Basic mistake we make

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

Best thing, sit on your hands, and watch the markets open and then close .day in and day out.

and watch and learn how the traders paint the candles on your screen.

forget indicators, there all Lagging.

The most mistake often face I think is FOMO, fear of missing out, I am often trapped in such situations where actually I realize if the zone price is less good to open trades, but my mind cant stop desire to open trades, I just only talk to own selves, take a small risk no problem, but because it occurs many times, small risk even ends too big loss in accumulation.

actually if we do same mistake again and again then we can call this attitude as a own choose , its my own opinion, please never take this anyone personally. thank you

Forget to apply SL and TP.

Moving onto live trading without spending enough time on demo.
At least 6 months on demo thats a minimum in my opinion

Jungle78 posted:
Moving onto live trading without spending enough time on demo.
At least 6 months on demo thats a minimum in my opinion

I concur. This is the way to do it. So many move to live account from the start and just lose all their money

Yes, demo first until you are making money there. No point going live if you can't beat a demo account

Most traders try to trade in this market without proper knowledge and skills.

The most basic mistake for a newcomer is keeping aside the learning process and chasing profits all the time. You will end up nowhere without a proper plan and a strategy to work fine for you. It will be a mistake to enter live trading without the basic knowledge, proper mental preparation, and enough practice on your demo account.

blixtpiece posted:
The basic and common mistake committed is that we enter trading with the mindset of earning money fast which is not at all true. Trading demands time more than money, skills and experience more than knowledge.

This is so true, I have noticed that some joined forex trading in hoping to earn money fast, which obviously is an unhealthy mindset to consider.

Tuxedo888 posted:
Best thing, sit on your hands, and watch the markets open and then close .day in and day out.

and watch and learn how the traders paint the candles on your screen.

forget indicators, there all Lagging.

Funny this is so key, in a round about way you are gaining experience. I think experience is the biggest thing as you get a feel for the market and you have watched so many candles paint that you can anticipate with your techincal knowledge the probability of the trade coming out in your favour

That’s true. Traders need to treat forex as a long-term business. You can’t expect to get huge profits in a single day. We need to allot time in learning before expecting something in return.

What do you mean by normalizing losses? Do you mean accepting that losses happen?

Keeping a journal is a good way to minimize your mistkes. By looking at the journal we can find out our common mistkes that we can easily mend.

@UweMoench Yes we can avoid basic mistakes by keeping a journal and following it. We always should learn from our mistakes. Best learners are those who learn from their mistakes.

Quange posted:
In order not to make the mistakes of beginners, a trader must have a personal strategy and plan. You should always know what to do, even in unusual situations.

Deffiently need a plan /strategy and if they do there homework and research they should gain knowledge

Chasing gains while not caring about preserving the profits made is one basic mistake that many of us make. We often don't realise that earning is not enough but we should also look for ways to save those profits. Else, every winning trade is in vain.

Plan and strategy are two very important factors when it comes to forex trading. These are simple words, but they require a lot of knowledge and thought before action can be taken. Many people jump right into the market without a plan or a strategy, hoping to 'strike it rich.' This almost always leads to failure.