 20, 2020
399 Posts
Jan 13, 2022 at 07:49
croisssan posted:
Many traders make mistakes, this is quite normal. The main thing that I advise you to do is to analyze the cause of errors in order to prevent this in the future.
Completely agree, thats why so many pro traders are so avid about a trade journal. They are always analysing and learning from their mistakes
Mitglied seit Jan 13, 2022
18 Posts
Jan 13, 2022 at 08:34
One of the most common forex trading mistakes to avoid is believing you can succeed without any experience or trading education/knowledge. Many new traders think they are somehow special and can make money from day one but these fantasies are often short-lived and expensive if you don't have a better understanding of the market.
Jan 13, 2022 at 20:24
That is actually a good point, from my perspective.
People tend to having it all immediately and this thing is really detrimental when we talk about trading and learning how to trade. It is something like learning how to drive: it can be regarded as a sheer suicide for a person to participate in F1 racing competition if he doesn't even know how to drive. The same thing is about trading: how can you make profits if you don't really know how to trade properly? It is going to be quite the same as driving fast without proper knowledge and skills. In trading however, it will definetely not be the question of life and death but the question of your money. In most of the cases newbies lose all of their money within the first month of trading just because of the fact that they try to earn as much as it is possible without dwelling in risk and money management, market analysis, discipline, trading psychology and so on. They start to take hige risks without even realising that. In the end they are left with no money on their trading account and total dispair in their souls. That is why it is vital to remember that first you need to learn and only after it can you think of profits.
People tend to having it all immediately and this thing is really detrimental when we talk about trading and learning how to trade. It is something like learning how to drive: it can be regarded as a sheer suicide for a person to participate in F1 racing competition if he doesn't even know how to drive. The same thing is about trading: how can you make profits if you don't really know how to trade properly? It is going to be quite the same as driving fast without proper knowledge and skills. In trading however, it will definetely not be the question of life and death but the question of your money. In most of the cases newbies lose all of their money within the first month of trading just because of the fact that they try to earn as much as it is possible without dwelling in risk and money management, market analysis, discipline, trading psychology and so on. They start to take hige risks without even realising that. In the end they are left with no money on their trading account and total dispair in their souls. That is why it is vital to remember that first you need to learn and only after it can you think of profits.
