Common Mistakes
One of the most common mistakes I see in traders is increasing the risk exposure because they think they are on a winning streak. Just because they were successful on a few trades, they risk more dollars per trade. Most traders that I come in contact with have no trade plan. That means that they do not know what to do if they are wrong and they do not know what to do if they are right. As important to knowing proper win/loss ratio of knowing how much you are going to lose if you are wrong and how much you are going to make if you are right, but what are the odds of making money, or being right? What are your odds of losing money, or being wrong? Like this there is a whole list of mistakes that a trader is expose to. After we become aware of the most common mistake in Forex, we could improve our chances to make a good profit. That’s why I start this threat. Lest create a list of the most important mistake a trader has to avoid. What do you think
good idea but I´m not sure people is going to read this before making the mistakes
Well I think that the first mistake is to trade without knowing the basics, I´d say to Put Pivot , resistances and supports
One of the most common mistakes I see in traders is increasing the risk exposure because they think they are on a winning streak. Just because they were successful on a few trades, they risk more dollars per trade. I think is better to be conservative and take low trading leverage.
One big mistake is go into the trade without knowing the language, that’s ignominious; people must be familiarized with the FOREX concepts to prevent that I always suggest to get a forex dictionary or visit the tradeviewforex site they have a good glossary and FA
You seem to know a lot help me out with this, Is it better to trade on a minute basis or a 15 minute gap. I understand the difference but as a new boat what applies forme ?
I found this great place to learn the Forex language; it has a dictionary and a short 45 minute module, look into it. Don’t remember the exact page look for tradeview in google
to trade in a minute basis is not my cup of tea the indicators could be illuminating but the seconds you take making the decision and placing the order may go against your trade… I personally prefer the 15 minutes or the 30 minutes chart and based on that organize my trade orders, ahh by the way I don´t know a lot I´m just learning and open to share my views and little knowledg
many traders, while learning to trade (myself included :P), try to search for ultimate strategy/trading system - the holy grail. i find this is a common mistake among my friends...
Hi jmot
Why do you think that a common mistake?
If you are learning you must practice and study as much as you can.
Looking for the best strategies and new systems is normal.
I think the mistake take place when traders look at one strategy and take it as the most successful in the world.
You have to build your own strategy.
A very common mistake among traders and -me included- is taking small profits and letting losses run. After one or two losing trades, you are very likely to take a small profit on the next trade even though that trade could have turned into a large winner that would have offset all your losses.
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One of the most common mistakes I see in traders is increasing the risk exposure because they think they are on a winning streak. Just because they were successful on a few trades, they risk more dollars per trade. Most traders that I come in contact with have no trade plan. That means that they do not know what to do if they are wrong and they do not know what to do if they are right. As important to knowing proper win/loss ratio of knowing how much you are going to lose if you are wrong and how much you are going to make if you are right, but what are the odds of making money, or being right? What are your odds of losing money, or being wrong? Like this there is a whole list of mistakes that a trader is expose to. After we become aware of the most common mistake in Forex, we could improve our chances to make a good profit. That’s why I start this threat. Lest create a list of the most important mistake a trader has to avoid. What do you think