What is the number one mistake traders make?

Starting with trading soon!
Even though trading has a few fundamentals to cover, it is a big subject.

Your analysis is important. Technical and fundamental analysis take time to develop, which traders develop while trading. A new trader should practise and hone their skills on demo trading and should switch to live once they have a workable strategy and a sense of the market.

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Not realizing the markets are rigged. Meaning they need to trade with the banks.

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Agreed, don’t think only youtube traders are trading :grin:, big shuffles you saw at major levels are due to these big bookies.

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The biggest mistake one makes is taking trading to be the easiest and quickest way of making money which is not at all true. Trading requires you to be patient and gain as much knowledge about market trends that is learnt over a period of time.

There are two mistakes most new traders make, I’m not sure which is the more important but both stem from a fear of loss -

  1. day-trading

  2. trading reversals

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Very true, everyone wants to run before they can walk. It is key to let the process unfold and enjoy the process of learning

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Not opening a damn book full of knowledge for forex

Agreed, it is the most important thing.

Nice. I think traders should also not neglect their emotions because they impact your trading decisions. Learn to control greed and fear.

Not realising learning to trade profitably is a long-term thing. There are no quick profits.

According to my trading experience, not using proper use of stop loss is the biggest mistake.

Nailed it. Thinking they can rock up to a $6tn+ a day business without any education or experience and make themselves overnight millionaires.

The most systematic mistake, in my opinion, is a lack of proper knowledge.

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The number one mistake for me: not studying the market. Forex is an ocean, and it is unpredictable, but if your fundamentals are strong, you can minimize your risks.

Bad risk management and poor bankroll skills.

Very true! This is the main mistake that a trader makes. He thinks that trading is the easiest and fastest way of making money without even having proper knowledge about trading.

There are many mistakes that can be counted and are very common. But according to me the biggest mistake is that most of the traders at one point or the other fail to make rational decisions and that may be due to instability of emotions while trading.

New traders make a lot of mistakes, and the number one mistake traders make is not being prepared at all. The best way to gain an edge in trading is through preparation. Forex traders should have an analysis routine, common entry/exit techniques, and risk management fundamentals before they think about entering the market.

Not learning from their trades. There is a rule I learnt from a fellow trader—you are failing if you’re neither making money nor learning something from your trades. As a trader, we should have a progressive attitude. The knowledge of forex will determine the profits we will make after the end of the day. To grow, traders should maintain a trading journal and keep note of every minute detail of previous trades, so they can plan their future trades better.

CALCULATE. THE. TARGET. PRICE.

this is the sixty four million dollar question.

always was and always will be.

nothing else matters more than this.