Many traders make the mistake of following other traders blindly. They overlook the fact that every trader has a different personality and they trade well only when they understand what they are doing. Following others doesn’t only limit their profits but knowledge also. In case the trades go in the opposite direction, they may not even know what to do.
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Mistakes traders do
- Thread starter Anderson
- Start date
There are several kinds of mistakes done by traders. But, they don’t try to recover from such mistakes and as a result they need to sticking to mistakes. For the self-development of traders, quick recovery from mistakes is badly essential.
We tend to make a lot of mistakes when we are doing our foreign exchange trading
The biggest mistake a trader can make is to be cocky and overconfident. Once that starts, it's over for you since you won't be able to trade properly without your ego getting in the way.
We will need to learn from our own mistakes in trading and try to correct them.
This is very important, we have to realize that mistakes and loses will always happen in the market. But what we do after those mistakes will determine how far and how well we have come in the market.
In the beginning stage of Forex trading, newbies should focus on education more and more. They should discover different ways to get rid of losses and bring advancement in knowledge. But they should not hasten to obtaining quick return. They should practice in demo account more and more.
We will need to learn from the mistakes that are being made by us.
Forex is a risky business and traders need to be very careful while trading. Single simple mistake can become the reason for losing trades.
1. Not having a trading plan
2. Not having their risk management clearly defined. Not having the discipline to trade in line with the plan.
3. Not being able to control emotions when things go wrong.
4. Not paying attention to the market.
1. Not having a trading plan
2. Not having their risk management clearly defined. Not having the discipline to trade in line with the plan.
3. Not being able to control emotions when things go wrong.
4. Not paying attention to the market.
The biggest error that any trader will ever make is being afraid to make mistakes. If you are not afraid to make mistake, then how will you be able to learn and grow?
knowledge and experience needed i agree with you , but it can be valueless if you dont have regular practice , so besides acquiring good knowledge its more appropriate to emphasis on practice session.
When I was a newcomer I was using Bollinger Bands in demo account, but didn’t get maximal result that I did in demo.
the new forex trader always try to bring good amount of profit with no learning . as a result they fall a great trouble when trading in practical.
Even if sometime a new trader makes profit without experience it might be a coincidence which might not last in the next trade so learning is important before starting to trade with live funds.
mistake is really common issue , but dont do same mistake again.
i think this is not only for beginners but also for all kinds of traders. happy trading
there is no difference between demo and live , the main different its all about psychological issue , nothing without it.
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