Basic mistake we make

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.

Biggest mistake is not making anything good from that matter and how do you plan to go further in life with that matter out there. I am totally and completely disrespected will be by such decisions, that's why I am always looking for some improvement ways on that.

In order not to make the mistakes of beginners, a trader must have a personal strategy and plan. You should always know what to do, even in unusual situations.

I believe that the biggest mistake traders make is getting impatient and developing a greed of making maximum profits. This greed eventually leads them to gain loss.

It is never possible to make a consistent profit without learning to trade. Trading education is needed to develop skills.

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.

Great advice, I think a lot of people neglect using demo accounts - that's always a good place to keep practicing and honing your strategy.

Basic mistake that we can make is not understanding the concept of forex trading and simply trading without thinking of consequence of not using stop loss or limiting the order

Trading at random will not bring any result, here you need to clearly calculate and prepare everything.

The most generic mistake we do is greed..running after money and not thinking of the circumstances

Beagelv posted:
Trading at random will not bring any result, here you need to clearly calculate and prepare everything.

True. Proper planning and strategy are needed for success.

There are many complications to trading forex. Money management and a proper trading plan are needed to protect the investment from these complications.

Biggest mistake that I have noticed is that new traders are focused on making money. They want to make money in a shortcut way, new traders don’t want to learn and don’t have any control on emotions.

LeviSievwright5 posted:
It is never possible to make a consistent profit without learning to trade. Trading education is needed to develop skills.

It is very important to know everything about the place you are heading to or the platform you are trading in.

It is fair for all the beginners to think of earning money because the majority of traders who enter the forex market want to earn instead of learning.

We think that each trade we are making will bring us more profit. This is the biggest mistake. Over optimistic outlook can ruin your trades sometime.

CanoeMussy posted:
It is fair for all the beginners to think of earning money because the majority of traders who enter the forex market want to earn instead of learning.

I can agree to that but this is also true that among the ones who have this thought, many just blow away their account. The reason is quite justified that they don’t take the load of learning and trade without having any knowledge which in turn brings them loss. A trader should at the least know the basics. Some broker platforms also have a good amount of educational stuff on them, such as etoro, turnkeyforex, pepperstone, etc.

blackChelsea posted:
We think that each trade we are making will bring us more profit. This is the biggest mistake. Over optimistic outlook can ruin your trades sometime.

Yeah expectations mate! Most of us expect too much from forex. Gotta be realistic.

Keeping the focus on money is not something newbies should do. They should stick to their trading plan.

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.