5 Mistakes to Avoid

[dianajs]

There are plenty of mistakes due to which we are struggling, you have shared some of them and I would like to add one another mistake that most of the people are failing due to using big lot size and trading with big target of profit

I agree. I prefer to aim for smaller but more secure profits while taking fewer risks.

As for sticking to one's strategy as a way to make profits on a regular basis - on principle I agree with that as well, but I think it's important to keep in mind that no strategy is 100% effective. The point is to find a strategy that that works more often that it doesn't, and then truly stick to it, while doing one's best to figure out under what circumstances said strategy fails so one can either improve it or avoid trading while using that strategy during those circumstances.

 

[natalia-morales]

Thanks a lot, this is always good to check and not to forget

 

[downtrend]

Mistakes can't be eliminated until you do them and get loss from them. When you will get practical experience by doing mistakes only them you think seriously of avoiding them.

 

[bigdolly]

Well there can be many mistakes but most crucial is trading without Stop loss. Its simply guaranteed loss I tried it myself many times and with decent R/R you run across a trade which deplete your account.

 

[dianajs]

Mistakes can't be eliminated until you do them and get loss from them. When you will get practical experience by doing mistakes only them you think seriously of avoiding them.

While learning from one's own mistakes is vital, there are other ways to learn as well. There is a lot of readily available information out there that can help a trader avoid making some mistakes to begin with and it's good to use such information to its fullest potential.

 

[bianh]

thanks for guidness.

 

[Froso@FXNET]

Big lot is really a big mistakes until you are not able to adjust trades . Big lots are easy to take when market moves every pip charges a lot of money from our account it can be a profit or loss. so Be prepare for everything while deciding about lot size.

 

[dianajs]

Another mistake is to trade when one is tired or distracted. Good trading is an intellectual activity that requires to be able to focus on it fully, and if you're exhausted you'll have a hard time doing that.

 

[holycow]

Practicing and learning forex processes is more important for every new trader, those who practice demo accounts for learning forex are more successful than the rest. Otherwise, the new traders jump into the market while thinking that forex is a magic wand and afterward realized that it wasn't that easier.

 

[hitfx]

I would like to say that small investment and expecting beyond the limit is the negative approach and is the major reason due to which mostly people are failing and getting bad experience of forex trading.