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

[Søren Petersen]

If you dont test your EA enough, it will blow your account. Research and testing is very important to be a succesfull trader.

 

[Citigrade]

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.

Right! I’d like to add some more:

1. Underestimating the importance of learning and upskilling
2. Not practicing enough
3. Relying on others for forex trading
4. Not researching enough
5. Not maintaining discipline

 

[ggtx7]

Definitely overtrading and revenge trading. I highly recommend longer time frames like the 1HR - Weekly charts if you're just getting into this. They are way more forgiving than if you are trying to scalp or daytrade. Too tight of a stoploss and those small loses over time add up significantly and really kill your confidence in your trading skills.

 

[Gymnosophy]

Being greedy was my biggest mistake ever. I always intended to make easy money and tried to gamble. As a result, I blew up my account. I understood that in forex we cannot be profitable until we have enough knowledge, skills, and experience. This is why I decided to work hard in learning about the market. I must say it was tedious and tiring but when I started making money, all the efforts were worthwhile.

 

[Sciagraphy]

I made many mistakes including:
1. Failing to understand the risks involved in trading cryptocurrencies.
2. Mistaking digital tokens for real world assets.
3. Not having a solid understanding of cryptocurrency concepts and technology.
4. Over-believing in the potential of cryptocurrencies and their value proposition.
5. Wasting time and resources on unproductive investments

 

[wicky1986]

• Choosing the Wrong Platform. ...
• Risking Too Much. ...
• Ignoring Longer Time Frames. ...
• Trading with Poor Risk-to-Reward Ratio. ...
• Not Using a Stop Loss. ...
• Trading Difficult and Unclear Patterns. ...
• Losing Control of Your Emotions.

 

[HeavLeighGill]

Unrealistic expectations - many new traders think they can put in little to no effort and become rich. If it were that easy, everyone would do it.

 

[Isthmus]

I ignored learning about the market deeply and also I was greedy: I wanted quick money and tried to gamble. I tried over-trading and revenge-trading multiple times and didn’t understand the importance of risk management. I was impatient and not dedicated enough. These mistakes cost me a lot but I take all my losses as a lesson. The hardest part about trading, at least for me, is probably getting your emotions out of the way when you're trading. And I'm still trying to improve this.

 

[Ansu]

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

Some here, And i can add a 6th mistake, which is tradind without Stoploss

 

[pippin]

I ignored learning about the market deeply and also I was greedy: I wanted quick money and tried to gamble. I tried over-trading and revenge-trading multiple times and didn’t understand the importance of risk management. I was impatient and not dedicated enough. These mistakes cost me a lot but I take all my losses as a lesson. The hardest part about trading, at least for me, is probably getting your emotions out of the way when you're trading. And I'm still trying to improve this.

Unfortunately all newbies commit same mistakes, I guess this experience will make trader only stronger as it is essential to explore weaknesses to be prepared better.

 

[Mobey_D]

Definitely was guilty of over leveraging and using no risk management in the earlier days

 

[Expatiate]

My biggest mistake was taking forex lightly. When I was a beginner, I used to think making money was going to be tremendously easy and I would become a billionaire in no time. Though I learned my lesson and worked on my skills for a long time. Now I always trade with a plan, keep emotions out and maintain discipline.

 

[Barnstorming]

Here are some mistakes beginner traders make and they never learn smh -

1. not conducting adequate market research.
2. Trading without a plan.
3. dependence too much on software
4. Lack of risk management
5. Not learning about trading psychology

 

[Eusorphia]

There are some most common mistakes that must be avoided like:
1. Entering in the live trading with poor knowledge and expertise
2. Not understanding the nature of the business.
3. Underestimating the risk management
4. Trading with emotions
5. Not learning from failures

 

[Epimyth]

Here are top 5 mistakes traders make -

1. They think they can make huge profits by scalping, but it actually takes a hell lot of dedication and accuracy
2. Newbies chase money and en up using high leverages which is unfavourable for their position
3. They do not know how to control emotions
4. They rely on only and only on bots, and do not focus on their own trading skills
5. They trade without keeping a track of the spreads.

 

[Mucivorous]

There are many mistakes that newbies make when they enter the market such as ; over-trading, no control of emotions, no solid game plan or strategy and they refuse to learn from their mistakes. Such issues will make it difficult to survive the market conditions efficiently. Traders need to maintain discipline and be focused if they want to achieve success.

 

[afro_brownie]

Not following a strategy with 100% DISCIPLINE (Cant stress that enough)
Over trading / Revenge trading, to claw back losses (never works)
Not using correct risk management (the right lot sizes for your account)
Expecting huge wins (its unlikely you will make $$$$$ from one trade if you have less then 1Million)

 

[wojozy]

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

Same as me. i jumped in straight , lost all money and quit. I came back later and started making some profit with proper learning. I lost money again due to poor money and risk mgt. i have to learn that as well. im not quitting this time though

 

[wojozy]

Mistakes like; No knowledge, poor risk management, no trading plan, no mentor, copying blindly

 

[Skyscraper]

The top 5 mistakes I made as a new trader were -

1. Not maintaining a trading journal
2. Overtrading
3. Letting emotions affect my decision making capability
4. Not taking account of every economical news
5. Using too many indicators at once.