#1 mistake

What do you think the #1 mistake in forex trading is?

Overconfidence and greed

Spending too much time on forums.

totally agree, especially when you think you’ve found a great system, this is the beginning you make huge losses

greed and raging…

The #1 mistake of all time is the failure of putting a Stop Loss.

Not accepting loss.

Thinking you’re “smarter” than the market by thinking you know what the market is going to do before it does it.

I’m not talking about using indicators and chart patterns I’m talking about watching a pattern while its developing and then saying to yourself, “self, that candle is going to close 10 pip down and the awesome oscillator is going to cross below zero. I just know it is, so I’m gonna go ahead and enter my position to catch all of the move”

I’m obviously not speaking from personal experience or anything haha. Then it leads to me revenge trading and trying to make up the loss with a big winner on the next one, then the cycle continues.

Soooo, short answer turned long is: Pride and Ego

Try to take the revenge from the market a.k.a. try to cover the loss with martingale. :slight_smile:

Ignorance.

Poor money management and over leverage

Reading this thread depresses me. I’m guilty of all of these.

I know this thread is a couple of days old, but hopefully this isn’t a necro!

Risk management without a doubt. Most of the would-be traders I’ve seen treat their trade decisions too flippantly.

Money management

to ask precisely that. The only mistake is risk more what you are expecting to gain, bad idea.

Greed is the number one factor that leads to lose. Greed can make you borrow money from a financial institution and still risk that money by trading without a working strategy. I have come across people who have lose thousands of dollars within few hours all in the name of greed. Only if you can trade without being greedy, then you have a huge chance of success

Over confidence can also lead to a disastrous end. Traders in this category are those who fail to use the stop loss and take profit option. They feel they are in total control.

Discipline and emotions.

poor money management and lack of patience…

Risk too much onto one single trade and has no stop loss.