Top 10 Forex Mistakes You Should Avoid As a Day Trader ...

Worst Forex Mistakes

Hey everyone!
Since a lot of new people have started joining the sub I'm guessing they're fairly new to Forex trading.
I thought it would be good to highlight major mistakes people have made in the past, so that new traders don't do the same!
Here are my 3 in no particular order: 1. Creating a solid trading plan which fits into my lifestyle (longer term trading works out better for me because I don't need to stare at charts all day with other obligations)
  1. Not re-entering trades (My stop should always be in a place where my hypothesis is no longer correct so re-entering is invalid)
  2. Not learning the impact fundamentals can have not only in the long term but to use it as a filtration tool so that I know which trades are higher odds.
Thought maybe everyone could share their own experiences and mistakes so people can note them for future reference!
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2 Common Forex Mistakes & What to Do About Them

2 Common Forex Mistakes & What to Do About Them submitted by TIO_Markets to u/TIO_Markets [link] [comments]

2 Common Forex Mistakes & What to Do About Them

2 Common Forex Mistakes & What to Do About Them submitted by piperchappy to u/piperchappy [link] [comments]

2 Common Forex Mistakes & What to Do About Them

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5 Forex Mistakes You Might Not Have Considered

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Forex Day Trading: 3 Mistakes To Avoid

What is Day Trading?
Foreign Exchange Deals that are generally closed on the same day is called Day Trading. Short Term trading is attractive as it offers higher returns but at the same time is dangerous as well. With the advent of internet technology, day trading has become extremely popular among investors and stock market players. Normally Forex day trading involves buying a currency at the prevailing rate and which you feel will rising up towards the end of the day. As soon as the currency value rises you sell it off making a profit for yourself.
What are the mistakes to avoid in Forex?
Forex trading, however enticing it may seem is not fool proof. People usually indulge in cross currency trading like USD to EUR or vice versa. The trick here is to choose your risk quotient by following market trends and doing some research on your own. No matter how much perfect you think your strategy is, you are always advised to tread with caution.
1) Forex Day Trading is not your shortcut to wealth
No matter what you have read on the internet or what stories your other trader pals have told you, you cannot become a millionaire overnight with Forex Trading. However, we are not completely discouraging you as there are many traders who have made their fortunes and many others who still are dependent on it as a means of livelihood. What you need to develop is trading acumen which will help you gain profits.
2) Do not risk more than 1% of Capital
The higher you risk, higher the gains, this strategy is not overtly applicable to day trading Forex. A successful trader will never risk more than 1% of his capital on a single trade. By adopting this method, you ensure that in event of a loss the amount is not too significant.
3) Keeping unrealistic expectations
While starting your trading be fully aware of the market conditions and what you are getting into. Do not blindly foray into it just because somebody promised a windfall. Make sure that you have sufficient financial knowledge about day trading, the terms that are used, what to look out for etc. If you think you will have 5000 USD that will yield you 30000 USD then than it not going to happen. Take help from an expert who is dealing into day trade Forex to learn the finer nuances of the game.
Conclusion
When trading Forex, you should avoid:

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I’m 18 and want to start Forex. What mistake will I have to avoid at all cost?

I’m 18, currently going to follow Economics in university and want to learn and trade Forex as a side income. The knowledge I gain from uni will benefit me in my trading while trading will bring me adequate money for my study (I live in Vietnam so the money I can potentially make in Forex is gonna be huge enough).
I intend to start with a deposit of 300$ and build it up slowly while working a part-time job beside studying and pour 50% of that money into Forex (my parents still support me financially until I finish uni so that’s a plus). Is there anything that I should know before actually trading, since Forex is a high risk - high reward way to make money? I don’t want to burn my hard-earned money due to my ignorance.
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Preparation makes half the battle won. And so here are some tips to prepare you for the biggest psychological battle in your life. #winningtrade #FXmarket #tradingtricks #forex #tradingtips #mistakes #traderpulse

Preparation makes half the battle won. And so here are some tips to prepare you for the biggest psychological battle in your life. #winningtrade #FXmarket #tradingtricks #forex #tradingtips #mistakes #traderpulse submitted by traderpulse to u/traderpulse [link] [comments]

3 Biggest Mistakes I Made When I Was Learning to Trade Forex

When I first learnt to trade, I had no clue what I was getting myself into. As I was searching the internet for the wide range of forex material available, I noticed two main things. The first one was 'Forex is the hardest easiest money you will make' and that 'Over 90% of Forex traders fail.'
Well, now, as I've been trading forex for some time now and mentoring people how to trade, I realised the 3 biggest mistakes I made while learning to trade.

