Three most common problems of beginner traders
Oct 11, 2017 at 11:00 am #1054shanewrightsParticipant
Traders in Forex are always facing many types of problems in their career. They have come here to make easy money but after they have started trading, they have understood that there is no easy money in Forex industry. There are a lot of people in Forex who have tried their soul and they did not stop. They are the successful trader of Forex industry.
The problems with Forex market are very common. It is more for the beginners’ traders when they first trade in Forex. In this article, we are going to tell you how you can improvise these problems and make your life a smooth Forex trading ground. A lot of people do not know that these problems will not go away if you do not take steps. We have met a lot of beginner trader in our career who does not have taken any steps to remove these problems. They have simply left these in their careers and it grew up like a blockage system in their trading life.
Overthinking for your trade setup
It is one of the most common problems of traders when they start trading in Forex. They cannot control themselves in a market and they like to make thousands of dollars in their first trades. For these traders, overthinking is very common. They do not know overthinking can make their trades bad in Forex industry. If you are an experienced trader in the market, you should not overthink. Let your trades played in the market by the Forex industry. If you lose, then embrace it. If you win, be glad and get ready for your next trade.
Always try to keep things simple. You might be thinking that this market needs a complex trading system to generate profit on a regular basis. If it was true then how come the professional price action traders are making money? They have the simplest trading strategy and they always keep their trading chart clean. You need to understand the nature of this market to make a profit on a regular basis. Trading is all about quality execution and money management. Follow strict discipline to become a successful trader.
Emotional attachment is common to every trader. The professional traders also get emotional when they begin their career in Forex. It is a big problem for the new traders. They think it is natural for them as they are investing money. You should not be emotional in Forex and trade the market strategically. This the way to make success and money in Forex.
All the professional traders at Saxo always suggest the new traders’ trade with rational logic. CFD trading is extremely easy provided that you know the right steps. As a beginner, you should not start the trading career with your real money.All the professional brokers offer a high leverage demo trading account to their client where you can learn Forex trading. So instead of risking your real money use your demo account to develop your trading skills.
Leverage allows the traders to place big trades like the big players if they do not have a large account. While many people are using leverage to their very minimum, new traders could not help but use high leverage in their trading. High leverage can bring an end to your Forex trading if it is not done right.
Mistakes are very normal for the new traders. But being new to this industry you can’t afford to make the same mistake over and over again. Maintain a paper-based trading journal and learn from your mistake. Never think that you will be securing high profitable trades every single time. Always remember that this market is all about probability and no can assure you that winning setups. So focus on your money management and trade the higher time frame. Even after doing all these things you will still have some losing trades. So embrace those losing trades and go forward.10Nov 20, 2017 at 2:01 am #1356Peter ParkerParticipant
These are certainly very much valid points. However, I believe the root of all evil is not having sufficient knowledge, and experience. By that, it starts the line of stuff like overthinking, emotions, misusing leverage and all such factors.
The shortest way is to get proper guidance and to have things rolling step by step. And, it is all things that take time, so you need to be determined and dedicated to this. If we manage this successful then these 3 mentioned common mistakes are nothing, as any mistake can be corrected.10Nov 28, 2017 at 2:30 am #1491Peter ParkerParticipant
I think the most common problem I faced during my career or maybe I should say the problem I am often facing is being patient. If we are not disciplined or patient enough then that kick starts a long list of problems. So, we need to be absolutely wise with handling all this or else, it will cause a lot of problems.00Dec 4, 2017 at 2:50 pm #1564miki123Participant
I think sticking to the good method/strategy is something that’s very challenging and it is a common problem for many to not follow it well.
This is where we need to be absolutely ready that we don’t do anything crazy and just stick to proper way and plans, which will help us quite a lot to gain fairly nicely.00Dec 15, 2017 at 3:53 am #1707AaronMember
There are many problems that a normal trader like me faces on a day to day activity. One such problem is getting too emotional, as that is the root of all evils. As per three most common problems. I will say it is to do with being irresponsible, running out of the plan. Not having sufficient knowledge and experience, it is all that creates the problem. So that’s what we need to be very wise.00Dec 17, 2017 at 6:37 am #1728varapauParticipant
No strategy is what I feel the biggest issue. If we are to be successful and to make money consistently, then it got to be done via proper strategy and more importantly, it got to be done by applying that strategy accurately.
If we manage these things, then only we stand the chance to make good money and avoid any issues that we usually face.00May 19, 2019 at 9:01 pm #2153FXGuruParticipant
The biggest problem for newbies is that many brokers are scam, so it is must that we avoid working with such companies. A good selection in terms of the broker we work with moves long way towards favourable outcome. I have faced scam due to companies like Nova FX and Instaforex, so we must be careful of not repeating.00
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