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common mistakes
- Thread starter OscarR1
- Start date
Polakandil
Well-known member
There is so many beginners mistake that could happen in early trading real accounts. Commonly included:
-Lack of discipline.
-Impatience, cut small profits, and let the loss run.
-Fear of missing out.
-No plan trading.
-Reckless trading.
-Many doubt, less confidence.
-Etc.
How to avoid this is with build up a good mindset and more practice trading, having a goal business, planning the business, learning from all mistakes, and keeping the spirit to learn.
-Lack of discipline.
-Impatience, cut small profits, and let the loss run.
-Fear of missing out.
-No plan trading.
-Reckless trading.
-Many doubt, less confidence.
-Etc.
How to avoid this is with build up a good mindset and more practice trading, having a goal business, planning the business, learning from all mistakes, and keeping the spirit to learn.
Common mistakes beginners make in forex trading include lack of education, overtrading, ignoring risk management, chasing the market, and not using stop loss orders. To avoid these, educate yourself, develop a trading plan, practice on demo accounts, seek mentorship, and keep a trading journal. Learn from others' experiences but remember that your journey is unique. Stay disciplined and adapt your strategies based on your own observations.
Common mistakes keep us away from success and so we should try to avoid these mistakes as much as possible. Don't keep yourself apart from market studying. Watch video tutorials and read e-books to develop the basics of trading. Eurotrader offers traders free educational program and a smooth trading environment.
Fin_Trader
Well-known member
The main mistakes are the desire to earn a lot and quickly, when a trader completely ignores money management in trading in order to earn more money in a short time. Also, many do not know how to control their emotions such as fear, euphoria, excitement.
Polakandil
Well-known member
That's the market and its influence on trader psychology when the price seems to be dancing in front of the eyes as if it is easy money to catch, but the market is easy to change, when traders try to catch it, maybe it will change the direction of the trend. Here the importance of understanding market trends is like understanding your couple so you don't get betrayed because as many traders say, the trend is your friend.
Lazarsblck
Well-known member
revenge trading.
being greedy-not using SL and TP
being greedy-not using SL and TP
Polakandil
Well-known member
Demo trading is useful for all traders, not only beginner traders but also experienced traders who sometimes still use demo accounts to test trading systems or expert advisors. Backtesting via demo trading can help evaluate the feasibility of a trading system or robot trading before trying it on a real account.
Fin_Trader
Well-known member
I agree. Many traders, seeing success on a demo account, think that they are ready for real trading. This is not always the case. It is important to develop automaticity of actions and behavior, without a clear algorithm of actions it is difficult to earn stably. I also first opened a demo account in FXOpen, and then only ECN
One of the frequent mistakes is trading with excessively high leverage at the very start of trading career or not using stop loss or tendency to keep losing position open and cutting profits on the profitable position early. Glad I read lots of books on trading mindset, watched HFM webinars which helped me to identify these critical pitfalls and avoid painful lessons.
Polakandil
Well-known member
High leverage is associated with risk, it allows traders to be greedy using position sizes in the hope of high profits in a short time, while being greedy is not a good way to work in forex trading. Risk management should always be part of a trading plan.
Fin_Trader
Well-known member
Many traders do not understand what high leverage is. And if there is no trading discipline, then high leverage is evil. Only after losing a deposit do they begin to study money management
The best leverage is imo 1:100. Great mix of opportunity and safety. Also you can control risk via lot size, higher leverage just frees up margin and increases the cost of holding position overnight, otherwise if you can control your emotions, high leverage is ok.
Fin_Trader
Well-known member
I also trade with a leverage of 1:100, but to be honest, this is too much for me, it is quite comfortable to trade with 1:50
Common trading mistakes include over-leveraging, which can amplify losses, and failing to adhere to a trading plan. Emotional decision-making, such as chasing losses or acting on impulse, often leads to poor outcomes. Additionally, neglecting risk management and not staying informed about market trends can significantly hinder a trader's success.
How do you think we can fix that? I watch webinars from HFM to learn some tips to cope with common mistakes
