What are the top 5 mistakes you made as a new trader

[nelo_ruto]

Many novice and emerging stock traders charge full throttle into the markets with high profit expectations, but find out fairly quickly that making money consistently isn’t as easy as they expected. For some, this realization can be quite discouraging, particularly because there are few pursuits that fuel human emotion as significantly as trading. The prospects of making money often lure people into the trading arena, but the reality of losing money can be a quick deterrent.

In truth, most professional Wall Street traders have made many trading mistakes, according to trading experts. The key to their eventual success, however, is that the professionals study their mistakes and learn how to minimize them going forward. “It’s all right to make mistakes,” admits Dr. Alexander Elder, psychiatrist and author of Come Into My Trading Room. He adds, “If you aren’t making mistakes, you aren’t learning. But it’s absolutely unacceptable to repeat those mistakes.” Like most serious traders, Elder has made a significant number of errors in his trading career. “The wonderful thing about the stock market is that you always know when you’re right or wrong. If you’re losing money, then you’ve probably done something wrong. Eventually, if you learn not to repeat making the same errors, you’ll start running out of them.”

 

[Ashlan]

I jumped straight into a live account without properly practicing. Was rather impatient

 

[Talisman]

A beginning forex trader’s career is often filled with mistakes that teach them important trading lessons that they won’t easily find in any books or videos. But if they don’t put effort into understanding what went wrong and where they need to improve, they pave the way to more losses.

 

[mr_camera_man]

Entering trades with no stop loss based on alerts. Always, always, always have a stop unless you're ready to kiss the entire thing goodbye.

 

[operlay]

1 trade for the entire deposit in one trade at once
2 trading more than 1 stock at the same time
3 rollover and new day
4 trading on company reports
5 I leave the terminal when a deal is opened. I don't set Take Profit Stop Loss

 

[Gauer]

You are always susceptible to mistakes even as a seasoned trader.

 

[Bompie]

1.doing thing to fast not taking time
2.keep adjusting stops
3.foucus on small timeframes
4.dont have patients
5.expect to make quick profits

 

[Sherverty]

I have no discipline and patience while trading and it is the biggest mistake that I committed.

 

[oakum]

As a beginner, I didn’t analyse the market seriously. Most times, I was going with the flow. But after losing a few of my trades, I realised what I had been missing.

 

[Diagraph]

As a new trader I made many mistakes and even faced some losses and I would suggest other traders not to do those mistakes. Those mistakes are:

• Being too impatient
• Positioning large lot
• Not giving importance to analysis

 

[Aerogenesis]

As a beginner, I didn’t analyse the market seriously. Most times, I was going with the flow. But after losing a few of my trades, I realised what I had been missing.

Befriending the market is very important before analysing it. You must understand the reasons for a specific market movement so as to understand the forex market and trade it.

 

[Jingoism]

Most traders make mistakes at the beginning of their journey in trading and there is nothing wrong at all.
I am listing down a few mistakes that you should avoid as a beginner -

1. Start trading directly with a live account
2. Not practising a lot on a demo account
3. Starting to trade without getting proper knowledge about the market.
4. Expecting to make quick profits
5. Not learning from mistakes.

 

[Reticular]

I vividly remember the mistakes I made during my initial days as a trader:

1. Not having a trading plan
2. Not enough research
3. Ignoring economic data and news events
4. Hoping bad trades will come good
5. Taking quick profits and missing out on larger gains

 

[Pontoon]

Over-complicating trading is the biggest mistake of traders. I don’t know why most of them think that the tougher a strategy is, the better the chances of making money are. New traders need to know that it’s their understanding of the market and the strategy they are using that helps them make money and not how much they struggle to make money.

 

[dbestofmasquare]

Based on my experience

• Not Doing Your Homework. Currency pairs are closely linked to national economies and are affected by many factors.
• Risking More than You Can Afford. One common mistake new traders make is misunderstanding how leverage works.
• Trading without a Net.
• Overreacting.
• Trading from Scratch.

If you need more explanation let me know

 

[goldexover]

Under estimate the power of Demo account to test the strategy and straight away jump into real account.

 

[Pangolin]

Those beginner days are full of silly mistakes, but that is what we learn from, so don’t be too harsh on yourself new traders. Here’s some mistakes I made as a newbie -

1. Not being consistent with trading
2. Not following my trading plan and messing it up in between trades
3. Over trading after a win in greed to make more profits
4. Not managing my money and calculating drawdowns regularly
5. Not following the news.

 

[Nidology]

I made a few mistakes when I started trading in crypto. I was not knowledgeable enough and I dived into the systems too early. It was not until a few months after when I realized that I am unaware about many things. I started all over again and regained my confidence.

 

[sahdjaskdj]

Stop loss and and take profits are also important try and cut your losses small and your profits big.

 

[Wallflower]

I wanted to make money quickly, so I didn't focus on developing a solid trading strategy. I would enter trades without doing proper research, and I would often take too much risk. As a result, I lost money on a lot of trades.