Mistakes to avoid as a forex trader

[Funmife]

• Failure to plan
• Not having a Stop Loss.
• Adding to an unprofitable trade.
• Lack of risk management.
• Ignoring news release
• Trying to avenge yourself.
• Lacking education.

 

[Robert Hills]

Forex is not a game. It needs a lot of knowledge and patience. A trader must have all kind of knowledge about forex market before he starts to trade. Knowledge can be gathered by so many ways. If any trader wants to gather knowledge about forex market he can try a demo account. I started my forex trading with a demo account of TP Global FX broker. From there i gather all kind of knowledge when I did some trade with demo account. This is one of the best way to gain knowledge about forex market.

 

[hazlamiazrin]

Agree with you . Understanding price action & money management are very important in trading

 

[Aliaamirali]

Yeah, i blew my account with 600$ the first time, didnt have sl or tp

 

[Jjp]

Being hit by a panic attack an selling or buying at the wrong place. Remember to always know where and when u'll enter or exit the market not everywhere you can execute the trade always stay focused

 

[Sherverty]

This is a very good points and most of the professional traders use a trading journal to note down all the details of their trading , and they review that in their free time to see what mistakes they did and try to resolve that in future trades.

 

[sdores]

Money management is the single most important aspect that has to be taken into account. I personally never risk no more than 1% of the total equity amount.

 

[Rufino Fiorentini]

Forex trading is the most famous and profitable business in the world. Anyone can trade in the forex market and earn a lot of money. Every trader makes mistakes. If you trade in the forex market and make mistakes then that doesn't mean you can't trade anymore. You have to learn from those mistakes. I always try to learn from my mistake. My broker Eurotrader helps me a lot to trade with mistake-free. They are a very reliable broker. Their endless supports always make me pleased.

 

[Lala13]

• Failure to plan
• Not having a Stop Loss.
• Adding to an unprofitable trade.
• Lack of risk management.
• Ignoring news release
• Trying to avenge yourself.
• Lacking education.

FOMO - always gets me!! I have to remember that there will ALWAYS be another opportunity!! CHasing the market is hurting me!

 

[fxmars]

Follow your plan, do not add to a loser, follow the trend, use a stop loss always, accept losses, do not overtrade, only trade when the market is liquid around the open.

 

[nikl07188]

I think emotional involvement in the trades could be the biggest problem to profitability

 

[mlawson71]

There are many problems - lack of knowledge, of experience, of discipline, etc. Each and every one of them can lead to failure, so I don't know whether any one of them can be considered to be the most important.

 

[Athlonator]

Emotions gets to me everytime. I'm still new in Forex

 

[Alexhunter]

From my experience, I suggest avoiding trading with higher value if your a beginner or do not have enough experience in forex trading and try to understand price action & money management because these are very important factors in trading.

 

[ProfitsMD]

ppl just think it's a fun game then boom, no more money

 

[mlawson71]

It's certainly not a game. If anyone views it this way no wonder they lose money.

 

[Chief93]

Better to make a proper research on your strategy try it on a demo account and see how you progress

 

[Sandra Tennyson]

The wrong broker is one of the biggest mistakes a lot of people make and this is what should be focused on correcting. If we failed, it will lead us to lose, so we got to be very careful on this aspect.