jambeau posted:Absolutely, knowledge is very important if you are trying to make it in your trading experience, else you will be stuck the very same of going wrong all over your trading.
I consider lack of proper trading knowledge to be the basic mistake committed by traders. Traders also lack seriousness towards trading. Despite understanding the market’s volatility, many traders take it lightly. It is paramount to build forex foundations to become a successful trader.
Knowledge is vital for directed practice. But too few bother with either of these.
If you can't spot the liquidity then you are the liquidity.
In order to avoid basic mistakes, you need to devote enough time to learning. For example, when I started working with a broker, I did just that.
Mar 23 2022 at 06:52
Over trading, revenge trading, taking high leverage in trading are some common mistakes that a trader frequently make. Success remains untouchable as long as traders can’t come out of those mistakes. Strategy-based trading should be the first choice of a trader. A trader should avoid trading when the market condition is unstable.
Ignoring forex education is the basic mistake traders commit. Forex market is full of risks. And without complete education, you can’t make money in forex.
Mar 23 2022 at 09:29
Michihito posted:Exactly, most people do focus on the money aspect. But unfortunately as people focus on this, this is why most people fail.
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.
In order to avoid basic mistakes, I would advise using a demo account. When I started working with a broker I did it this way. The result is quite satisfactory.
sebking1986 posted:Right Knowledge and practice gives traders experience which helps them in developing the right skills for trading.
Knowledge is vital for directed practice. But too few bother with either of these.
Mar 26 2022 at 05:51
Making mistake is a very common practice in Forex space but traders should not stick to this. Traders should spend time for learning about money management, risk management and other issues. Traders hardly face of success because traders are out of this practice. They like to daydream about making money.
RobertFerrari posted:I agree with you, spending time on learning is very important before making live trades.
Making mistake is a very common practice in Forex space but traders should not stick to this. Traders should spend time for learning about money management, risk management and other issues. Traders hardly face of success because traders are out of this practice. They like to daydream about making money.
What are the most basic and common mistakes that are made by newbie traders in real accounts that I should avoid?
Mar 28 2022 at 11:25
The most common mistake is to not use any risk management plan. Newbies often use too large Lot size, no stop loss and generally over trade
Mistakes that most traders do and I did as well are trading without knowing the entry and exit points of the trade, trading without a stop-loss, and keeping the position out of greed which eventually resulted in lost trade.
Unfortunately, traders make mistakes quite often. But the most interesting thing is that most of them have already been described more than once, but the result is still the same.
Traders make a lot of mistakes, unfortunately. It is important to evaluate your knowledge and features.
Apr 02 2022 at 22:13
Psychological mistakes are a rather difficult group of mistakes to correct, but mastering your own emotions is an obligatory step that any trader must go through. Why are there a lot of people losing money there?
And often, the answer lies precisely in psychological aspects: trading is largely contra-psychological, so one's psychological attitudes, developed over centuries of evolution, have to be changed somewhat.
It is necessary to be able to count the benefits, search for free crypto instantly and not pay attention to failures. The main thing is to go forward methodically, constantly gaining positive or negative experiences.
And often, the answer lies precisely in psychological aspects: trading is largely contra-psychological, so one's psychological attitudes, developed over centuries of evolution, have to be changed somewhat.
It is necessary to be able to count the benefits, search for free crypto instantly and not pay attention to failures. The main thing is to go forward methodically, constantly gaining positive or negative experiences.
Basic mistakes are most common for beginners. In order to somehow solve this issue, I advise you to pay attention to training.
Apr 06 2022 at 13:10
The mistakes that have already been discussed a million times and that are written in every book are not mistakes, these are neglect.
@Marcellus8610
Sometimes traders although they know and understand if they do it will become a mistake, but still like to repeat the same mistake over and over again, fear of missing out included the common mistake because tempted by the price movement that seems very confident to take profit
Apr 07 2022 at 01:48
Traders fail in more trades than they can ever count. These trades tend to occur at the beginning of their careers. They have no idea why they are losing money, and they don't know much about it. Their losses are only seen as monetary losses, but no lessons are learned. We cannot expect it to happen in a month, but we can hope for the best. You will fail most of the time, but don't give up. This is a way beginners and the professionals in Forex market have learned their trading.
