Number one biggest mistake

Number one biggest mistake new trade do is they treat forex trading as a money machine. Open trade and make profit. They think it is the easiest job in the world. But in reality you need profound understanding of the market. My advice to new trader is gain necessary knowledge and skills.

Yes totally agreed.. The biggest mistake for a new trader is to be over confidence and greed for more and more money. Newbies without having proper knowledge trade high risk product and ends up with making losses.

Sarjohn posted:
Yes totally agreed.. The biggest mistake for a new trader is to be over confidence and greed for more and more money. Newbies without having proper knowledge trade high risk product and ends up with making losses.

More than greed I think the problem is that the new traders don’t learn and get huge expectations underway, they think trading is a golden goose with golden eggs.

Biggest mistake in my opinion. Over leveraged, Not cutting losses quickly enough -poor risk management and risking to much per trade.

The biggest mistake is to start trading without trading plan.
As result you face loss as you basically dont know what are you doing.

Yes, when a trader joins a new trading, Forex seems like a money making machine to him. That idea is completely wrong. If you maintain a plan and discipline, you can make some profit at the end of the month.

If you don't know about trading analysis, if you don't know about brokers, it will become the biggest mistake in your trading.

kc8yty posted:
Biggest mistake in my opinion. Over leveraged, Not cutting losses quickly enough -poor risk management and risking to much per trade.

True. Trading with high leverage without proper risk management is like suicide.

True. The second biggest mistake is to risk what you can`t afford to lose.

Biggest mistake for me was to start trading on a live account first. I wish I had used a demo

In my opinion, one of the biggest mistake is trading without stop loss. This helps you to get out of trade if price moves against you and prevents you from losing more than you can handle.

As for me, the biggest mistake is making a large deposit with no experience?

Martingupttil posted:

Sarjohn posted:
Yes totally agreed.. The biggest mistake for a new trader is to be over confidence and greed for more and more money. Newbies without having proper knowledge trade high risk product and ends up with making losses.

More than greed I think the problem is that the new traders don’t learn and get huge expectations underway, they think trading is a golden goose with golden eggs.

yes exactly. do remember trading without knowledge is always dangerous.

Quange posted:
As for me, the biggest mistake is making a large deposit with no experience?

Yes, risking more than capital than one can afford to lose is one of the biggest blunders.

For me, the biggest mistake is trading without any knowledge and sufficient practice.

There are no largest and no smallest mistakes. They cannot be compared, because anyway, it will lead you to unsuccessful trading. Everything is important here. Every detail of a trading strategy must be part of a large and complex mechanism, doing its own little job, without which the whole machine will stop.
And there is nothing wrong with considering forex as an easy way to make money if you are a professional.

The first thing a newbie should do before trading seriously is to learn the fundamentals of not only trading but also of economics. It is necessary to have at least wide knowledge about all the economic stuff like demand and supply, price, interest rates, etc. This will help you a lot.

Nuadahuginn posted:
The first thing a newbie should do before trading seriously is to learn the fundamentals of not only trading but also of economics. It is necessary to have at least wide knowledge about all the economic stuff like demand and supply, price, interest rates, etc. This will help you a lot.

This makes so much sense. Knowing economics is very necessary especially in forex, because the entire market is dependent upon how one country’s economy works. Many people tend to ignore it but in reality the knowledge of economics differs an excellent trader from an average trader.

Absolutely!