Michihito posted: 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, new traders often come into the forex market considering it a quick money making machine due to which they do over trading and put themselves in risks.
Beginners in forex trading often make the same mistake of not getting the proper education before trading. Trading without a proper education is a very dangerous thing to do and can cause you some serious damage.
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.
Ok, what and where to learn this things ?
You can get a bunch of relevant information online. Just search about the topic on Google. Youtube is another platform where you can get videos related to the topic. I hope it will help you.
The number one biggest mistake people make when starting out is thinking that it's a get rich quick scheme, that you can put in $100 and come out as $1000. Forex is a long-term game, it takes time to see results, and only the most dedicated traders will succeed.