Good day, Beautiful people! Not only traders, but all newcomers, learn from the mistakes of new forex traders.
To avoid at least some of the traps on your journey to becoming a trader, read this article all the way to the conclusion. Hopefully, after reading it, you will commit fewer of them.
All of the mistakes stated here were made by me from the beginning, with the error rate imprinted in my blood.
So, here are the top ten mistakes of new forex traders:
1. Aiming for a profit! The most common rookie trader blunders, in my opinion, are hurry, haste, haste, haste, haste, haste.
Why do we seem to be in such a rush??? deposit drain In the not-too-distant future, the foreign currency market will vanish.
With the market so volatile, you’re attempting to catch the final train out of town in the hopes of making a profit.
If you don’t have time to buy a ticket, don’t board the train; instead, wait for a new one!!! Isn’t it true that new points are being introduced into the market? Learn to wait!!!! Join our Telegram channel for market updates.
2. Trade-in small increments (M1, M5, M15)!The longer the term, the more likely it is that a certain instrument will be put to the test (levels, patterns, etc.).
3. Noncompliance with money management (MM)!
4. Possessiveness. Don’t be greedy; for example, you’ve already gotten 30 points for your automobile, so relax! Don’t be afraid to take a few more. You don’t want her to treat you like “the greed of a Frayer (Trader) destroyed,” as the proverb goes.
5. Invest in intuition, impulsivity, and good fortune! Is this a gambling establishment? What are you referring to? With each step you take, you must weigh and calculate all of your activities. Don’t put your faith in luck; it might work today, but it might not work tomorrow.
6. A drunken sea all the way up to your knees! The bidding should not be done while under the influence of alcohol.
During a trading session, many traders I know miss a couple of glasses of cognac—it’s a terrific stress reliever. Be a sensible trader, and don’t let your mind wander. After the bidding, you may do so, subject to some conditions.
7. I often hear and read expressions like “The market must turn around,” “The price must bounce off present levels,” and “I have leaked the deposit” on the forums.
They sit and wait for the market to reward them, then whine, “I’ve lost the deposit.” Guys, remember that the market should not be favorable to anyone! There is no such thing as the Holy Grail!
You will be able to collect 100% of the grail if you have the capacity to travel across time. Until you understand how to glimpse into the future, avoid using the terms “must” and “must.” Change them to a mathematical probability and explain as follows: “With an 87 percent mathematical likelihood (let’s say), the price will bounce off the levels,” but don’t forget about the 13%, and establish a stop loss.
8. Trading with someone else’s trading system one-on-one! You’ve discovered a fantastic online trading system (for reference, no one puts good trading systems online, all the more so for free).
Assume you believe the system isn’t all bad, considering its benefits and problems. Test the system and add new analysis tools, such as an additional indicator, to improve it. In general, the system should be polished, and defects should be minimized. Toss it in the garbage and forget about it if it doesn’t work. However, never use it according to the author’s algorithm, as the deposit will be merged if you do.
9. Go against the market, not with it!. Guys, the deposit is about to be emptied out (it was checked; I, too, at the initial stage, as a stubborn ram went against the market and averaged even worse, the drain of the deposit was inevitable and soon took place).
Pullbacks can be profitable on tiny timescales, but keep your finger on the pulse, set a stop loss, and keep an eye on the price on wider timeframes. Following the market’s lead is a good idea.
10. Fear of losing money and of having to cease unprofitable deals! “Now it will turn around a little more, and the price will go to my take profit,” some rookie traders believe, but this is not the case. This has been discussed before; see paragraph 7 of this page for further information.
Find out how to minimize your losses! The entry is inaccurate, as it does not seem to be with whom, and the pros are also incorrect. Close a losing trade, reclaim it later, and wait for a new market entry opportunity.
Of course, these aren’t the only mistakes; there is a slew of others. You’ll run into them throughout the course of your work, and they’ll be added to your list of mistakes. This list, however, includes the ten most dangerous ones, in my opinion. As a new trader, you will need a good forex broker. Choose a broker here: “Top 7 Unique Forex Brokers,”.
Continuing the topic, I wrote an article, ” 10 Helpful Forex Trading Tips, 8th one is the best!!! “You can read it by clicking on it. Be cautious when trading. We hope to see you soon!
