Bad habits of beginner traders.

HeavenLeighRob

Sergeant
Messages
173
I can think of a few:
1.) Unrealistic expectations
2.) Choosing the wrong broker
3.) Not having a proper trading plan
4.) Allowing emotions to affect them
and the list goes on
 

Fenrilrajas

Recruit
Messages
52
Often new traders overestimate their abilities, thinking that it's very easy to reach success in this kind of activity. Nevertheless, as we can see it's not like that at all. I believe that traders should wisely approach to trading activity, especially rookies, because they often think that there is nothing to do in order to earn money. So, also, beginners neglect basic rules like risk management and money management which directly leads to the blowing of their accounts. It's unpleasant of course, however traders should remember that rushing isn't about trading at all. They should be more attentive to such things.
 

FriendlyFX

Sergeant
Messages
171
Oh there's so many .
Main ones are poor money management
Unrealistic goals from IG traders Instatraders
Poor or bad mindset and revenge trading
 

Buzanara

Recruit
Messages
4
I think that one of the worst mistakes which is made by the newbies is spontaneous trading without any trading plan.
It is very important to count your money which you operate with all the time in order to be safe from overexpenditure. Planning plays crucial role in trading because it helps the traders set their goals and aspire to make them come into life. Each trader needs to know what to expect from this or that deal and he should also have a plan if everything goes differently from his expectations. It is because of the fact that the situation may develop very rapidly and the trader will have to make the right decisions within tight deadlines. As for me, I don't think that it is possible for me to take a good trading decisions within sheer seconds, that is why I do the planning before opening the deals and write down the factors which made me open the deal in my diary. This actually helps me analyse my past deals, find some mistakes in my workflow or weak points and correct them. Otherwise, it is next to impossible to track down which things caused you open the deal which turned out to be an absolute failure.
It is alright for the beginners to make mistakes, but they should learn the lessons out of their failures in order to improve their trading strategies and grow as a trader, otherwise you will always make the same mistakes and you will never be profitable and consistent.
 

Felhamand

Private
Messages
17
The most dangerous mistake is thinking only after doing.
Beginners are prone to emotions in the early stages of their trading, so they run risks of doing some illogical actions first and only after they lose the money do they start thinking of the deal as a mistake. However, it doesn't mean that they analyze their mistakes. The keep on doing quite the same thing: opening the deals without any thorough researhes which eventually leads to the total loss of the money and great disappointment.
 

TareqS

Sergeant
Messages
126
I agree on the note that traders have been trading for some years, they may carry negative mindset which they had from previous trading experience. Thus, traders are to be very careful from the very outset. It is a business, which requires serious patience. We must not hurry at any stage of trading.
 

fxoday

Recruit
Messages
623
Yes, sure forex needs high patience and work smart, maybe the most problem for some traders is how to keep emotion under control, when traders look at the market and see the price movement, sometimes they forget the rules, and price movement like as the girls dancing in front of the eye, and make every man want to catch.
 
Messages
163
Yes, sure forex needs high patience and work smart, maybe the most problem for some traders is how to keep emotion under control, when traders look at the market and see the price movement, sometimes they forget the rules, and price movement like as the girls dancing in front of the eye, and make every man want to catch.
Keeping emotions in check is definitely one of the biggest challenges for most traders. It takes a lot of self-awareness and personal improvement to tackle them - trading is not all about hard skills.
 
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