Basic mistake we make

Yes for sure. Losses are a part of the process so they should not effect you. Thats the skill and it will come with experience.

generally we the traders do same common mistake and it occurs at all times , i always fall a great trouble when using high leverage , it my common mistake from a new Forex trader.

Consistency is the brick of success. It helps gradually to build your account. To be successful for long term we need to be consistent in profit making. Random trading can't help us to be successful.

Surely, the newbies should concentrate on learning instead of earning the money. Only after learning the fundamentals of trading can you think of making the money. If you chase for the high profits right after you created your first trading account. In this situation the newbies are sure to lose their deposit.

Salore posted:
Surely, the newbies should concentrate on learning instead of earning the money. Only after learning the fundamentals of trading can you think of making the money. If you chase for the high profits right after you created your first trading account. In this situation the newbies are sure to lose their deposit.

This is exactly it, even professional traders don't think about the money. They think about the process and the money is secondary. Trade well and you will make money as a consequence

If it was as simple as showing up on day 1 and printing money we'd all be doing it. But we're not. I will always compare it to high paying skilled jobs. You have to be good at those skills and jobs before your salary matches.

forextrader777 posted:
Money automatically comes when we follow the right path to become a successful forex trader.

But what is the right path? Seems like no one has found it

I guess that there lots of mistakes which can be made in trading activity, whether by beginners or even by professionals. Professional traders are also people with their state of mind and trading style. Some of the mistakes are rushing, losing control over emotions after bad deals and other mistakes. The main distinguishing trait, which differs mistakes from novices from mistakes of professionals is that rookies always make fatal mistakes. They can be related actually in this case. I believe everybody has a right to make a mistake despite the fact of ecxperience, skills and knowledge actually.

Try to learn from other peoples mistakes instead. It's cheaper!

@Smith2525 Yes it's cheaper to learn from other mistakes but in trading everyone's psychology is different. Your thinking process and my thinking process won't be the same. And vice versa.

Beginners as well as experienced traders must keep in mind that money is secondary. One must focus on executing trades smartly and becoming a good trader. When we trade with the mindset of chasing money only, we often end up committing the worst possible mistakes like using high leverage and over-trading.

The most basic mistake which traders make according to me is trading without sufficient knowledge and skills.

Fear of missing out is the most mistake committed among traders, the most trader that lack or weak psychology trading will often make such mistake when see the strong movement then chasing price due scaring if missing the chances, but then faced loss dragged because high volatile market will make up and down at short time,

Probably the biggest mistake is when they keep trading with real money and end up losing since they don't know how to trade. The advice I give newbies is to always trade in a demo account before moving on to a real account, but it might be a waste of your time giving advice since chances are they'll ignore it. Because I spent time in the demo account first, I am earning a lot of money in the real account right now.

I believe the biggest mistake we, as traders, make is that we rely too much on our strategies and forget to modify them when they're going against the market.

One of the biggest mistakes according to me is that sometimes we believe too much in news and don't follow our own strategy.

Im seeking advise on holding positions overnight atm.A broker that aint going hurt me.And an understanding of widening of spreads at this time?If anyone can chime in.

Not taking forex trading seriously! Like any other profession, forex trading requires time and practise. You can’t expect the market to make you a millionaire in 2-3 months. Study it first, and then expect something in return.

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.

The main objective of forex trading is earning money. However, trading is the toughest way to make easy money. A trader must work hard to learn trading and make money consistently out of it. If trading is not dealt accordingly, a trader is bound to make mistakes. These mistakes lead him towards having serious loss at the end.