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.

I agree with you. Unfortunately, most of new trader come to the market with this kind of thought.

I think the biggest mistake for new traders would be their overconfidence and desire for more and more money.

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.

I absolutely agree Martingupttil, newbies don’t think about the amount of effort required for learning trading. All of those years where now successful traders earned only peanuts while learning trading, is not seen by many people. Sometimes it can take a lifetime to make substantial profits.

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.

Numeromatt posted:
I absolutely agree Martingupttil, newbies don’t think about the amount of effort required for learning trading. All of those years where now successful traders earned only peanuts while learning trading, is not seen by many people. Sometimes it can take a lifetime to make substantial profits.

It is not only about trading but in every field it is the same, hardships can only make you understand the real meaning of the hustle. There are many new people who don’t look for features which they require but go with other recommendations. When I started out I tested a whole lot of brokers and trading platforms on their demo accounts and only after extensive testing of different strategies on FXCM and fxview, I went live.

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

Martingupttil posted:

Numeromatt posted:
I absolutely agree Martingupttil, newbies don’t think about the amount of effort required for learning trading. All of those years where now successful traders earned only peanuts while learning trading, is not seen by many people. Sometimes it can take a lifetime to make substantial profits.

It is not only about trading but in every field it is the same, hardships can only make you understand the real meaning of the hustle. There are many new people who don’t look for features which they require but go with other recommendations. When I started out I tested a whole lot of brokers and trading platforms on their demo accounts and only after extensive testing of different strategies on FXCM and fxview, I went live.

According to me more than greed there are other factors like lack of experience and a robust plan for trading which leads to the downfall of the traders.

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.

blandpatsyy posted:

Martingupttil posted:

Numeromatt posted:
I absolutely agree Martingupttil, newbies don’t think about the amount of effort required for learning trading. All of those years where now successful traders earned only peanuts while learning trading, is not seen by many people. Sometimes it can take a lifetime to make substantial profits.

It is not only about trading but in every field it is the same, hardships can only make you understand the real meaning of the hustle. There are many new people who don’t look for features which they require but go with other recommendations. When I started out I tested a whole lot of brokers and trading platforms on their demo accounts and only after extensive testing of different strategies on FXCM and fxview, I went live.

According to me more than greed there are other factors like lack of experience and a robust plan for trading which leads to the downfall of the traders.

Leverage is another factor I would add to the list. Newbies choose the brokers only on the basis of leverage they offer. When they suffer loss on the leveraged trade they seriously get on the road. It is the biggest mistake which is made by the new to some experienced traders.

Martingupttil posted:

blandpatsyy posted:

Martingupttil posted:

Numeromatt posted:
I absolutely agree Martingupttil, newbies don’t think about the amount of effort required for learning trading. All of those years where now successful traders earned only peanuts while learning trading, is not seen by many people. Sometimes it can take a lifetime to make substantial profits.

It is not only about trading but in every field it is the same, hardships can only make you understand the real meaning of the hustle. There are many new people who don’t look for features which they require but go with other recommendations. When I started out I tested a whole lot of brokers and trading platforms on their demo accounts and only after extensive testing of different strategies on FXCM and fxview, I went live.

According to me more than greed there are other factors like lack of experience and a robust plan for trading which leads to the downfall of the traders.

Leverage is another factor I would add to the list. Newbies choose the brokers only on the basis of leverage they offer. When they suffer loss on the leveraged trade they seriously get on the road. It is the biggest mistake which is made by the new to some experienced traders.

Honestly that was one of my reasons for choosing a broker because I did not have much money to invest. I started by putting in $100 with fxview and later created one more account with cmc markets. It’s okay to use leverage I believe, if based on a proper plan.

blandpatsyy posted:

Martingupttil posted:

blandpatsyy posted:

Martingupttil posted:

Numeromatt posted:
I absolutely agree Martingupttil, newbies don’t think about the amount of effort required for learning trading. All of those years where now successful traders earned only peanuts while learning trading, is not seen by many people. Sometimes it can take a lifetime to make substantial profits.

It is not only about trading but in every field it is the same, hardships can only make you understand the real meaning of the hustle. There are many new people who don’t look for features which they require but go with other recommendations. When I started out I tested a whole lot of brokers and trading platforms on their demo accounts and only after extensive testing of different strategies on FXCM and fxview, I went live.

According to me more than greed there are other factors like lack of experience and a robust plan for trading which leads to the downfall of the traders.

Leverage is another factor I would add to the list. Newbies choose the brokers only on the basis of leverage they offer. When they suffer loss on the leveraged trade they seriously get on the road. It is the biggest mistake which is made by the new to some experienced traders.

Honestly that was one of my reasons for choosing a broker because I did not have much money to invest. I started by putting in $100 with fxview and later created one more account with cmc markets. It’s okay to use leverage I believe, if based on a proper plan.

Right! I am always an advocate of leverage because without that, earning substantially in trading is not quite possible.