Common mistakes in trading

[renez]

For me the main trading mistake is getting disctracted, I often analyse the market but sometimes I might miss a detail and then the deal might go the wrong way.

 

[JuliaB]

One of saddest mistakes is working with an unreliable broker who has doubtful reputation and weak regulation. Think twice before giving your money to the company you have never heard of before!

 

[Martin Gaptil]

It can be , if anyone emphasis on regulation when choosing a broker , he or she has make sure UK or US regulation , because they are real regulated and always guarantee their clients funds.

 

[Elsie]

I agree with both ideas. Demo accounts don't give those feelings and emotions like real accounts. And also, leverage is not a killer if you manage your stop losses correctly.

 

[Michelle Yeoh]

But till now demo is the best way of Forex learning! It’s true, a number of new traders don’t know how to use a demo account, I seem new traders need to use small capital in the demo; like 100-200$! Yes, demo & live trading is not same at all! But, if new traders can concentrate enough in the demo, then it would be helpful!

 

[Jeremiah]

What do you think about trading in demo account for a long time? Is it a mistake? I think it is cause it's just a waste of time.

 

[john nathan]

Hi all,
I feel the common mistakes in Forex trading are :
Lack of patience
Being with a market maker
lack of study about the market

 

[PolinaPolly]

It seems to me that the greatest problem is your emotions, cause it’s easier to get knowledge than to teach yourself to control your feelings. Nevertheless, both aspects are important, I believe.

 

[Emmet]

People make many mistakes in forex trading. They are rather blunders than mistakes. These include making investing without knowing what is forex trading. They also trust a false broker. They also make a big mistake by investing at a bad time. Please, share your mistakes in this forum.

 

[trad$lo9r]

I agree with both ideas. Demo accounts don't give those feelings and emotions like real accounts. And also, leverage is not a killer if you manage your stop losses correctly.

Well said, leverage is not a killer if you how to manage your risk properly.

 

[Traderlit_fx09]

Being overconfident, not managing your money properly, risk- biting off more than you can chew, not creating a trading plan and then not sticking to it, following the herd- you really need to apply your own logic and reasoning in forex trading.

 

[Ary Barroso]

I think, expecting a huge amount of money from the 1st day is the biggest mistake.

 

[milornld]

Mistakes of Forex Traders you should avoid

1. No plan – Always have a well-prepared plan before entering a trade or copy
2. Not sticking to the plan – Always stick to the plan
3. Overtrading – Never risk more than you are happy to lose on a single trade or copy
4. Not cutting losses – always place a calculated stop loss at the time of entering a trade to prevent losses getting out of control
5. Averaging down – Decide in advance how much you want to risk on this trade and then stick to the plan
6. Not learning from previous mistakes – Keep a trading diary to learn from your mistakes
7. Impatience – Once in a trade or copy, have enough patience to allow the profits to come to you whilst protecting yourself with your stop loss