The worst thing a newbie can do in a trade

[Kevin Vogt]

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.

For trader should not trade on any time frame below H1. In 30m, 15m, and 5m charts there is so much noise. People start to over trade due to small time frame. A trader always should focus on developing good habit.

 

[Kevin Vogt]

Suggestion for newbie traders is try to understand the trading business. You have to have knowledge and skills to do good in trading. Don't expect to make money just by entering into the market. Try to learn the mindset a professional trader should have.

 

[Kazumu Fukunaga]

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.

Money management is the most important thing in forex trading. Good management with an average strategy making profit is possible. But poor money management with best strategy resulting in loss. A good trader is a well money management follower. I personally do not use more than 2% of my capital. My total trades sum up 2% of my capital.

 

[Kazumu Fukunaga]

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.

The biggest mistake newbie does is they treat trading as a gambling. They come here to get rich overnight. But they are unwilling to learn by themselves. But the reality is- you have to be skilled in order to make money consistently. If you can't invest your time in learning, do Not invest in the market.

 

[Gito Dinev]

Demo trading is a good practice ground for determining if a strategy is viable. Start trading with demo.

 

[kathrinedees]

According to me the worst thing a new trader can do is not practising enough. Demo trading doesn’t make you perfect in trading, but it can help traders to develop good trading strategies. Another thing a new trader should be doing is keeping track of their trades. A trader progresses when he/she learns from their trades. A trading journal will help them improve and backtest, so they can trade better in future.

 

[Kevin Vogt]

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

But before trying on live account, it is good to try on demo account.

 

[justintaylor]

The worst mistakes happen when traders don’t take forex trading seriously, thinking that they will be able to overcome the challenges even if they don’t study much. Many of them don’t even practice on their demo accounts because they don’t have to waste any time and go to the live market straight away to start making money as early as they can. But the exact opposite happens as soon as they go in the live market.

 

[Congenerr]

All newbies should know how the forex market works, which most fail to understand, and how it can help to meet your financial needs. Another thing that traders need to take care about is the risks associated with trading. We all look for profits, but we should think in terms of loss. When we fail to take calculated risks and take a right market approach, we invite losses.

 

[Gallimaufry]

The worst mistakes happen when traders don’t take forex trading seriously, thinking that they will be able to overcome the challenges even if they don’t study much. Many of them don’t even practice on their demo accounts because they don’t have to waste any time and go to the live market straight away to start making money as early as they can. But the exact opposite happens as soon as they go in the live market.

I agree. There are many newbies who do so. They have a wrong belief system about trading that it is the easiest and quickest way of earning money

 

[Nezami]

Actually, the value depends on the traders approach. Many traders have been using the demo for a long time, but till now struggling; because they don’t know how to use this practice account at all.

 

[gailramos]

I think the worst thing a newbie could do is start trading without practising. I don’t see any logic in leaving the practice part when there are tools like demo trading. You don’t even need any money for demo trading. You just need to start trading with demo like you would do in actual trading. The more you practice the more you have the chance of being good at real forex trading. Learning basics is good but it is not enough without any practice.

 

[lotcamel]

We all are aware that forex is a risky market, but many inexperienced traders do not take the necessary steps to minimise their losses. Even if you have the requisite trading skills, not having a proper risk management strategy can make trading highly risky. All traders should risk capital which they can afford to lose, and they should always use stop loss.

 

[Kevin Vogt]

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

Trading isn't a way that can make you rich quickly. The process takes time and patience to become successful. Trading requires expertise and knowledge. It takes time to build expertise and knowledge.

 

[FXOpen Trader]

Trading isn't a way that can make you rich quickly. The process takes time and patience to become successful. Trading requires expertise and knowledge. It takes time to build expertise and knowledge.

In the business of Forex trading getting to know about the current market trends and then making the profits will take some time and the Efforts.

 

[Hobbledehoy]

The worst thing according to me a new trader can do is not calculate his/her risks. Everybody focuses on making money, but not everyone focuses on the risk part. Do you have enough money to start forex trading and sustain it? All traders should come with calculated risks and how they can manage money. This makes trading simpler.

 

[emerald]

Overtrading and revenge trading are some of worst to deal with.

 

[Cedric Fenech]

The worst thing I did as a trader was being too positive. I have been an optimistic person all my life but trading taught me to become realistic. It’s good to set goals but goals with conditions of winning are wrong. That’s what we have micro accounts for- to obtain a live trading experience without having to take risks that we don’t want to.

 

[Louisfx]

The worst thing I did as a trader was being too positive. I have been an optimistic person all my life but trading taught me to become realistic. It’s good to set goals but goals with conditions of winning are wrong. That’s what we have micro accounts for- to obtain a live trading experience without having to take risks that we don’t want to.

I have also been through the same in my initial days.

 

[FundUp]

Trading isn't a way that can make you rich quickly. The process takes time and patience to become successful. Trading requires expertise and knowledge. It takes time to build expertise and knowledge.

Exactly, that is why it is important to know that you cannot get rich quickly from trading. Like you said, the process take times and patience and also determination in order to become successful.