Dec 07 2021 at 14:56
RobertFerrari posted:skihav posted:Yes. you are right. Making mistakes in this market is a common thing.
Errors are normal for a trader. It is more important to control that the trader does an analysis of the mistakes made.
It really is in fact its a necessity in trading as we all should work from probabilities and lie within the range of the law of large numbers. If everyone normalised losses it would be so much better for all starting trading
Dec 07 2021 at 16:22
What do you mean by normalizing losses? Do you mean accepting that losses happen?
Keeping a journal is a good way to minimize your mistkes. By looking at the journal we can find out our common mistkes that we can easily mend.
@UweMoench Yes we can avoid basic mistakes by keeping a journal and following it. We always should learn from our mistakes. Best learners are those who learn from their mistakes.
Dec 08 2021 at 21:08
Quange posted:Deffiently need a plan /strategy and if they do there homework and research they should gain knowledge
In order not to make the mistakes of beginners, a trader must have a personal strategy and plan. You should always know what to do, even in unusual situations.
Chasing gains while not caring about preserving the profits made is one basic mistake that many of us make. We often don't realise that earning is not enough but we should also look for ways to save those profits. Else, every winning trade is in vain.
Dec 20 2021 at 05:55
Plan and strategy are two very important factors when it comes to forex trading. These are simple words, but they require a lot of knowledge and thought before action can be taken. Many people jump right into the market without a plan or a strategy, hoping to 'strike it rich.' This almost always leads to failure.
Dec 20 2021 at 06:55
Not understanding what you are making your order and missing out on using stop losses in your trades.
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.
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.
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.
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.
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
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.
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
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.
Dec 24 2021 at 12:33
The basic mistake traders make is not understanding the market and trading without sufficient knowledge.
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.
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Absolutely right.
So who here has a working strategy, that can give you wealth .?????????????????????????????????????
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.