1. Overtrading
I would jump on the charts at the London open, do my analysis on 6-8+ pairs and place multiple trades at once. This happened every time I jumped on the charts, I ALWAYS thought there was a trade to be taken. I remember feeling like a real professional at the time, watching my multiple positions tick up into profit but eventually hitting my SL and closing me out, losing 2-3% a night.
Obviously just starting out, my trading psychology wasn't the best and this often resulted in emotional trading. I would open up bigger positions to make up for my losses, which often resulted in even greater losses. One trade, I lost 2k in a matter of minutes which was 40% of my account at the time.
Do I regret any of this? Absolutely not. This helped me to build the current mindset that I have today. When these BIG mistakes occur, you have to remember that you are in this for the long haul. I would tell myself that 2k will be nothing when I am trading a 100k account in the future. LEARN from your mistakes, do not make them again, and then move on.
I found journaling and back testing EVERY trade I took to greatly help this problem of overtrading as the more trades I took, the longer I would be spending on the weekends studying all my trades.

2. Not understanding the importance of RR and risk management
I didn't understand how important risk reward ratios were when I first started trading. My mentor would always tell me not to take any trades that were less than a 1:2.5 RR but I struggled to find these trades as I was always just taking random trades when I hopped on the charts.
Once I finally understood, through experience, that trading is a game of probabilities and to have an edge over the market and therefore gradually grow your account, you need to ensure you are taking trades with a good RR. I would be watching the charts and when price was coming close to my entry price, I would execute a buy/sell, not realising that the few pip difference made a massive difference to my RR. I found the use of pending orders to help this issue greatly as it removed my fear of missing a trade and executing at a worst price.

3. Trading multiple pairs
As I mentioned before, I would hop on the charts and analyse 6-8 pairs to see if there were any trades to take. If no trades grabbed my attention, I would continue to skim all 6-8 pairs until I forced a trade to come to my attention.
Trading multiple pairs was terrible for my trading at the beginning. I always assumed that all pairs have the same qualities and move the same but how wrong I was. Reducing the number of pairs that I traded to only 1-2 helped my trading greatly. You notice certain qualities that each individual trade has, such as EURUSD not pulling back as much as GBPJPY, for example. You learn the language of the pair and how it may react at certain S/R or to certain news.

What are you currently struggling with?
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http://twitter.com/forex_in_world/status/12700718863792087105 Common Trading Psychology Mistakes Forex Newbies Make https://t.co/ZUolOBu6rn— FOREX IN WORLD (@forex_in_world) June 8, 2020

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Forex Trading Mistakes you Should Avoid

Forex Trading Mistakes you Should Avoid submitted by Veoncoforex to u/Veoncoforex [link] [comments]

Biggest MISTAKES Forex Traders Make - YouTube 3 Struggles Only Forex Traders Understand (Mistakes) - YouTube 6 Common FOREX Mistakes To AVOID - YouTube 3 Common Psychological TRADING Mistakes - YouTube The Worst Mistakes Beginner Traders Make - YouTube 3 Most Common Trading Mistakes - YouTube

Trading forex can be a rewarding and exciting challenge, but it can also be discouraging if you are not careful. Whether you’re new to forex trading or an experienced veteran, avoiding these trading mistakes can help keep your trades on the right track. 1. Not Doing Your Homework Five Stupid Mistakes Forex Traders Make. In forex trading, it is always possible to make mistakes, but some are stupider than others. Of course, plenty of mistakes are unavoidable and even the most experienced traders can make them by accident. By minimising our chances of making mistakes, we can hopefully improve our chances of trading success. Top 10 Mistakes Forex Traders Make. Lack of Proper Trading Education/Training . A well-trained Forex Trader can be compared to a hunter who spends ample time in the animal’s habitat or nest learning all its behavior and moves. Such a hunter is able to set proper traps and ultimately succeed in catching the animal. Trading is the same, proper training is very important for one to trade ... Another Forex trading mistakes to avoid with Psychological trading typically leads to not successful as well as illogical trading. Trading strategies are there to prevent this kind of trading consequently, it is necessary that the strategy is adhered to carefully. Having the proper fundamental base to trade foreign exchange is essential prior to taking on any kind of type of online trading ... Forex trading is a wide field for mistakes of a different kind but the quality and criticality of them is the thing that decides a good Forex trader from a bad one. In this article, we have put together the 5 most common mistakes that a beginner should avoid in Forex trading. Intro . According to harsh statistics, only 10 – 15% of traders earn a stable income, while the rest often fail and ... Forex Traders Mistakes – The Bottom Line. In this article we went over all the common mistakes that forex traders make, in addition, for every mistake we refer to an article that gives the solution, use these articles, they were written by experienced traders who experienced these mistakes and today share their knowledge of how to overcome or avoid them, good lack! If you want to receive an ... Forex mistakes that traders should avoid in day trading are blind following of mechanical systems, testing systems only a couple of years in the past instead of several decades, huge risk-taking, overtrading. Thus, it is advisable for you to consider all the scenarios before you start trading. Below we have listed the top 10 reasons why forex trading goes wrong! 1. Do Not Trade If You Keep on ...

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Biggest MISTAKES Forex Traders Make - YouTube

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