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Number one biggest mistake
Nov 29, 2020 at 14:42
Number one biggest mistake new trade do is they treat forex trading as a money machine. Open trade and make profit. They think it is the easiest job in the world. But in reality you need profound understanding of the market. My advice to new trader is gain necessary knowledge and skills.
Mitglied seit Oct 12, 2020
26 Posts
Jan 25, 2021 at 10:17
Sarjohn posted:
Yes totally agreed.. The biggest mistake for a new trader is to be over confidence and greed for more and more money. Newbies without having proper knowledge trade high risk product and ends up with making losses.
More than greed I think the problem is that the new traders don’t learn and get huge expectations underway, they think trading is a golden goose with golden eggs.
forex_trader_476239
Mitglied seit Nov 19, 2017
42 Posts
Jan 25, 2021 at 14:01
Biggest mistake in my opinion. Over leveraged, Not cutting losses quickly enough -poor risk management and risking to much per trade.
Mitglied seit Feb 22, 2011
4573 Posts
Jan 25, 2021 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.
Mitglied seit Jul 20, 2020
286 Posts
Jan 25, 2021 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.
Mitglied seit Jul 23, 2020
816 Posts
Jan 25, 2021 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.
Mar 06, 2021 at 08:26
Martingupttil posted:Sarjohn posted:
Yes totally agreed.. The biggest mistake for a new trader is to be over confidence and greed for more and more money. Newbies without having proper knowledge trade high risk product and ends up with making losses.
More than greed I think the problem is that the new traders don’t learn and get huge expectations underway, they think trading is a golden goose with golden eggs.
yes exactly. do remember trading without knowledge is always dangerous.
Mitglied seit May 27, 2021
56 Posts
Sep 28, 2021 at 10:40
For me, the biggest mistake is trading without any knowledge and sufficient practice.
Mitglied seit May 19, 2020
321 Posts
Sep 28, 2021 at 12:33
There are no largest and no smallest mistakes. They cannot be compared, because anyway, it will lead you to unsuccessful trading. Everything is important here. Every detail of a trading strategy must be part of a large and complex mechanism, doing its own little job, without which the whole machine will stop.
And there is nothing wrong with considering forex as an easy way to make money if you are a professional.
And there is nothing wrong with considering forex as an easy way to make money if you are a professional.
@Marcellus8610
Mitglied seit May 04, 2019
20 Posts
Sep 28, 2021 at 19:59
The first thing a newbie should do before trading seriously is to learn the fundamentals of not only trading but also of economics. It is necessary to have at least wide knowledge about all the economic stuff like demand and supply, price, interest rates, etc. This will help you a lot.
Oct 13, 2021 at 06:28
Nuadahuginn posted:
The first thing a newbie should do before trading seriously is to learn the fundamentals of not only trading but also of economics. It is necessary to have at least wide knowledge about all the economic stuff like demand and supply, price, interest rates, etc. This will help you a lot.
This makes so much sense. Knowing economics is very necessary especially in forex, because the entire market is dependent upon how one country’s economy works. Many people tend to ignore it but in reality the knowledge of economics differs an excellent trader from an average trader.
