5 Mistakes to Avoid

nahiyar

Private, 1st Class
Messages
787
There can be many flaws in
You’re right about the demo trading, but I still think it’s a great way to practice.
demo practice but even then too it is the best way to practice and training yourself for real trading. One can do different experiences with different plans so that they can choose the best out of them for live trading.
When he is passionate to learn he can learn from mistakes he is doing on demo this thing will polish him for further trading. I must say one can even learn on demo many things after having a live account for trading he can apply proved strategy on live accounts.
 

fxoday

Sergeant
Messages
227
I still don't understand leverage now
Leverage is like as borrowing money from the broker, leverage allows trader use the smallest money to trade like as real value contact size, let say contract size is 2000$ with leverage you don't need spent 2000$ but lesser than this amount, let say leverage 1:2 you only need to be spent 1000$ to eligible trades on 2000$ contract
 

kingsman

Corporal
Messages
189
It is true we had different mindsets and psychology with demo and live trading. Traders can take high risk to do experiments on a demo account but this risk is not possible in live trading because any mistake will lose your actual amount.
 

Waryangez

Recruit
Messages
4
Any mistake in trading can cost you a lot. The first mistake to avoid is leaving out the practice on a demo account. Further, don’t miss out on any opportunity of learning. Despite the fact that you are gaining confidence on your trading skills, always evaluate the market before making a move. To add on, risk is an important element of trading, but risking everything without proper analysis could be a great mistake and you need to avoid it always.
 

Macy Jones

Recruit
Messages
4
I know there are countless threads and posts about mistakes, but given that plenty of newbies get attracted to trading around December due to heavy promotions I thought I put my 5 mistakes to avoid as a forex trader here (this is not a complete list and there are many more mistakes to avoid, but personally I think it is a good start):

1. Thinking that trading in a demo account will make a trader out of you.
2. Trading in the wrong account type.
3. Miss-use of stop loss orders.
4. Thinking leverage caused you to blow your account.
5. Ignoring proper risk management

Again, this is my list and recommendation and there are plenty of other mistakes newbies make and should avoid. Feel free to add to them.
ou’ve probably heard this one a million times before. When trading options, just as when you’re trading stocks, it’s critical to control your emotions. That doesn’t necessarily mean you need to have ice flowing through your veins, or that you need to swallow your every fear in a superhuman way. It’s much simpler than that: Always have a plan to work, and always work your plan. And no matter what your emotions are telling you to do, don’t deviate from it.
 

walpants

Corporal
Messages
76
not sure i agree on the demo account, while it is very different to a live account i still think its a really important part of learning, i would never advise anyone to jump straight into a live account. if you cannot make profit in a demo you have no chance in live. the other thing i always think that if you haven't the patience to learn properly then maybe you don't have the qualities to be a trader.
 
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