Basic mistake we make

I see, maximum novice traders try to make money without learning! That’s the main reason of having the 95% statistic! Without knowledge, I mean trading knowledge- Forex is impossible!

Learning and gaining experience can be challenging. A common mistake many people make is trading before they have sufficient knowledge or experience to do so. Forex trading is not something that everyone can just jump into and be successful at. You need to have the proper training, education and experience to be successful in this field.

Generally, after having losses from trade we become emotional and trade over and over, we lost our motive and mind, as a result, become losers. it's more appropriate to become cool when having a loss and stop trading for a while.

I can relate to this. When you are new to forex trading, you become very impatient and want to make money quickly. But forex is complicated and you need to have requisite skills to become a profitable trader, which gets better each time you trade. As a newbie we should focus more on learning and developing skills, rather on profits. Forex is like wine, it yields better results as time passes.

Learning will give new traders a great advantage. All veteran traders continue to learn new things and advance their strategies.

there is no Forex Beginner who can avoid basic mistake , but if anyone do same mistake again and again then its not a mistake its an own choice.

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.

One of the biggest mistakes for sure. I focus on risk/reward.

In order not to make trivial mistakes, I tried to go through possible training on a demo account of the broker. This option seemed to me the most correct.

Get the ROI sorted and then let compounding take care of the rest.

I believe there are plenty of basic mistakes which are made by new traders and actually sometimes even can be made by professional ones. The main mistake is never paying attention to your previous mistakes I think. It's very important to remember the previous experience or maybe situations which happened to you in the past. It will definitely help you to develop your skills and never repeat those mistakes. Moreover, sometimes traders let their emotions take them over control. It's strictly prohibited and if you feel that yu want to open position just because of emotions, you have to leave trading for the rest of the day right away.

the mistake we have to do actually occurs due to some reason and from all donig trade with emotiosn is the foremost.

Many traders make mistakes, this is quite normal. The main thing that I advise you to do is to analyze the cause of errors in order to prevent this in the future.

croisssan posted:
Many traders make mistakes, this is quite normal. The main thing that I advise you to do is to analyze the cause of errors in order to prevent this in the future.

Completely agree, thats why so many pro traders are so avid about a trade journal. They are always analysing and learning from their mistakes

One of the most common forex trading mistakes to avoid is believing you can succeed without any experience or trading education/knowledge. Many new traders think they are somehow special and can make money from day one but these fantasies are often short-lived and expensive if you don't have a better understanding of the market.

That is actually a good point, from my perspective.
People tend to having it all immediately and this thing is really detrimental when we talk about trading and learning how to trade. It is something like learning how to drive: it can be regarded as a sheer suicide for a person to participate in F1 racing competition if he doesn't even know how to drive. The same thing is about trading: how can you make profits if you don't really know how to trade properly? It is going to be quite the same as driving fast without proper knowledge and skills. In trading however, it will definetely not be the question of life and death but the question of your money. In most of the cases newbies lose all of their money within the first month of trading just because of the fact that they try to earn as much as it is possible without dwelling in risk and money management, market analysis, discipline, trading psychology and so on. They start to take hige risks without even realising that. In the end they are left with no money on their trading account and total dispair in their souls. That is why it is vital to remember that first you need to learn and only after it can you think of profits.

The basic mistake that most traders make is that they don't do any research before they buy. First, you have to know how the economy works and what effect it has on the price of a currency. You have to have a plan on how you are going to trade before you buy anything, don't just go out and do it. This will make a trader more successful in his trading career.

the first mistake is , all we traders think this is place where it is possible to make rich overnight , as a result we trade at random and at the end of the day lost whole equity.

AndrewMcCalam54 posted:
the first mistake is , all we traders think this is place where it is possible to make rich overnight , as a result we trade at random and at the end of the day lost whole equity.

Over confidence and lack of knowledge that is the base reason so many trader lose. When will people learn that you can only get rich through hard work

Unfortunately, traders quite often make various mistakes. And at the same time, I strongly advise you to analyze the causes of errors.