Discussion in 'General Forex Discussion' started by new digital, Mar 13, 2019.
what mistakes newbies make in the beginning is all part of the process i think. no one can learn without making a mistake according to me. but what a real bummer is, they don't understand how important risk management is, why you should set some money aside and then start trading and not trade on your savings.
- trading without a good plan
- adding more to unrealistic and unprofitable trades
- not taking proper steps for risk management
- ignoring the fundamentals
- not giving due importance to research and study
Never need to pay anyone to learn this stuff, end of.....
unless traders actually go throught his process anyway then they wont learn from their mistakes. Most traders do this
True; it’s their trap and new traders follow this road since, this path is looking so attractive!
A trader must follow his system. How else? You get losses, then in retrospect you start writing down the system input in your errors. You think you should have guessed for some reason that the entrance is false. So you do not have an unambiguous trading system, if you allow thinking over during the trade. Or you are not ready to accept losses on your trading system.
Some of the common trading mistakes are as follows :
Not using stop losses
No understanding leverage
Trading without a plan
Emotions based trading – fear, greed , unrealistic expectations etc.
Lack of knowledge and research
Over diversifying a portfolio
However, these can be overcome with practice, time and effort as one gains experience.
Mistakes ensure 99 % fail
Over trading/bad RM is the worst thing you can do tbh. Sometimes it can be very hard, so you've gotta hack that to be successful.
Chasing your loses
What if its just fundamentally not working?
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