Top 10 Mistakes Traders Make (newbie just look it).

[Amir khursheed]

. Waiting for the Market to Turn
First time forex traders usually have a lot of faith in the positions they take up. Far too many first time traders hold on to losing position way too long because they are certain they are �right� and, if they wait long enough, the market will come around to their thinking. While it is good to believe in what you do, thinking you can twist the market to your will is a sure way to empty out that brand new trading account.
2. Going in with an Idea Instead of a Plan
There are a lot of different reasons as to why a person starts forex trading. However, a common one is noticing that there is a predictable pattern that follows certain news events like a Fed announcement or change in commodity prices. You get good enough at spotting them that you can guess how a currency is going to move after a news event and, next thing you know, you are signing up for an account.

While trading around news is a good idea, it is not a plan. If you go in with nothing but an idea, you won�t know when to take profit when your idea is right or when to cut losses when it is wrong. Yes, ideas are good, but they need to fit in with your overall trading plan.
3. Changing the Plan on the Fly
When a beginner starts seeing positive results from a trading strategy, the temptation sets in to �bend� the trading rules a bit to capture more profits. Tweaking a strategy is part and parcel with currency trading, but it shouldn�t be done in a live account during an actual trade.
4. Giving up too Quick
It can be sometimes hard to keep expectations realistic. You hear stories of hundreds and thousands of dollars being made on a single trade and you want some of the action. High expectations can lead to impatience. Impatience leads to traders going from strategy to strategy, trying to find the big money trade. Strategies take some time to learn and then tweak � there is no �out of the box� solution that will make you a great forex trader in a day.
5. Trading without Protection
When a new trader � or even an experienced forex trader � is taking up a position, there should always be a stop-loss order built in to it. Trading without a stop-loss order is like juggling machetes, it might work out ok, but it can also go very, very wrong. The market can afford to move against you longer than your margin collateral will last. You need to decide how much you are going to risk on any one trade, and then stick with it. (For more on this, check out Risk Management Basics for Forex Traders.)
6. Poking Holes in Your Protection
The temptation to move your stops to keep a position open is a direct product of the �waiting for the market to turn� mindset. Moving stops and changing your trading rules (�just this once�) on the fly is the same as having no protection or risk management at all.
7. Doing too Much
Every currency pair is unique, as is every currency. It is not realistic to start trading all the majors at once, as each has its own economic indicators, psychological levels, character (safe haven, commodity, etc.) and so on. Rather than looking to scale up trading strategy, beginning traders need to focus on a handful of currency pairs and learn what drives them and how to profit from it.
8.Overleveraging
Leverage is one of the main attractions of the forex market. Leverage can take a few pips in profit and turn it into significant sums of money. Unfortunately, it can also magnify losses or result in you getting stopped out of a profitable trade before the trend is established. Just because you can leverage a trade up to 100:1 doesn�t mean you should.
9. Not Studying Enough Beforehand
Forex demo accounts are great ways for first timers to learn by doing, but trading forex successfully requires some book time as well. If you are going to make a serious run at forex trading, you should at least know the basic indicators, the economic reports that influence your chosen currency pairs and have a mathematical system in place for deciding how much you should be risking on a given trade. Forex trading platforms can help you out by automatically adding indicators, but those lines are useless if you don�t know how to read them.
10. Getting Caught up in the Technical Trade
Watching your trades is important, but it is easy to get too caught up in the technical indicators and chart formations to the exclusion of all else. Forex traders have to be adept at processing information from many different sources in real time. A profitable trade based on technical indicators can quickly fall apart on fundamental news like a trade surplus report. So even if you are a technical trader, you need to be aware of the fundamental side as well

[missel junan]

for all newbie trader i have advice, before you enter this bussines, you will get result which will be very fruitful for you..so its always advisable to manage your money and time properly

[mithun]

forex trading is profitable but it is very risk and hardy for traders,during the trading traders are doing a lot of mistake,and they doing loss in trading,i think greedy attitude is big mistake for them,reason od greedy they are loser in forex trading market.

[bomhidrogenblows]

Lack of patience is the most important That is a very bad thing that I pair sometime after the transaction has been moved to take profit targets, but at that time the position has been closed factor leading to the loss in foreign exchange trading. That's met me most times. I will not wait more time to get more profits.

[forex786]

My dear, proper money management and proper time management is also required for every good trader, if you are able to spend your money in good deals in good time then you will get good result which will be very useful for you. So it is always admissible to manage your money and time properly for doing good business.

[pro.grets]

5. Lack of "patience" and "discipline."

While these two virtues are over-worked and very often mentioned when determining what unsuccessful trader's lack, not many will argue with their merits. Indeed. Don't trade just for the sake of trading or just because you haven't traded for a while. Let those very good trading "set-ups" come to you, and then act upon them in a prudent way. The market will do what the market wants to do--and nobody can force the market's hand.

discipline and patience in trading it is very difficult especially with the newbie trader perhaps we can see how his reaction to the market is volatile and it turned out later I saw the correction and this will be an interesting experience when we loss because of impatience in trading and market entry and exit with loss

[modo]

Alatnillat in circulation as well as a number of folks tampering by it is calculated in Forex or play a game, and could be a guest. However you will be the worker and of course the manager liable for the piece will be the hardest profession to actually, management your self and to actually work according to actually plan and of course the principle of the given..

[trad3erIn5ta]

i am agree with you.i think new traders cant go to long term trades like months or weeks but usually i saw that if we trade only for one day then we can make good average profits and that strategy will decrease our risk level

[z_eshan2008]

in forex plaining is most important and mony management and time management is very important in forex trading.you want to control your emotional behaviour then you have earn maximum profit.

[mar1990]

kai traders trading ko sirf aik game smjh k krty han jis ki wja sy wo apni amount khtm kr lyty han.