jambeau posted: 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.
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.
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.
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.
Exactly, most people do focus on the money aspect. But unfortunately as people focus on this, this is why most people fail.
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: 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.
I agree with you, spending time on learning is very important before making live trades.
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.
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.
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
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.