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Number one biggest mistake

Michihito
Nov 29 2020 at 14:42
posts 298
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.
SofieAndreasen
Nov 30 2020 at 03:48
posts 759
I agree with you. Unfortunately, most of new trader come to the market with this kind of thought.
Johnathankim
Dec 10 2020 at 09:49
posts 29
I think the biggest mistake for new traders would be their overconfidence and desire for more and more money.
Roberto21
Dec 13 2020 at 03:48
posts 364
Newcomers should focus on others inevitable part of trading besides acquiring good trading knowledge. Controlling emotions , avoid revenge trading , overtrading , money management ,RR and much more things they have to observe for avoiding unfortunate loss.
Fabiandelph842
Jan 06 2021 at 07:11
posts 24
Yes, that does happen a lot. It is not as easy to make profits in forex as newbies think it is, and keeping an eye on the profits is a mistake they don’t realise they are making.
Sar John (Sarjohn)
Jan 06 2021 at 07:57
posts 187
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.
forextrader777
Jan 20 2021 at 04:46
posts 128
Michihito posted:
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.
I also believe that knowledge is a must for trading. Also, before starting actual trading, one must trade on a demo account.
KnowFinance
Jan 25 2021 at 05:20
posts 85
The biggest mistake is trading with the lack of knowledge and skills which ultimately ends up gaining a loss. Train yourself first before entering into the trade market.
Martingupttil
Jan 25 2021 at 10:17
posts 38
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.
Numeromatt
Jan 25 2021 at 12:23
posts 38
I absolutely agree Martingupttil, newbies don’t think about the amount of effort required for learning trading. All of those years where now successful traders earned only peanuts while learning trading, is not seen by many people. Sometimes it can take a lifetime to make substantial profits.
Mike (kc8yty)
Jan 25 2021 at 14:01
posts 39
Biggest mistake in my opinion. Over leveraged, Not cutting losses quickly enough -poor risk management and risking to much per trade.
"Formal education will make you a living, self education will make you a fortune"
vontogr (togr)
Jan 25 2021 at 15:27
posts 4862
The biggest mistake is to start trading without trading plan.
As result you face loss as you basically dont know what are you doing.
LeviSievwright5
Jan 25 2021 at 16:41
posts 298
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.
AliaDare
Jan 25 2021 at 17:03
posts 788
If you don't know about trading analysis, if you don't know about brokers, it will become the biggest mistake in your trading.
LyudmilLukanov
Jan 25 2021 at 18:25
posts 798
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.
momo3HC
Jan 26 2021 at 20:38
posts 276
True. The second biggest mistake is to risk what you can`t afford to lose.
Martingupttil
Jan 27 2021 at 10:43
posts 38
Numeromatt posted:
I absolutely agree Martingupttil, newbies don’t think about the amount of effort required for learning trading. All of those years where now successful traders earned only peanuts while learning trading, is not seen by many people. Sometimes it can take a lifetime to make substantial profits.
It is not only about trading but in every field it is the same, hardships can only make you understand the real meaning of the hustle. There are many new people who don’t look for features which they require but go with other recommendations. When I started out I tested a whole lot of brokers and trading platforms on their demo accounts and only after extensive testing of different strategies on FXCM and fxview, I went live.
AhTai
Jan 27 2021 at 11:22
posts 11
Biggest mistake for me was to start trading on a live account first. I wish I had used a demo
blandpatsyy
Jan 27 2021 at 12:47
posts 42
Martingupttil posted:
Numeromatt posted:
I absolutely agree Martingupttil, newbies don’t think about the amount of effort required for learning trading. All of those years where now successful traders earned only peanuts while learning trading, is not seen by many people. Sometimes it can take a lifetime to make substantial profits.
It is not only about trading but in every field it is the same, hardships can only make you understand the real meaning of the hustle. There are many new people who don’t look for features which they require but go with other recommendations. When I started out I tested a whole lot of brokers and trading platforms on their demo accounts and only after extensive testing of different strategies on FXCM and fxview, I went live.
According to me more than greed there are other factors like lack of experience and a robust plan for trading which leads to the downfall of the traders.
MichaelEX
Jan 28 2021 at 09:48
posts 48
In my opinion, one of the biggest mistake is trading without stop loss. This helps you to get out of trade if price moves against you and prevents you from losing more than you can handle.
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