Things you don't want to do as a forex beginner.

Ron_Smith posted:
As a fellow Forex beginner, here’s what I’ve learned to avoid:
1. Skipping the Basics: Learn how Forex works before trading.
2. No Plan: Always have a clear strategy for trades.
3. Risking Too Much: Only risk a small part of your account (1-2%) per trade.
4. Chasing Losses: Don’t try to win back money with risky trades.
5. Ignoring Risk Tools: Use stop-loss and take-profit to protect yourself.
6. Skipping Practice: Start with a demo account to gain experience.
7. Copying Others: Learn to analyze the market instead of just following others.
8. Trading on Emotion: Stay calm and stick to your plan.
9. Overtrading: Don’t trade too often—look for good setups.
Be patient, learn as you go, and focus on improving step by step.

ChelseaR posted:
Hey FrancV, here are some more things you can add to your list -
1. Don’t ignore risk management, put up stop-loss orders and protect your capital.
2. Don’t overtrade, only to find yourself emotionally drained.
3. Don’t copy others’ trades blindly, it may not work out the same way it worked for them.

Daniel424 posted:
From my part, what I’ve learned not to do is:
-Thinking you’ll get rich quickly.
-Don’t use too much leverage—this can lead to huge losses.
-Not practicing enough: Start with a demo account before risking real money.
-Don't skip the learning process: Sure Profit Trading Secret ebook is great for improving knowledge. Should take time to understand the market and strategy and tools like TelegramSignalCopier can helpp automate trades.

What to do: Be patient, stay disciplined, and focus on continuuous learning to improve your trading skills.

y8g9NkylxG posted:
As a beginner, here are some additional things to avoid in Forex trading:

Neglecting risk management: Protecting your capital is key. Use stop-loss orders and stick to position sizing rules (e.g., risking only 1-2% of your account per trade).

Using excessive leverage: While tempting, high leverage can magnify losses. Start with moderate levels until you're confident in your risk management.

Trading without a clear plan: Define your entry, exit, and risk-reward criteria before opening trades. Avoid impulsive decisions.

Ignoring demo practice: Practice trading strategies on a demo account before transitioning to live trading. This helps you understand market dynamics without risking money.

Overanalyzing trades: Avoid "paralysis by analysis." Stick to your strategy and avoid second-guessing every move.

Following hype or signals blindly: Learn to analyze markets yourself rather than relying solely on others' signals. It builds independence and better understanding.

Focus on consistency, discipline, and continuous learning. Forex success takes time and effort—approach it as a marathon, not a sprint.

janet_brooks1 posted:
One thing I have made a note to never do is fall in the trap of "This may go higher, let me put more money"

FrancV posted:
1. Don't Think you will be profitable just by placing a single trade
2. If you want to double your account and stop trading, don't even start.
3. Don't try to get back at the market.
4. Don't Think that your strategy will never fail.
5. Don't use your Life savings to start trading especially when you don't have multiple sources of Income.

Snowflaketrading posted:
My Adittion:

Find a trading Strategy that works for you. Find the rhigt strategy for the time when you trade and proof the strategy on a demo account. Trade in real money when you learned and proofed your strategy!

Snowflaketrading posted:
My Adittion:

Find a trading Strategy that works for you. Find the rhigt strategy for the time when you trade and proof the strategy on a demo account. Trade in real money when you learned and proofed your strategy!