Repeating mistakes, trading on the basis of wild guesses, using high leverage illogically are things that you should avoid.
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You got right to the point. Repeating a mistake in trading can lead to compounding losses and hinder your overall progress as a trader.
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They are natural part of trading , but they should not be driving force behind your decisions.
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Trading with high leverage involves a higher level of risk. It is crucial to be disciplined, cautious, and well-informed when using high leverage in trading. Leverage is good when all of these factors are taken into account.
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I canât agree with you, 1 pip value is the same when you are use 1:100 , 1:500 or even 1:1000 only margin requirements are different.
Thanks a lot⌠
That makes sense! 
And the other important thig that must be avoided is emotional decision-making.
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Yeah, Iâm following some trading psychology rules and I believe itâs an important point.
I donât dare use those crazy high leverages, but if you do and win⌠
Really try to avoid doing what many new traders do, which is to jump into trading without taking time to find a consistently profitable strategy.
One thing which they often try to do is buy at the bottom right of a price chart because price has been going down (or sell at the top right because price has been going up).
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Hmmm.
EUR/CHF has definitely been a consistent sell since January. However, it is also the least historically volatile pair apart from AUD/NZD, so always likely to underperform. And in that period that is just what it has done.
EUR and CHF are heavily correlated. Almost all of Switzerlandâs trade is through the Eurozone, so itâs always rare and odd when these two currencies look like they are diverging from their exchange rate price chart. Likewise New Zealand and Australia: in economic terms you can usually treat NZ as an island state belonging to Australia. Just donât tell that to any Kiwis.
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Hey Amelia and welcome to Forex trading world. 
Iâm trading from 2008 and teaching technical trading for a couple of years now; during all these years, Iâve seen that beginners and newbies always making the same mistakes so just wanted to share some of them with you here and I hope itâll be helpful for others as well.
Also, Iâve made some of these mistakes at the beginning too but what important is that you need to âlearnâ from them so each mistake will put you in a higher step.
As you probably know, Forex trading is a complex and challenging activity that requires proper education, knowledge, and skills so some of the most common mistakes beginners make are:
1. Jumping into Forex trading without sufficient education and knowledge.
2. Being too emotional, greedy, or overconfident in their trades.
3. Risking more than they can afford or misunderstanding how leverage works.
4. Trading without a net, such as a stop-loss order or a risk-reward ratio.
5. Not keeping a trading journal or learning from their mistakes.
6. Not having a clear trading plan or strategy.
To avoid these mistakes, you should do your homework, manage your risk, control your emotions, use a safety net, record your trades, and follow a trading plan. You should also seek professional advice and guidance from experienced traders or reputable sources.
I hope this helps and wish you success in your Forex tradingâs journey.
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Yeah, believe me that can ruin everything.
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#4 and #6 for me for sure! The no SL caught me several times for huge losses. I had plenty of wins without them, but not as big as the losses I experienced.
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Changing trading strategy
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So you are proposing that if my strategy consistently fails I shouldnt change it? Where do these people come from???
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Whatâs revenge trading?please explain further
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In a nutshell, revenge trading is when you loss a trade and then jump straight into another trade without doing any analysis or following your strategy as youâre trying to immediately win back the money you just lost.
Adding to a losing trade!!!
It cost me two accounts. I blew them up, just because of this thing I did - adding to a losing trade thinking the price has hit some support or resistance level and it will reverse.
I learned this lesson the hard way. Nowadays, I would never add to a losing trade, but I regularly add to a winning trade.
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