5 Mistakes to Avoid

[nahiyar]

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.

For me too there is no proper learning without demo trading. It is your basic trading training. Although you can not apply the whole result of a demo on live account even then too trading needs a lot of time to know all about the forex market that a demo account facilitates you to become a learned trader. A trader should avoid being over dreamed and overconfident with the performance of demo accounts.

 

[RachelEB]

Greed is the biggest mistake!

 

[Marceloguedes]

Stay away from being greedy. Letting emotions play with your mind and affect your trades in the biggest mistake for me. Successful traders are those who stay rational while taking trading decisions and do not get influenced by emotions. It is no doubt difficult, but quite important too.

 

[Luke_D]

Relying on demo results and thinking you are a professional trader now and starting with huge amount, this is the main issue with newbies today. they always take proper risk management as a joke and end up losing most of the amount.

 

[Landensimmons]

1. No precise trading plan
2. No risk management
3. Being greedy
4. No control over emotions
5. Lack of practice

 

[carnelian]

The first mistake is to avoid direct trading on live accounts without having any experience of demo trading. We cannot say demo trading gives us a real experience of trading even then too we can not avoid it. It is important to train a trader and if you do trading on demo accounts you can become learned and experienced how you have to deal with the market in a different situation then you will know how trades are managed.

 

[OptimSignals]

A demo account won't make a trader out of you, but sure saves a lot of money while learning what buttons to press and working through understanding those other mistakes.

Very true demo account will give confidence on ur trading style

 

[ScottHughes]

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

Thanks bro

 

[benisback]

This thread was a good read.

 

[fxoday]

Greed is the biggest mistake!

Yes, almost greediness causes of big loss in single trades, emotion is big enemy come from own selves if a trader can:t placed emotion in a proper way, it will harmful account trading and will quickly leading them facing to margin call account because greedy.