Bad habits of beginner traders.

kim855

Private, 1st Class
Messages
58
Ima think there're lot of things newbiess're doin' wrong.
  • Startin' with tradin' live acc without openin' demo one.
  • Don't know how calculate their mm (money managment).
  • Set too large drowdawn. And it applys to all traders. Many of them doin' it and then loose.
Yeah Ima doin' it too some time. Bad habbit.
  • Don't analyze market or doin' it circumstances.
Ima think there're lot of mistakes. Choose you like.
Cheers.
100% sounds about right but find it hard to find honest and key information through all the rubbish and scams around that its hard to know who to trust
 

nahiyar

Private, 1st Class
Messages
881
Some bad habits include-
- No control over emotions
- Using high leverage
- Not making a stable strategy
- Greed for profits.
- Want to make quick profits
You hit the right points, these habits are present lessor more in all traders. I want to add one thing more a lack of knowledge and market study. Traders come to the live market very early having low experience. That is why they could not overcome the habits that are dangerous for trading.
 

bigdolly

2nd Lieutenant
Messages
1,155
One the biggest habits of rookie trader is to take enormous risk - high leverage, large position size and of course inability to accept mistakes (keep losses till broker forcefully stops him out). Ability to cut losses short is mentally challenging decision especially when you may need to accept a series of small losses.
 

Eryk Martin

Recruit
Messages
177
You hit the right points, these habits are present lessor more in all traders. I want to add one thing more a lack of knowledge and market study. Traders come to the live market very early having low experience. That is why they could not overcome the habits that are dangerous for trading.
True mate! you have highlighted an important point. As said by Abraham Lincoln -
"Give me six hours to chop down a tree and I will spend the first four sharpening the axe" Similarly we should be well prepared before hitting the live market. If we have the knowledge we will definitely get success sooner or later.
 

Akwin

Private, 1st Class
Messages
50
Hello, I am a beginner in trading, I need to know the mistakes that I should avoid? Your help is highly appreciated.
 

ZzzzzzZ

Private
Messages
34
whats the best way to calculate the money and pip size as a lot of currency's have a different value so there is no rule for 1?
Ima think first you decide whata currencys' tradin'. Cause alas there's no universal calculator. It depends many factors need to be taken into account. It's important Ima think consider the broker you're tradin', leverage, your initial capital, currencies', etc.
 

ZzzzzzZ

Private
Messages
34
100% sounds about right but find it hard to find honest and key information through all the rubbish and scams around that its hard to know who to trust
Yeah Ima think it's hard but possible. Always analyze information critically. Ima think analyze from different sides.
 

Eryk Martin

Recruit
Messages
177
Hello, I am a beginner in trading, I need to know the mistakes that I should avoid? Your help is highly appreciated.
The very 1st thing to consider is a good choice of broker, though I have mentioned some major points earlier in this thread, but for a beginner, the choice of broker matters a lot.
 
Messages
102
I cut losses all the time now. As a beginner trader I just used to let the account run and get margin called while I slept. Such painful trading for around 12 months before I changed tactics.
The commo problem here is
1) Traders are too confident in their understanding of the market and trade
2: develpo trading skills and knowledge
 
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