newbie mistakes

[perryjohn765]

newbie makes the mistake of earning in a hurry. They dont want to suffer losses but only think about the profits. and thats where they lose.

 

[TheNewbieTrader]

Hi guys so relatively new to the forex market and unfortunately I've suffered pretty high loses the past week, I know where I've went wrong and I'm kicking myself for it but I'm wondering how many of you all have made the same mistakes and wiped out your account or come close to ? I've been involved for just under a year following signals but then decided to do my own trades with very limited education, cocky on my part and I've now (hopefully) learned from my mistake.

I usually learn from my mistakes and now that I've experienced this I'll be sure not to do it again. I was literally eating my dinner and took my eye off the chart for 1 minute and in that minute I was wiped out the trade in a flash resulting in alot of capital being taken out.

I'm looking at Chris Caper for the mentor course at 2ndskiesforex which has good reviews on here, interested in it as its quite big on mindset, anyone on here had much success from it?

I'm determined to make a success out of this and look at losses the way I look at any other business expense, luckily the loses I can afford and I'm not too bothered about it but I know it was down to not following the basic rules, I thought I could capatalise on the XAUUSD situation and gain quick profits but I was wrong.

Thank you in advance for any support and feedback.

Signals are terrible to be honest, best learning for yourself. Over the last few years of trading, I've not came across one good signal provider.

Have a look at YouTube if you want to learn, plenty of material for free.

 

[ele020]

Signals are terrible to be honest, best learning for yourself. Over the last few years of trading, I've not came across one good signal provider.

Have a look at YouTube if you want to learn, plenty of material for free.

I agree and advise the same...

 

[sarah2701]

Signals are terrible to be honest, best learning for yourself. Over the last few years of trading, I've not came across one good signal provider.

Have a look at YouTube if you want to learn, plenty of material for free.

Agreed, learning by yourself and creating your own strategy is the best thing you can do.
Do not rely on any other signal providers.

 

[Woohoo]

Agreed, learning by yourself and creating your own strategy is the best thing you can do.
Do not rely on any other signal providers.

True!
Each trader has his/her own strategy according to their goals and risk appetite. So, it's always better to formulate your own strategy rather than copying someone else's strategy.

 

[Utopian]

True!
Each trader has his/her own strategy according to their goals and risk appetite. So, it's always better to formulate your own strategy rather than copying someone else's strategy.

Exactly, I believe that every trader should make strategies according to the current market state with his own knowledge and skills.

 

[VinceD]

Can a beginner trader scalping and make consistent profits during the initial stages?

 

[Sherek Max]

Can a beginner trader scalping and make consistent profits during the initial stages?

You should not scalp the trades until you can swing trade. Even swing trading is very hard to get right but it teaches you discipline and patience. Until you know all the aspects of trading, don't for scalping as it's not a child's play.

 

[MoveEpic]

According to me, everyone should come up with enough forex knowledge and skills.

 

[liability]

Not understanding the impact of leverage and missing out the potential of using stop losses are the most common mistake that you'd find in newbie.