What do you think is the most common mistake that people make when they trade forex?
Getting rich quick.
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Over-trading, revenge trading, trading based on poor market analysis, and not using tp and sl properly are some common mistakes in trading.
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They think they can trade without a proven consistently profitable strategy.
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according to my perspective, one of the most common mistakes that people make when they trade forex is a lack of proper education and preparation. Forex trading is complex and highly speculative, and many beginners dive into it without fully understanding the intricacies of the foreign exchange market
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It is false to conclude that traders making money do so because they have deep knowledge of the intricacies of the forex market. It isn’t even true in the real world outside trading, it is definitely not true here.
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Thinking that profitable trading is about trading or analyzing. But it’s rather more about waiting.
You have to wait patiently for the entry point. And after you opened the order you have to wait for the fruits of your labor as well.
If you can’t wait you will never be successful.
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Using too much leverage is a common problem. As tempting as it may be to take full advantage of high leverage, if the trade moves against you it also magnifies losses to the same level it would gains.
The other issue, perhaps more worrying, is that it reduces the level of usable margin, which in turn can leave a trader vulnerable to a margin call.
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I think it’s trading without a clear reason and entering trades prematurely, without a well-defined trading opportunity, is indeed one of the most common and detrimental mistakes in forex trading.
No risk management and believing forex is a get-rich-quick scheme. Leads to more problems.
So true.most newbies think that they can make a living, or get rich quick by forex very quickly.
Forex should really be advertised as the get-rich-slow, like really slow, if you can survive! Ha!
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the sad story is that most of the pseudo-traders make a living or even get rich by selling these "Get Rich Quick " dreams to others.
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Well, anybody can start a Youtube channel these days. And if you’re desperate enough, you’ll give one of these guys your money. Happens every day.
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Ok now I have a question related to this answer. What if you waited for an edge that took you like a very long time to show up and once you are in on the trade , price goes in your favor and then reversed and started trading around your entry. Since you have to wait for either your TP or SL What do you do in this position?? Because remember you paid the price of waiting to get that quality trade and now it’s misbehaving, you can’t just exit can you???
So the higher the Leverage the lower the Usable Margin? Noted 
Sure you can but then wouldn’t that mean deviating from your trading plan?
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I think I’d rather wait for my TP or SL regardless of what happens. I’m even trying to learn a strategy called set and forget. It really suits my personality.
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Yup that’s always the better plan. Just easier said than done mostly though…
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Copying others is a major mistake done by many traders because we believe others more than us and copying others hinder self-development.
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