General 3 Common Mistakes Forex Trader make

[KAYGEE]

Common mistakes forex trader make everytime when taking a trade

 

[fakpslimited]

from experience, fear, revenge trading, over trading, trading on a friday and trading on a sunday to monday cross over

 

[Diagraph]

Here is my opinion on what are the three common mistakes that forex traders usually make -

1. Not trading at the time when more than one of the four major Exchanges in the world are open
2. Aggressive over trading after a trader makes a loss, it mostly makes you lose again and again.
3. Quitting their social life and jobs to become a full-time trader without understanding or fulfilling the requirements for doing so
What do you think?

 

[rues]

Big mistake is counting missed profit.
It gives false confidence "you can take it RIGHT NOW"
But it always bring disappointment

 

[Magnificent]

There are many mistakes that we can take in common that traders do, such as:

1. Revenge trading: this is the biggest mistake you can make by far, since the only person it's going to spite is you.
2. Trading at volatile times: this is the second biggest mistake, since you’re bound to lose money when you trade then.
3. Not researching: every beginner's mistake, this leads to being scammed and being left with your foot in your mouth.

 

[Quirky]

Expecting before learning. Trading before practising. Taking shortcuts before trading. These have to be the most common new forex trader mistakes.

 

[Talisman]

As per my opinion, the top 3 most common mistakes a trader makes are -

1. Trading without a strategy, or trading with a general strategy without modifying it as per their own goals, circumstances, and requirements.
2. Not keeping enough savings of about 6 months of expenses, in order to compensate any big loss
3. Using leverage but not marking an exit point

 

[Remiform]

• Not learning properly before they trade.
• Overlooking the importance of setting stop loss.
• Overtrading thinking that this will get them more profits.

 

[destriero]

It’s easy to get influenced by what others have been making through trading. They may or may not be lying. But it shouldn’t matter to you. What should matter is how much you know about the market and how well you can take advantage of it.

 

[Manometer]

Lack of knowledge.
Being too quick to sell currencies.
Wrongly predicting the market trends.
Over trading and fear of losing money.

 

[Pinking]

3 common mistakes that forex traders often make are:

1.Trading without any plan or strategy.

2.Not keeping track of their trades and losses.

3.Not having a set stop loss strategy in place.

 

[Glenoid]

I think one common mistake that most beginners make is taking forex too easy. They underestimate the risk and only realise the importance of risk management once the damage is already done. They start trading without proper knowledge and incur losses. Adopting a good strategy is very important to mark the right beginning in the forex market. The market is very volatile and risky. But can also be highly rewarding if a trader is good in dealing with risks. Another mistake that beginners make is looking for shortcuts to success which don’t really exist. They also get scammed due to trusting people who persuade them that they have a quick way to get rich in forex.

 

[Allegator]

Newbies generally enter the market blindly which only puts them at a loss before they even start trading. No proper money or risk management which results in blowing up accounts. Less or no practice or basic knowledge due to lack of research and learning capacity. There are no shortcuts in trading. Handwork and patience brings rewards.

 

[Aerogenesis]

As per my opinion, here are 3 common mistakes every forex trader makes at least once in trading -

1. Choosing a currency pair, and entering a trade without analysing the market movements
2. Keeping a trade open over the weekend when the market closes down - this increases the chances of losing the capital, or it will automatically closed down
3. Trading with low capital because that will probably make low loss - but trading with lower capitals will also make your profits very little.

 

[Tempera]

There are a number of reasons why trading without a strategy is a bad idea. Firstly, it is very difficult to consistently make profitable trades without a solid plan to follow. Secondly, without a strategy, you are more likely to make emotionally-driven decisions that can lead to wrong decision making.

 

[Bane]

Taking forex education lightly remains a major factor for traders not being able to stay in the market for long. The second one I can think of is not being able to control their emotions. And third, traders have a hard time sticking to their trading plans because the other side of the market looks more lucrative to them.

 

[Gumshoe]

A beginner’s career is often full of mistakes and challenges. They have a hard time getting an understanding of the market and realising what they can do to avoid losses. And I don’t think that their mistakes define their trading careers at all because they learn to survive in the market after making mistakes.

 

[VargaDimwit]

I can list more than three but one common mistake that most of us make is not learning from our mistakes. When we lose a trade we get sad about it and that’s it. We don’t actually try to understand what we did wrong or where we went wrong. Since we always hear how risky and unpredictable forex is, we just assume it was a bad trading day. And then we keep on repeating the same mistake again and again resulting in more losses. So I think there is nothing wrong about making mistakes. Mistakes help us learn something new so that we can make the right decision next time. The only mistake that we should never make in forex is, trusting a scammer. One last thing I want to mention is never leave your decisions to your emotions. We often say follow your heart but that is not something ideal for a forex trader. Only listen to your brain and make rational decisions.

 

[antwanmcdonough]

Forex requires in-depth knowledge and skills. It does not work if one does not know how to trade. It only brings loss and nothing else.
These are the three most common mistakes according to what I feel:
1.) Trading without enough learning and practice
2.) Overtrading
3.) Trading on impulse

 

[Tomfoolery]

Frequently changing their trading plans is a common mistake that forex traders often make. They need to have confidence in their analysis and trading plan and give them time to show results.