What do you mean by the wrong account type? What is right and what is wrong here?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.
Yes I think so too, many newbie might they have mindset only look for profit but less pay attention with the risk management, and often trade recklessly without stop loss and relying with luckyAmong these 5 mistakes, risk management is the most important one. With a good strategy, if you are not using good risk management, then you cannot become a consistently profiting trader.
Yes I think so too, many newbie might they have mindset only look for profit but less pay attention with the risk management, and often trade recklessly without stop loss and relying with lucky
There are many foremost mistakes that we have to leave to lead a flexible and profitable trading life with certainly. Most of the traders consider high leverage as a big mistake in Forex trading. but, in order to my trading experience , I don’t consider high leverage at any risk, if there is any risk, it is completely with non-sense planning and zero risk management policy, nothing to do with high leverage at all. So, before trading with high leverage, we the traders have to know how to manage risk.
Yeah but high leverage is a pure risk in itself. Its the only option for some traders but if ther is a way to avoid its always better to stay away from these incredible figuresThere are many foremost mistakes that we have to leave to lead a flexible and profitable trading life with certainly. Most of the traders consider high leverage as a big mistake in Forex trading. but, in order to my trading experience , I don’t consider high leverage at any risk, if there is any risk, it is completely with non-sense planning and zero risk management policy, nothing to do with high leverage at all. So, before trading with high leverage, we the traders have to know how to manage risk.
Yeah but high leverage is a pure risk in itself. Its the only option for some traders but if ther is a way to avoid its always better to stay away from these incredible figures
It's true. If you want to survive long-term trading Forex, you should first lower the leverage. You never know when your bad luck will hit and caught you on the losing side with a massive lot.Yeah but high leverage is a pure risk in itself. Its the only option for some traders but if ther is a way to avoid its always better to stay away from these incredible figures