What is the big mistake?

[Quinuiacl12]

I think the biggest mistake of most of the beginners is to enter the market too early. I always suggest people here that you need to spend more than six months on demo account with a single account. Then, after getting some confidence, you need to invest live money and start trading.

 

[Enayess]

I think it is normal that beginners are looking for new and comfortable trading strategies. The main problem is that they do it on a real account while losing a lot of investments. I highly recommend using a demo account, where you can learn how to trade and start the most suitable trading strategy for yourself without spending money.

 

[Chiyo]

Some of the common mistakes are not expecting the unexpected, trading without a stop loss and risking more than you can afford to lose.

 

[Malsa]

I agree that constant changes in trading strategies lead to the loss of money and the destruction of the account. To avoid losses, I advise you to test trading strategies on a demo account. And then, you can choose a suitable strategy and trade it on a real account.

 

[ishan agarwal]

When it comes to trading, there are several common mistakes that traders make, but one big mistake that stands out is letting emotions drive their decision-making process. Emotions, such as fear and greed, can significantly impact trading outcomes and lead to poor decision-making. Here's why emotional trading is considered a big mistake:

• Fear-based decisions.
• Greed and overtrading.
• Revenge trading.
• Ignoring risk management.

 

[kabir anand]

The "big mistake" in Forex trading can refer to a number of different things, but one common mistake that many traders make is failing to implement a disciplined approach to risk management. This can take many forms, such as failing to set stop loss orders, overleveraging trades, or taking on excessive risk. Another common mistake is allowing emotions to drive trading decisions, such as getting too attached to a particular trade or failing to cut losses when they become too large. Finally, traders may also make the mistake of failing to adapt their trading strategy to changing market conditions, such as when volatility increases or when new economic data is released. By being aware of these common mistakes and taking steps to avoid them, traders can increase their chances of success in the Forex market. This can include investing in education, developing a strong trading plan, and approaching trading with discipline and a long-term perspective.