Basic mistake we make

The most common error we make is blindly following others. We are easily influenced and then act without giving it any thought. This is the biggest blunder we can ever make.
We frequently neglect to plan or disregard it as an essential step. Remember that if you don't plan ahead of time, you're going to fail. So establish a strategy, make a plan, and reap the rewards.

The basic blunder most beginners make is to start trading right away with little knowledge about forex. Which is not the right way! Firstly be persistent with a demo account practice and keep learning about the different trading indicators and market news.

Eloise posted:

The basic blunder most beginners make is to start trading right away with little knowledge about forex. Which is not the right way! Firstly be persistent with a demo account practice and keep learning about the different trading indicators and market news.

such a common mistake. new trader just don't realize how hard trading is and how fast they can lose all their money

Beginners often do not use trading tools in their trading, whereas trading tools are very important, as a stop loss, take profit, and pending order are very important, and often new traders are not properly using them in their trading, which is a very big mistake in my opinion.

Becoming too emotional about money and not understanding the market properly are the most common mistakes traders make.

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

If you do a deep analysis, surely you will find not a single trader who can deny the importance of demo account. Demo helps a trader develop his basement. But, it’s fully worse for a trader when he or she avoids trading in a demo account. Traders have to be very much tricky and these tricks can be learned by using demo account.

Akasuki posted:

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

If you do a deep analysis, surely you will find not a single trader who can deny the importance of demo account. Demo helps a trader develop his basement. But, it’s fully worse for a trader when he or she avoids trading in a demo account. Traders have to be very much tricky and these tricks can be learned by using demo account.

There is definitely true. Each trader needs to utilise demo in its own way. It allows to trade any mistakes you are making and also to test new strategies. Anyone that doesnt just use it is missing a trick

Maybe not all trader likes to work in a demo account because less emotional pressure, but when trading in a real account lack discipline, how to develop good mindset as trader need to understand their own selves, the mistake is not something that must to scary, but mistake may give us a valuable lesson if we take care with this mistake, next will be a concern and trying to avoid the same mistake repeated again.

True, new traders do focus solely on earning profits as fast as they can and forget about acquiring proper knowledge of the market and just enter it blindly.

Rejigger posted:
Basic mistakes made by traders is that they focus more on earning early profits rather than gathering in-depth knowledge first. Also, traders keep unrealistic expectations thinking they’ll earn profit in every trade that eventually does not match with the ground reality and they lose all of their money. Also, not using stop loss and proper risk management are the common mistakes traders make.

you're right, let me explain my position on this matter..

first of all, mistakes are mandatory in the development of a trader, because unfortunately, only due to mistakes we learn and gain knowledge as you have noted. Deep understand of basic mistakes and the ability to avoid them form a good vision in trading activity. I believe if there would be no mistakes, traders would never be able to gain experience and knowledge.

secondly, I'd note that there are some traders who are successful ones and they have never made mistakes. i dunno know how is it possible, but i have some friends who earn constistenly in trading without any mistakes. at least, they had mistakes but not those ones which might lead them to losses.

thirdly, as for the risk management and stop loss, then also there are some top investors who intuitively know when to close the trade, even if the price goes down when they have opened a bullish position. so, here everything is individual, that's my vision.

It’s true that every new trader here is to make money by hook or crook. They realise the hardships of a trader only after they spend some time in the market. But that’s absolutely fine because what matters in the end is that you have learnt and got better.

That’s true. We should enter the forex market with realistic and attainable goals with a long term plan as a beginner. Because it takes time to learn and become a consistently profitable trader. And one of the biggest mistakes that new traders make is not investing enough time into learning and practice. They just rush into live trading in order to make quick profits, which is not really possible until you gain enough knowledge and develop your skills as a forex trader.

In my perspective the common mistakes new traders make is that they trade without a proper trading plan. Sometimes they consider trade as a guessing game to make quick profit as fast as they can. But trade is not a guessing game, it is more complex in nature.

Oh the basic mistake of all tradrs is arrogance. This is the moment when you consider yourself tricker, better and smarter than the market and other traders. It usually ends badly.

Basic mistakie in trading like as fear of missing out, greedy in trading, overconfidence and feeling we make perfect analysis, trading forex need to follow the market and not follow emotion

Basic mistakes are mostly like indulging in over-trading, moving ahead without proper trade plans, not using stop loss, going beyond their affordability to lose and many more.

Most traders lose money due to a lack of knowledge and skills.

True! This leads to trade Without a plan. Traders then are more likely to make impulsive decisions based on hunches or gut feel, rather than following a defined strategy. This can lead to losses, as well as missed opportunities when the market moves in the opposite direction to what was expected.

The most common mistake we traders make is underestimating the value of education and experience. Newcomers frequently underestimate this factor and lose in the market.