Jump to content

Welcome to Digital Money Talk Forum - Forex, Ecurrency exchange and Cryptocurrency Forum - Sponsored by 1xBit.com
Register now to gain access to all of our features. Once registered and logged in, you will be able to create topics, post replies to existing threads, give reputation to your fellow members, get your own private messenger, post status updates, manage your profile and so much more. If you already have an account, login here - otherwise create an account for free today!



1xBit



Read our Advertising Disclaimers


Refund Policy


Photo

Mistakes that Forex traders are likely to make.


  • Please log in to reply
148 replies to this topic

#1
Mody Saied

Mody Saied

    Advanced Member

  • Members
  • PipPipPip
  • 64 posts

The kind of mistakes found in the financial markets are basically the same.

But online, mistakes in forex are spoken of mostly. So what are they?


  • -6

#2
sasanka

sasanka

    Advanced Member

  • Members
  • PipPipPip
  • 117 posts
  • LocationSri Lanka
One majour mistake one might do is to trade against the trend. In forex it is very dangerous to trade against trend . Never trade against the trend unless there is a positive indication that trend might change.
  • 0

#3
boniez

boniez

    Advanced Member

  • Members
  • PipPipPip
  • 371 posts

One majour mistake one might do is to trade against the trend. In forex it is very dangerous to trade against trend . Never trade against the trend unless there is a positive indication that trend might change.

indeed all traders would be loss when trading against the trend direction. better to the direction of the trend, because if we are able to make friends with the trend. then the profits will continue to flow
  • 0

#4
standart

standart

    Advanced Member

  • Members
  • PipPipPip
  • 4,800 posts
another common mistake is use high lot when trading while they still don't have good trading system who can guide them to entry and exit. they also often use high lot while only have low initial deposit.
  • 0

#5
winning11

winning11

    Advanced Member

  • Members
  • PipPipPip
  • 145 posts
As an online trader, you have to remain calm and try to avoid hesitating. sometimes a real good chance only last less than a minute. just don't be too prudent sometimes.
  • 0

#6
Nikhil

Nikhil

    Advanced Member

  • Members
  • PipPipPip
  • 1,234 posts
@winning11 yes there is not so much opportunity to enter the trade in a day and we need to grab this and abot calm you saying the most important thing in forex because all time we need it otherwise there is great chance to loss here and also need patience . if all we have then have more chance to become success.
  • 0

#7
andry777

andry777

    Advanced Member

  • Members
  • PipPipPip
  • 1,145 posts
@Nikhil
I am a little bit disagree with you. Actuall, there are many opportunity in trading to get some profits. All condition could be profitable if you
knew how to analyze the market well. Many people think if the chances to get profits in forex is only in the evening, or in the night, etc but
they didn't realize if all conditions could be profitable or not that will depend on our decision to make.
  • 0

#8
winning11

winning11

    Advanced Member

  • Members
  • PipPipPip
  • 145 posts

@Nikhil
I am a little bit disagree with you. Actuall, there are many opportunity in trading to get some profits. All condition could be profitable if you
knew how to analyze the market well. Many people think if the chances to get profits in forex is only in the evening, or in the night, etc but
they didn't realize if all conditions could be profitable or not that will depend on our decision to make.


Theoretically speaking, every moment is chance to trade. Ideally if one can perdict correctly all the movements of price, he will profit continuously and greatly. The opportunities are always there. The only problem is to pinpoint them. Such ability is what differs a expert from a newbie.
  • 0

#9
andry777

andry777

    Advanced Member

  • Members
  • PipPipPip
  • 1,145 posts
@winning
Yes, that was right.Theoricitally, all conditions could be profitable for us if we knew how to trade well in that condition. Good decision to open
or close position will make differences on trading. But many traders think that good condition is only happening in certain time only, they didn't
realize if good analysis will be more determining to find out good chances in any condition in the market.
  • 0

#10
mohammadbadr

mohammadbadr

    Advanced Member

  • Members
  • PipPipPip
  • 229 posts
one of the common mistakes traders fall in is not calculating the stop loss before entering the trade, i.e many traders do not put a strategy of what will happen if price reversed its direction and moved against our predicted way, they hope they will win only, while they should predicts loss before profit to be able to deal with it if it happened.
  • 0

