What are the top 5 mistakes a new trader makes?

When you are a new trader, you make many mistakes while trading, and the following is the list of mistakes that generally new traders make:

1. Little preparation for trading:
Many new traders start tradings without doing preparations. Ex.: You must understand how the market operates as well as the risks associated with trading.

2. Being too emotional about money:
When it comes to money, all people become emotional, but If you want to be a successful trader, you have to control your emotions while you trade.

3. Don't be patient and keep Discipline:
All traders should know how to be patient while trading and keep Discipline. Patience and Discipline are the two most important parts of Forex trading. Most traders can't be patient and don't know how to keep Discipline, which affects their trading and gains lose.

4. Don't practice in the demo account:
Some newbies sometimes don't practice in the demo account and directly start trading in a live account in overconfidence. So they don't have much experience and aren't familiar with the market, so they face many problems while trading.

5. Not Calculating a Risk-reward ratio:
Calculating a Risk-Reward ratio is important while trading, but many new traders don't calculate that ratio and start establishing a position. The risk-reward ratio is the link between an investor's desire for capital preservation on the one hand and maximizing returns on the other.

So, if you are new to forex trading, try to avoid making these mistakes if you want to be a successful trader.