Basic mistake we make

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.

In general, of course, traders usually make various mistakes, but very often the reason for mistakes is a lack of experience.

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.

the very first mistakes begin with choosing a broker, even at this moment many fall into the wrong hands

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.

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

There is no only one mistake in trading, there is a vast majority of mistakes which every trader once made in his trading career. The first one is rushing and fake hopes. All of the traders once had a situation when they wanted to rush the position in order to earn lots of money right away. It's prohibited in case you want to build a successful trading career, only wise approach is acceptible. The second mistake relates to usage of leverages. Some traders in the very beginning of their trading path decided to start off from leverage trading and they picked the highest leverage which is provided by the broker. It's a direct way to blowing of your account.

Adokelv posted:
There is no only one mistake in trading, there is a vast majority of mistakes which every trader once made in his trading career. The first one is rushing and fake hopes. All of the traders once had a situation when they wanted to rush the position in order to earn lots of money right away. It's prohibited in case you want to build a successful trading career, only wise approach is acceptible. The second mistake relates to usage of leverages. Some traders in the very beginning of their trading path decided to start off from leverage trading and they picked the highest leverage which is provided by the broker. It's a direct way to blowing of your account.

Strongly agree on the leverage part. Leverage is a double edged sword and if not handled wisely, it can lead you to big losses.

Trading with presence of mind will never put you into the big losses.

blackChelsea posted:
Trading with presence of mind will never put you into the big losses.

Yes. Most traders lose thier money because of low knowledge and skills.

A beginner can make many mistakes when trading the market for the first time. Many of them lose money because they lack the necessary knowledge, experience and discipline.

While there are numerous trading opportunities every day, but then taking too many positions in one day may also be detrimental to your trading.

Best thing to do is focus on self-improvement and the money will follow.