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Thread: Mistakes Many Forex Traders Make
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    Shunsei is an unknown quantity at this point Shunsei's Avatar
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    You can never be perfect in any field of life. You will make mistakes and you need to learn from the mistakes in pursuit of success. I think that the biggest mistake any trader does is to over-trade in the market. The trader always try to trade outside a limit. Don't do this.

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    What a good observation and advice, these are some o the things that kills Forex traders , we all need to avoid them , money management, low knowledge about the business , impatience, getting rich quick, and many more are some of the don'ts that trades must run away from to have a profitable trading in the business.

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    Forex knowledge is important only when, when there is a necessary deposit for trading. If there is no deposit, but there is knowledge and skills to work on a demo account, then it does not mean anything, because no one needs the necessary capital for you. Forex information is very much and it is freely available, but there are few good traders because few have the necessary deposit. Many have 100-500 dollars for trading, but it’s not enough to live on forex incomes when they are 50-200 dollars a month. On this basis, everyone risks and loses a lot, because small amounts of money are not as noticeable as large ones.

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    There are many mistakes users done in the forex market some are common and some are unique. unique can be correct and common are very difficult to correct. i.e a person open a big volume trade he maybe make some money very fast and he pick few pips but big volume give huge loss all the time.

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    Errors make everything and they are almost the same for everyone. There are automatic errors that we make and we do not notice that we are making them. Every day we do not look at our results, we often do not analyze the market and do not look at our trading plan, every day before trading. We do not equip ourselves emotionally for profitable trading.

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    Quote Originally Posted by tornado66 View Post
    To every forex trader in the house, let us discuss the common and greatest mistakes that forex traders normally makes. People needs to be aware of these mistakes and make necessary corrections. You don't necessarily need to make mistakes made by forex traders in the past, you can learn from their mistakes and avoid them. Your contributions are needed. I will leave some common mistakes i feel forex traders makes.

    1. One of the major mistakes that a forex trader can make is the lack of education and knowledge about the forex market. While you don't need a college degree or doctorate to succeed in forex trading, you can't succeed in it if you don't take the time to do a lot of study and research.

    2. Another common mistake of forex traders is believing that it is a get-rich-quick scheme. There's no such thing as easy riches in forex, even though it's very easy to perform transactions with just a click of the mouse. Making money from forex trading is an extremely difficult task, requiring a lot of effort, knowledge, discipline, persistence and dedication. If you are lazy in your affairs, you won't succeed in forex trading.

    3. Most forex traders are also obsessed about finding the magic indicator or the so-called Holy Grail of forex trading that can make them instant millionaires. The truth is that there is no magic indicator in forex because the forex market is so volatile. All forex trading systems are bound to fail at some point or another. The key to achieving success in forex is to find and follow a forex trading system that fits your own personality.

    4. Still another common mistake of forex traders is the lack of a sound money management strategy. Money management will limit your losses and allow you to cope with the huge risks involved in forex trading. A good money management strategy will help increase your profits and save your money for future transactions.
    Thanks my dear for sharing your breed info overall I am agree about your point of view these all rules and topics are important which become the cause of failure of a trader. Bathukamma in my point of view the major mistake of a trader do by everyone when he comes in market is money management. When a trader comes in live market he is not aware about the risk of loess but, when he become failed then he aware that how much the importance of money management to become a successful trader.

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