Mistakes to avoid for beginners / Lack of Discipline.

If seniors do this than forex become more easy for us. Newbies should never trade with large lot with huge profit expectation without the in depth knowledge of this market. Newbies should not make mistake of neglecting the money management.

Another mistake to avoid is over confident in strategy. It is good to have confidence but not to point that we will not recklessy abandon trade or trade with very high lot because we have believe that trade will always hit profit. Sometimes this can lead to margin call for us in trading.

You are losing because you still need to learn something.. This is what I told myself whenever I faced with any loss in my trading.. Newbies needs to learn a whole lot of things before even wish to make profits from this market.. This is why they should never underestimate the toughness of this market.. And keep learning with proper discipline..

Discipline trading is a good key of success here in Forex, the mistakes which the beginners are very likely at the initial stages are they may not be able to control their emotion due to lack of experience and knowledge.

you will be tempted to hold your position any longer to benefit from rising. The opposite pattern works in the case of a rate cut, the disciplan and some times it become difficult because seniors did not share their success stories. If seniors do this than forex become more easy for us, gradually they understand how to trade and how to be disciplined.

Quote:

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Originally Posted by deep thought

A trading plan is only of value if you have the patience and discipline to follow it. Follow his trading plan is difficult, it is undeniable, but it is a prerequisite to succeed in trading on the currency. While exchange rates change, you will be taken quickly in the market and you may, at any time to lose your control and make irrational decisions that do not match your original trading plan. For example, if rates move upwards, exceeding your original order take-profit, you will be tempted to hold your position any longer to benefit from rising. The opposite pattern works in the case of a rate cut. However, is that such scenarios make sense? Indeed, if you took the time before entering the market, to establish levels of loss and take-profit, how market conditions have also come to change abruptly to negate your original goals ? Are you sure you not rather act out of emotion, believing collect a uptrend or a downtrend that does not really exist?

That's why a trading plan is essential: it allows you not to get overwhelmed by your emotions, especially during periods of high volatility.

Of course, a trading plan may be amended, depending, for example, your overall objectives. However, do not change your trading plan in action.

Finally, it should be understood that the best trading plan is sometimes ineffective in times of high volatility. Sometimes it's better to temporarily withdraw from that market to flog a dead horse.

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kafi acha thread hai aur newbie kafi kuch seekh sakta hain is may say agar app ko aik achi trading karani hai tu app ko chiya kay app jo hai woh news ko follow karain aur sites ko follow karain aur agar app nahi kartaa hain tu app ko is forum may say bhi aik achi knowledge mil sakti hai...

Of course, this requires a rigorous discipline. Lack of discipline is thebiggest mistake a trader can commit. Even if he wins a few dollarsinitially, it invariably ends up losing everything because of thisdangerous attitude.

Discipline is most important for every trader. But most of the beginner avoid it on trading. So they loss more balance on trading time. I think if trader follow good discipline and good money management then he can easily make some good profit from trading.

Yes I really feel that whenever I am more discipline then I get more good results and this is the best thing for me to be discipline and just be patient and discipline and you will be successful this is the best advice I can give you right now and follow it and see the difference in trading.

trading plan is one of a comprehensive effort in order to achieve a consistent profit. trading plan contains a variety of things including how the target profit should we produce in a day. My opinion when we state trading plan targets are met, then we should stop.