Basic mistake we make

One of the mistakes a trader would make in Forex is trying too hard to recover losses. While everyone would want to minimize the effect of losses on their trade, sometimes, it pays more to always overcome that early emotional anxiety to recover whatever losses we may have incurred. This helps us think well, re analyze the market before entering.

Michihito posted:
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.

yes being emotional about it

UweMoench posted:
One of the mistakes a trader would make in Forex is trying too hard to recover losses. While everyone would want to minimize the effect of losses on their trade, sometimes, it pays more to always overcome that early emotional anxiety to recover whatever losses we may have incurred. This helps us think well, re analyze the market before entering.

It is completely true. If you want to recover your loss, try with the trading plan not just with emotion.

Yes for sure. Losses are a part of the process so they should not effect you. Thats the skill and it will come with experience.

generally we the traders do same common mistake and it occurs at all times , i always fall a great trouble when using high leverage , it my common mistake from a new Forex trader.

Consistency is the brick of success. It helps gradually to build your account. To be successful for long term we need to be consistent in profit making. Random trading can't help us to be successful.

Not everyone is focused on just earning money and I know we all are here to earn profits, but keeping that in mind isn’t that great for a trader.

UweMoench posted:
One of the mistakes a trader would make in Forex is trying too hard to recover losses. While everyone would want to minimize the effect of losses on their trade, sometimes, it pays more to always overcome that early emotional anxiety to recover whatever losses we may have incurred. This helps us think well, re analyze the market before entering.

Another is to enter into the market without having proper knowledge and skills.

the biggest mistake is too much expectation from trading through naive advertising from fraudulent brokers

I do agree with you that in first stages it is more important to acquire the necessary skills and knowledge. However, it is hard to understand when you get sufficient amount of experience and knowledge, so that you start concentrating on earning the money. I believe that the first thing that a trader should achieve is not losing the money after his deals. WHen this objective is accomplished, he can take more risks in order to earn the money.

Surely, the newbies should concentrate on learning instead of earning the money. Only after learning the fundamentals of trading can you think of making the money. If you chase for the high profits right after you created your first trading account. In this situation the newbies are sure to lose their deposit.

Every trader should make a good strategy to make a good amount of money.

Salore posted:
Surely, the newbies should concentrate on learning instead of earning the money. Only after learning the fundamentals of trading can you think of making the money. If you chase for the high profits right after you created your first trading account. In this situation the newbies are sure to lose their deposit.

This is exactly it, even professional traders don't think about the money. They think about the process and the money is secondary. Trade well and you will make money as a consequence

Money automatically comes when we follow the right path to become a successful forex trader.

If it was as simple as showing up on day 1 and printing money we'd all be doing it. But we're not. I will always compare it to high paying skilled jobs. You have to be good at those skills and jobs before your salary matches.

forextrader777 posted:
Money automatically comes when we follow the right path to become a successful forex trader.

But what is the right path? Seems like no one has found it

To overcome standard mistakes, it is better to work on a demo account first. At least, when I started working with a broker I did just that.

I guess that there lots of mistakes which can be made in trading activity, whether by beginners or even by professionals. Professional traders are also people with their state of mind and trading style. Some of the mistakes are rushing, losing control over emotions after bad deals and other mistakes. The main distinguishing trait, which differs mistakes from novices from mistakes of professionals is that rookies always make fatal mistakes. They can be related actually in this case. I believe everybody has a right to make a mistake despite the fact of ecxperience, skills and knowledge actually.

Try to learn from other peoples mistakes instead. It's cheaper!