5 Mistakes to Avoid

[dianajs]

I agree, good money management, together with good risk management are vital to achieving the best possible results from one's trading. A trader should be prudent and not take unnecessary risks.

 

[nahiyar]

Risk management skill comes after a long practice on trading. When ever we are going to take risk frst think of your targets and act upon trading plan . I roughly made a plan that this %will be used in trading it can bring an estimated profi tor loss so I not exceed from my limits.

 

[carnelian]

Taking big lot for trading and hurry in trading are big mistakes.These effect on trading directly. One should avoid these because he can make good profit slowly with small lot size if he is patience and good in trading.

 

[James Presworth]

Is the demo that much different really?

 

[Pharaoh]

Is the demo that much different really?

Think about it. What happens if you open a trade for 10 lots on the Norwegian Kronor vs the Mexican Peso (a very exotic pair with low liquidity) when both the European and US sessions are closed?

In a demo, the order executes at whatever price is shown.

In reality, there will be massive slippage, partial fills, no fills, etc.

Major pairs can have the same liquidity issues when few people are trading them or else when a news event means many people are trying to all jump in and open trades in the same direction.

 

[William Barnes]

Thanks for sharing your personal opinion and I also hope that this thread will definitely aware the beginners as well as existing old traders. I am also sharing 5 prominent mistakes of mine that I made in the initial stage and I believe all the lists will actively help new babies to identify their mistakes and learn few things about forex trading.

1. Giving little time in demo trading accounts.

2. Trading with larger venture and my entire account was blown up within 1 month.

3. Selection of wrong broker.

4. A wrong trading strategies and style that did not ensemble my trading goals.

5. Lack of risk management tools like stop loss, take profit and trail stop.

But now, fortunately I am able to overcome all these with a great patience, perseverance and knowledge.

 

[Mike James]

Avoid gambling excessively of your capital on any one trade. As it were, don't over-leverage! Take the word HOPE out of your trading lexicon. Control your hazard. Continuously USE STOPS. Live to trade one more day. Don't get serious about a losing position unless it is a piece of your trading design.

 

[dianajs]

I agree. Neither hope nor despair should have a place in making trading decisions, or any other kind of emotion. They should be dictated purely by logic and by one's strategy.

 

[Vlad_Vahnovanu]

To see the progress in forex we need proper learning and practice of trading . I give importance to take low risk we should avoid high risk in trading because it increases dangers of loss, then avoid emotional trading attempts and hurry in trading.

 

[Morten]

People lose money on the Forex market due to their wrong approch. They think that they know each and every thing about the market but in reality the scenario is quite opposite. Theknowledge of the market is so vast that it requires years to know something about it propely.