Biggest pitfalls when starting out

Beginner Questions
1

What do think are the biggest pitfalls for new traders when starting out ? How would you go about avoiding them ?

2

Plenty… start by equipping yourself. Read books and start with demo. I wish there’s simple way to explain and if I list them all, I’d write a book myself.

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3

Haha, fair enough. It’s definitely a long journey.

4

There are many, but I think the biggest are

Choosing a system that doesn’t work either for you, the market, forex or at all.

not only is this bad moneywise but it sets up a poor trading psychology going forward

Your always chasing your first losses.

That’s why trading demo is wise until 100% confident.

Also I’d say day trading isn’t meant for beginners, again it leads to poor trading psychology

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5

Tips from me… there’s no such thing as holy grail. If you see someone or advertisements saying they have the holy grail, be sure that they’re scammers.

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6

Some good advice, chasing a loss is never going to end well.

7

Starting directly with Real Forex account!!!

It’s better to educate your self with basic Forex market knowledge plus start trading with the DEMO account.
Continuously upgrade your understanding and try to develop a strong trading strategy…

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8

Which one will be your biggest depends on you.

Some traders seem to be “immune” to some problems. Some are fast in overcoming them. While for others it is not that easy.

Check out this topic. There you’ll find 77 of them and choose which one is the biggest :slight_smile:

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9

I’ll check it out, thanks.

10

Over trading and to big a position size are the main ones.

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11

for me, it was definitely not being patient and overtrading. I used to force trades all the time, and I would lose every time lol

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12

Thanks for all the great advice, taking it all on board.

13

The biggest pitfall is the first step to trading: Not getting a trading education- its free! Thousands have done this before you so ask questions, read.books and learn what not to do. Most people think they can do it themselves. That mentality ‘learn from my own mistakes’. Just learn from others mistakes. It’ll save a lot of money and time.

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14

Easy earning- basically social media is full of fake screenshots; and this is why new traders expect huge profit from their beginning!

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15

Not have a enough experience.

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16

More specifically, not learning from their experience.

17

Yea I have noticed, don’t pay attention to it to be honest.

18

That’s really great! Nice to see your determination; hope for the best!

19

  1. Not taking the course on babypips seriously

  2. Opening a live Account as a beginner and not realising too soon that it’s a bad idea

  3. Not realising you need a solid trading strategy.

  4. Not realising you need to test that strategy on demo for one year.

They don’t want to do the hard work but want to make the millions.

For the solution remove the NOT in the list above, there you go…

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20

Not that it happened to me but maybe been having early success profit wise and therefore been over flippant, thinking that its easy to maintain that upward curve