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    Thread: Overview: Avoidable mistakes forex day traders make.

    1. #1 Collapse Post
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      Default Overview: Avoidable mistakes forex day traders make.

      Mistakes new forex traders make

      The foreign exchange market or forex market has a low barrier entry,which makes it one of the world's most accessible day trading markets,if you have a computer,an internet connection, and a few dollars, you are able to start your day trading, this easy entry is not a promise of quick profit, however, before you take the plunge, consider these common mistakes you should avoid, as these are the main reasons new forex traders fail.

      1. Lack of planning:
      Everyone knows that it is quite difficult to do something without planning, but it is impossible to trade without plan.
      A trading plan is a set of rules that consists of your trading strategy and money Management strategy, a plan will help you to determine where to enter the market, and how to exit an unsuccessful trade,time to reach your target, and most importantly the amount of money to risk,without this knowledge you will definitely fail

      2.not having a stop loss:
      You should have a stop loss for every single trade, a stop loss is an offsetting order that gets you out of a trade if price moves against you by an amount you specify, when you have a stop loss order on your trades, you have taken a large portion of risk out of the investment.

      3. Lack of risk Management:
      Traders who dont manage their risks,risk everything. Traders cannot allow themselves to think only about profits, you should always count how much money you risk losing per trade and per day, if you keep your potential losses limited, you will be able to stay in the market for a long period of time, and thus have many opportunities to earn, stickbto the rule 1% risk per trade, and nothing should distract you from this rule.

      4. Ignoring news releases:
      Every trader knows that certain events and data releases affect the forex market, if the actual economic indicators differ from the forecast levels, currency pairs become very volatile. As a result, all the traders even those who choose not to trade on news,have to take into account the news,

      5. Correlated pairs:
      Traders often try to take multiple day trades, but many of them dont take into account currency correlation,.it may seem you have good chances to earn money on several trades but be careful, if you see a similar trade setup in multiple pairs,its likely that they are correlated, so,it means you can win or lose all of them at the same time,
      For example: usd/chef and usd/joy have a significant direct correlation, when the first one goes up ,the second one will likely strengthen as well. So, when you buy both pairs at the same time you double your risk.


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      You have a well explained message. And every point made in this message is quite valid. Many traders fail in Forex mainly because of very high expectations. Many believe as soon as they start trading, then the next thing is to start swallowing in dollars, no, Forex does not work that way. Forex is like every other business, you have to set your plans before venturing into a business, if you really desire to succeed. Jumping into a business without proper feasibility studies ruins the chance of success of such business when it eventually kicks off. Such is the case of Forex. Yes, there are rewards to every money invested in Forex, but rewards do not come by rocket science. Proper trading management, patience, discipline and consistency make traders successful. Don't run away when you lose your money, it's simply part of the growing process.


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      Every newbie trader made mistake during his trading career. This mistake give him the lesson to do not repeat these mistake in future. We know that becoming a successful trader is not easy job. It required days and night hard work to get success in this field. Every successful trader has made mistake during his early stage of learning. Below the is list of commonly mistake, that newbies trader often faced in the forex field.

      1-Start forex trading with trading education
      2-Invest without a trading plan
      3-Poor risk management
      4-Poor money management
      5-Using leverage recklessly
      6-Unrealistic Expectations
      7-Risking more that what a trader afford
      8-Over trading
      9-Do not used stop loss
      10-Having no trading plan
      11-Trading the correlated pairs
      12-Trade just for fun
      13-Trade like casino


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      First traders have to know that what types of mistake they are doing here .Mainly trading with high lotsize without any kind of enough knowledge and that happens because of the greed factor .For that we have to shake off such emotions and should trade as per the market situation so that the consistent profit can be made .Each trader have to be very much positive here and should ride with the market trend and for that we have to know the weakness so that rectification can be solved and like that target price could be reached easily .For each and very situation ,one have to be very much comfortable with the appropriate trading strategies and effective plans so that any kind of hurdles can be solved with time .


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      dear forum member I am very thankful to you for sharing such a beautiful information and knowledge. No one are avoiding the mistakes in Forex trading because with the lack of experience in lack of knowledge everyone entered in the forex trading market. Fargo should first of all we should get Forex trading knowledge from the proper teacher and mental then we should make a practice and we should open a demo account for practicing our knowledge and experience then we should entered in the factory and start the forex as a career as earning source. But many of the new business start forex trading without experience and lack of knowledge so they should have to learn Forex trading properly and this will help them to cover the lacks and laps.
      Price Action Trading Journal
      **Price Action is Key to Success**


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      Going by what I know the forex market to be and how the market is actually wired, I would say you have said it all, I mean if a day trader (and even any other trader) tries as much as possible to avoid these mistakes, he definitely will get ahead in the trading business. The most important thing for any forex trader to do is to plan out every single decision taken by himself in the market. A soldier does not just get in the middle of a war clueless, he would only get himself killed. For any trader to succeed in the market it then becomes important to plan not to fail. Another thing I would also like to mention is the aspect of ignoring news releases, this definitely has to do with the technical analyst, no matter how reliable your technical indicators are, it is advisable to also consult with what the fundamental events are, and this will help to get into less risky trades and higher probability trades.


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      Hello dear friend, we are here in a question and answer contest but why are you making a post there are no questions. In fact you are explaining, yes it's OK. I think that most beginner traders especially don't have much time to do analysis and transactions due to their busy schedule. Finally they only do transactions in their spare time. Unfortunately most of the free time they have is "quiet" time, when there aren't many significant movements in the market. Forex business is not a business about how much profit we can get, but how long we can survive and make a profit consistently. To survive, the key is money management. Our money management strategy must be ready if suddenly the free market falls in the hundreds to thousands of pips within 1 day.
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      There is no success that does not prioritize discipline


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      You have summed well the common mistakes which are made by most of new traders in the Forex market, where most of new traders start their trading without good strategy can make them able to determine the best entry point that they can enter the market through it, or the best exit point that they can exit from it, and also most of them trade without stop loss and this is the second mistake which they typically do it, because this makes their floating losses increase and increase until they incur very huge losses, and beside this they may trade with no trading plan and this leads them to the trading with lack of risk management and lack of control on emotions, so the new traders should take care about these common mistakes and they should be careful about times of releasing the economic news to avoid any sudden movements in the market may bring them huge losses during the trading.


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      There are tons of mistakes traders do make in the forex trading market, and most of them are very costly mistakes. We are all human beings, so we will eventually makes mistakes, this is for sure, I think it's what will make us strong as a trader in the market, as a good trader always learn from their mistakes in the market, the fools ones doesn't and they keep repeating the same thing over and over again and that is the first mistake some make.

      Here are some mistakes
      1. Emotions: trading based emotions such as greed, fear, over trading, are the biggest mistakes a trader can do in the forex market.
      2. Trading without a plan is another mistakes.
      3. Trading based on luck etc.
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      There are so many mistake that a trader make. But they can easily avoid it. For the lack of their indifference they can not avoid it.but if they become serious they can easily avoid this mistake and they can easily win here.
      - When a trader do not follow proper money management they make big loss but they cane asily follow this money management.
      - A trader can make good planning before open his trade. for this lack of planning some trader make loss.
      - Lack of proper analysis a trader make loss they can avoid it.
      - We can easily avoid our greed but we can not do this and make loss.
      - Over trading is a big problem. If we really want to avoid it we can do it.


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