Curiosity and excitement are major reasons for the failures of new traders. If some of them happen to overcome these, some fail because of the fear of losing, hope for making money and even sadness after losing money. If a trader happens to perform well in the starting years, they become revenge traders when they lose and trade recklessly when they win. A trader who is above all these emotions often wins in the forex market.
It’s okay to make mistakes but it’s not okay to not correct them or ignore them. You are completely wrong if you are not taking time to find mistakes in the way you trade. By doing this, you may open several doors for you.
traders always try to recover their recent losses by trading over and over. this attitude comes from emotions.
When I was a beginner, the first thing I did was rush into live trading without any proper demo trading experience and without familiarising myself with the brokers' platforms. It is okay to make mistakes but do not ignore them, traders should also keep a journal to keep note of the previous mistakes and avoid them during future trades, which most beginners do not do.
The biggest mistake traders commit is that they assume that the forex market is easy. Many new traders underestimate the market and don’t take it seriously, which leads to losses.
As beginners, we underestimate the market and have many assumptions. Don’t let this build up! The market can be highly unpredictable. Be prepared for the worst.
ma market is not easy at all and there is no one who can predict the real faction of this market with certainly.
The list is so long; but I think new traders try to learn Forex trading within very short period of time is one of the most common one! Actually, Forex is a long term process and there is nothing like shortcut way in Forex, it takes such a long time to learn!
Indeed there are no shortcuts for trading forex successfully. Traders need to have a proper and in-depth understanding about forex to develop appropriate trading skills.