#11
hyipreviewblog

hyipreviewblog

    Advanced Member

  • Members
  • PipPipPip
  • 755 posts
Many novice traders just open position without put some stop loss so when market goes wrong way they still wait and wait until they lose all money. It is better we lose some than lose all. If we lose 10% of our principal we still have 90% to gain it back. So stop loss is the best option to prevent traders from MC.
  • 0

#12
winzpc

winzpc

    Member

  • Members
  • PipPip
  • 48 posts
Mistake i always do is not following my rule to trade and trading strategy. I always want to open a position to make a profit, then sometimes the price doesn't meet my full criteria to open position, I will take it because I thought that why I can make a trade in this day. I like to open position everyday because I want to raise my account and it cause me to impatience in my trading then not follow my rule or trading strategy in opening a position.
  • 0

#13
Adnan

Adnan

    Advanced Member

  • Members
  • PipPipPip
  • 849 posts
The most drastic mistake a trader do is to take a position without any analysis and at the same time by not placing any Stop Loss whatsoever. Doind this can only risk the traders initial investment amount to be blown up as well.
  • 0

#14
budado

budado

    Advanced Member

  • Members
  • PipPipPip
  • 7,099 posts
Not knowing when to buy and when to sell is the worse mistake a trader can do. Since forex trading is not gambling. You must do lots of research. You must first try to find the best price to buy and to sell before even try to make a single trade. In this way you can earn lots of money if you know when to buy before buying and when to sell before selling.
  • 0

#15
Adnan

Adnan

    Advanced Member

  • Members
  • PipPipPip
  • 849 posts

Not knowing when to buy and when to sell is the worse mistake a trader can do. Since forex trading is not gambling. You must do lots of research. You must first try to find the best price to buy and to sell before even try to make a single trade. In this way you can earn lots of money if you know when to buy before buying and when to sell before selling.


Well, traders who don't know when to enter into the market shouyld probably learn trading in Forex first rather then start trading right away with real money. Technical and fundamental study becomes important whe a trader wants to trade in Forex. Technical analysis can be used to enter markets at best positions.
  • 0

#16
budado

budado

    Advanced Member

  • Members
  • PipPipPip
  • 7,099 posts


Well, traders who don't know when to enter into the market shouyld probably learn trading in Forex first rather then start trading right away with real money. Technical and fundamental study becomes important whe a trader wants to trade in Forex. Technical analysis can be used to enter markets at best positions.

I do agree. If you are on day trading and even in weekly trading 90% of the time its good to use technical analysis but if you are long trader its more on fundamental analysis. But the one that I don't understand are people who say they use fundamental analysis for day trading. I mean chance are the result of fundamental from yesterday, today and tomorrow are almost the same. Unlike technical analysis that chance every 15 minutes or what ever interval that you use.
  • 0

#17
mohammadbadr

mohammadbadr

    Advanced Member

  • Members
  • PipPipPip
  • 229 posts
From my trading time and experience, most traders do not have (for sorry) a plan B, or a plan regarding what to do if their entered trade failed, so they get troubled when this happen, and may increase their entry with huge lots without good money management and detection of the probable risk, this leads them to loss for sure.
  • 0

#18
budado

budado

    Advanced Member

  • Members
  • PipPipPip
  • 7,099 posts

From my trading time and experience, most traders do not have (for sorry) a plan B, or a plan regarding what to do if their entered trade failed, so they get troubled when this happen, and may increase their entry with huge lots without good money management and detection of the probable risk, this leads them to loss for sure.

From your trading time and experience? Do does it mean that the person's you mentioned above about most traders are actually you? Me. I never invested in forex without a plan. But sad to say I still loss money in first few months of my trading. I did every thing right except timing.
  • 0

#19
senger

senger

    Advanced Member

  • Members
  • PipPipPip
  • 70 posts
The great mistake committed by the novice trader is to enter the world of Forex without learning and without the application at the expense of demo
  • 0

#20
budado

budado

    Advanced Member

  • Members
  • PipPipPip
  • 7,099 posts

The great mistake committed by the novice trader is to enter the world of Forex without learning and without the application at the expense of demo

From mistake we learn. Yes they loss money, yes they don't do their homework. But once you loss money in forex trading its either you give up or take it as a challenge. this is where the wannabe and the serious trader evolve. If you give up and blame every thing else your just a wannabe know every thing learn nothing type of person. But if you are serious you sit down study and trade to earn.
  • 0