The worst thing a newbie can do in a trade

[Tom Latham]

Other than putting large amount of real money, there is nothing bad a newbie trader can do. I encourage traders to test things out. Make mistake and learn from them. But they should do those in a demo account or with a small amount of money which he or she can afford to lose.

Yes mate, this is very common mistake by the new traders! In addition, I really appreciate your plan that you described.

 

[ZhoGorisar]

Lose all the money in the first minute of trading on the exchange
Beginners, trade on a demo account until you find a good strategy!
I know a lot of people who lost more than $ 1000 on the first day of trading. I do not understand such people.
A demo account is the best thing about Forex. Use it and trade wisely.

 

[Tom Latham]

Lose all the money in the first minute of trading on the exchange

In the 1st minute? Maybe it’s possible during the high voltage news session like NFP!!

 

[Eduardo Lucchese]

Taking the wrong decisions in this market can be very dangerous for traders.

 

[Oscar Shumack]

The newbies should make some mistakes for their emotions and lack of patience.

 

[Alicia Lynch]

Emotions are present in every human being. From here people become greedy and join trading. That is why their loss is so great.

 

[Cooper Truebridge]

There are many reasons for the loss in trading. Loss without stop loss, non-maintenance of the risk ratio, over-trading, taking an extra risk, etc. can cause loss. So you have to work with a careful trading plan.

 

[Nezami]

demo experience sometimes doesn't work in really account, its really true. but that not mean , it is useless. beginners level of course minimum have to spend 3-5 months in here to ensure live trading experience.

 

[soilacasa]

The following can be treated as the worst things a newbie can do while trading,
· Entering the live market without in-depth knowledge.
· Not practicing their skills on a demo account.
· Not having a proper plan and back-tested strategies.
· Wrong entry and exit from the market due to the improper use of indicators.
· Not maintaining a healthy risk-reward ratio.
· Not using stop loss.

 

[Benjamin Bryne]

Need to do proper analysis. If there is no goal then profit cannot be made. So first you have to set goals. And you have to plan and trade.

 

[Alexander Hudson]

Practice makes a man perfect. this market also needs proper practice.

 

[maxlvg]

I have seen traders open positions in all the trades they see. Some traders even use high leverage even when they are not sure about the market. There is a large percentage of newbies who see forex trading as an easy way of making money and then become a part of that large percentage of traders that fail in trading. .

 

[FundUp]

The mistake that newbies make is when they consider forex a quick money making machine and start doing overtrading.

 

[Kevin Vogt]

If anyone wants to make double or nothing, he should go to casino. That's the better place for doing this sort of things. Forex trading is not gambling.

 

[Kevin Vogt]

The newbies should make some mistakes for their emotions and lack of patience.

To improve patience we need to be realistic. When it comes to forex trading, people become illogical. They want multiply 100$ in a day. Market moves all the time doesn't means all the pips are yours. Be realistic and treat it like a normal business.

 

[David Marco]

A new trader should make proper plan to make money from this market.

 

[CarmeloGiroux]

The worst thing for a newbie is to enter the live market without practicing on a demo account. It is essential to practice a lot on the demo account to gain enough confidence and the right frame of mind. Otherwise, a newbie can lose his hard-earned money in no time.

 

[skihav]

Starting directly with trading and expecting to make money out of it? Demo trading is important because traders develop trading skills. The excitement of trading and making money can be empowering, but traders need to take slow steps. Once you start making consistent profits on demo, you can move to live trading, starting with a micro account.

 

[Karley Walker]

If you want to do new trading, you have to work with a good broker by doing Proper Money Management and Risk Management with the plan.

 

[Kazumu Fukunaga]

I think it is relative that what works and what doesn't. What works for one may not work for others. Every trader is unique in psychologically. That's why all successful traders have their own trading style and strategy. It's the common traders who try to exact copy of others style and strategy.