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Avoid this Rookie mistake

Quoting HisaoFujioka
{quote} Only Holy Grails is skills and experience. One needs to be very much skilled in analysis and mind control. Otherwise it's not possible to make money here.
I really could not have put it better.
The only thing that I'd add is that one also needs a properly regulated broker.
Quoting mlawson71
{quote} I really could not have put it better. The only thing that I'd add is that one also needs a properly regulated broker.
Agreed! I always made sure that people should opt for the regulated broker so that you never have to face any issues when it comes to trading conditions, and safety of funds.
Also proper understanding on forex trading is helpful, but I guess experience counts as that.
Trading in the market with emotion can be very dangerous. If you want to become a good trader you have to control your emotions. You can control your emotions by practicing on a demo account more and more. It will help you to get confidence and trade fearlessly.
Being over leveraged and deep into your funds will give you as close a feeling to a panic attack without having one as possible, would not advise, thinking I was better then a SL too, also a big mistake. Im still terrible but expensive lesson learnt
honestly speaking there is no way to avoid mistake in spite of having good knowledge and experience , but we have to remember that if we do same mistake again and again then its not a mistake, its a own choice that already made as a bad trading habit.
Rookie mistake that the most of them make is to think that forex is a very profitable business where they can earn so much money in a short time and without having to do much. Some of them take it that way even after they join and it is because they join forex through brokers that make them think that way and they are not provide witt he knowledge they need to understand what forex is really about. Things the go and for them when they trade without knowing everything and they lose more that they gian until they blow all their money or they give up after some time. That is when the true meaning of forex trading come in and most of them open their eyes.
Quoting Yoda_Glenn
I sometimes get messages from desperate new traders who say they just lost some huge sum of money on the market, and that they need help. Please avoid this mistake: DO NOT TRADE LARGE SUMS OF YOUR OWN MONEY. If you losing $5,000 would hurt, then you need to deposit only $500. Likewise, if losing $500 would hurt you, then you need to deposit only $50.00! The goal in trading is to get to a point where you are trading the money you have won on the market. The quicker you can get to this point, the better your trading decisions will be. Only deposit,...
if you are to deposit $50 then rather not, it's about having an acceptable balance to start with, and keen observation with risk management
Quoting Yoda_Glenn
I sometimes get messages from desperate new traders who say they just lost some huge sum of money on the market, and that they need help. Please avoid this mistake: DO NOT TRADE LARGE SUMS OF YOUR OWN MONEY. If you losing $5,000 would hurt, then you need to deposit only $500. Likewise, if losing $500 would hurt you, then you need to deposit only $50.00! The goal in trading is to get to a point where you are trading the money you have won on the market. The quicker you can get to this point, the better your trading decisions will be. Only deposit,...

Agree!
You only need to trade the amount that you are not afraid to lose. This should not be the last money, and even more so it should not be borrowed for the sake of trade.

Beginners are the most mastales prone.
The first type of trader's mistakes is psychological. The second is money management mistakes; and lost one - Technical errors.

The most important advice I would like to hear when I start is to follow the plan and trade with cold mind.

Don't be afraid to be wrong. Remember that even the big players started small sometime. Study the material, develop your own system and follow it.
Demo first and don't stop until you become profitable
Quoting Yoda_Glenn
I sometimes get messages from desperate new traders who say they just lost some huge sum of money on the market, and that they need help. Please avoid this mistake: DO NOT TRADE LARGE SUMS OF YOUR OWN MONEY. If you losing $5,000 would hurt, then you need to deposit only $500. Likewise, if losing $500 would hurt you, then you need to deposit only $50.00! The goal in trading is to get to a point where you are trading the money you have won on the market. The quicker you can get to this point, the better your trading decisions will be. Only deposit,...
I totally agree. This is such a common beginner's mistake that it should be mentioned literally everywhere. Knock it out in big gold letters on any trading platforms.
Beginners are often too curious to make money that they don’t spend enough time studying and grasping the basic skills. They don’t even have any self-control and keep opening positions even when they shouldn’t. In the rage of making huge profits, they take big risks and end up making big losses.
Quoting nourhanfahmy
Beginners are often too curious to make money that they don’t spend enough time studying and grasping the basic skills. They don’t even have any self-control and keep opening positions even when they shouldn’t. In the rage of making huge profits, they take big risks and end up making big losses.
Yeah, and then common talk about casinos and fraud begins.
this is very common thing in there, when traders fall a great trouble by mean of own mistake they never find out the reason why it happened , they just blame this market place and consider this platform as casino and fraud something.
Simple mistakes sometimes lead to huge losses. If any loss occurs due to unfavorable and unstable market condition, then it’s not your fault. But, analytical mistakes are considered to be the great mistakes. A trader should avoid these mistakes with great planning and practicing. Every mistake can be a lesson if traders want to derive that lesson, it can give him a good knowledge over the market.
Experience teaches you all. You won’t find everything in your books. You will have to wet your feet in the market to know how exactly it moves, what strategies work for you, how leverage works, etc. Don’t be afraid of making mistakes but don’t also risk more than you can afford to lose.
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  • Last Post: Apr 22, 2022 4:10pm Apr 22, 2022 4:10pm
One of the mistakes is to think that it is easy to make money on Forex, I thought so too, when I first started trading on a real trading account, I increased my deposit from $100 to $400 in two weeks, then I lost it all, only after that I began to trade carefully and analyze your mistakes.
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