Choosing a bad broker, a scammer one.
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Thinking that trading live was the same as trading profitably on a demo account. It took me another 18 months to amend my daily process to learn having a Zen mindset to avoid ever meeting an emotional challenge.
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Some years ago, I traded silver all on a sudden on a signal provided by Swiss bank, which caused me to lose 600 dollars. Not taking any backup entry immediately was a big mistake of mine.
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Here are some common mistakes that traders make in forex trading:
- Overtrading: Trading too frequently, without a clear strategy or plan, can lead to losses and emotional exhaustion.
- Not using stop-loss orders: Stop-loss orders help limit potential losses by automatically closing a trade when it reaches a certain price point. Not using them can result in significant losses.
- Ignoring fundamental analysis: Economic news, events, and indicators can significantly impact the forex market. Ignoring fundamental analysis can lead to missed opportunities and increased risk.
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Rushing into trades where they don’t follow my strategy.
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Biggest mistake was going in with a $100.00 capital balance and using high leverage (that was about 9 years ago when I first started).
How I learned from it is Baby Pips taught me about under-capitalization.
What I should have done is waited until I had saved up a sufficient capital … instead I lost my $100.00 one at a time.
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Yes, you said right because most of the traders commit this mistake. I also stuck to these mistakes but I recovered them with time.
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broker choosing is really a difficult task for the traders who are beginners especially , because in online there are almost thousands broker and most of them are found to be scams.
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i think traders do some common mistake at all time especially when they are beginner , overtrading and using high leverage with zero risk management is one of the major from all mistakes.
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exactly, over trading is just a trap , nothing without it. in my early stage of trading i lost huge money from there.
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generally only few traders can learn from mistake , majority got frustrated when making a loss by mistake and after somedays they do same mistake again. this is a a common scenario in Forex .
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i have a huge list of doing mistake , trying to recover that . actually mistake can be a good teacher if you have a clear vision of your goal.
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Actually whenever a trader asks about mistake, I always say that over trading will consume your capital. It’s the big mistake done by traders.
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if I go back to the very first days of starting trading i would say i would use demo accounts more coz i lost money a lot. and a research about leverage. i still have some problem about leverage. i would be glad to help me with leverage?
according to me, if we do same mistake again and again then its not a mistake , it a own choice . right now most of the traders doing same thing.
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Plz share the details
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You are not a lone victim to this issue; I am also the worst sufferer. However, I changed several brokers and now I am with a regulated broker.
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My biggest mistake was not accepting to lose a trade. So I have been surfing from one trading system to the other for too long. Losing is part of trading, so we must deal with it. I realized that the best option for me is to use 2 or 3 simple trading systems, apply a multiple timeframe approach and a good money management like the use of a RR=1:1.5 or 1:2 and be disciplined enough to stick to the rules.
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Actually, we feel free to trade on demo account but we fear to trade on live account. Decision plays a vital role and traders can’t make pure decision while trading on real account.
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A serious mistake most traders make is that they only set out to learn from a losing trade.
They assume that a losing trade must contain a mistake: they assume that a winning trade has nothing to teach them.
Losses and mistakes are not the same thing.
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