15 MISTAKES NEW TRADERS MAKE ( PART 1 )

1) Lack of basic knowledge.

The most common mistake of new traders is the lack of basic knowledge about trading and how the market operates. 
Many traders start trading once they have read several articles on strategies and are sure they will be just fine.

Believing in your strength is great but as any other profession, trading requires learning and practice, especially because the financial risk is involved.

2) Trusting others too much.

A very common mistake of the traders is trusting 3rd parties with managing their accounts, or depending on signals, strategies and indicators too much.

You can see many people offering you trading guidance under our publications, please mind that no skilled trader can give you 100% guarantee that their approach will be successful.
Your trading depends on your own skills and market understanding, please stay alert and do not pay “professionals” for trading in your stead.

There is no magic wand or a secret of the quick way to success, it's all in your hands.

3) Seeing trading as a type of entertainment.

Traders need to be responsible for their actions and realise that trading is not a way to have fun, it actually is a hard work which requires serious approach.

Perceiving trading as a game includes ardour, which stands behind the financial loss.

It is important that traders understand the way the market operates, what may influence the asset trend and the profit percent.

4) Losing signals.

Being indecisive or scared to open orders in accordance with the set strategy and indicators is a big mistake.

Not following the signals means trading intuitively, which is too risky.

Even if the deal appears to be not in the money, no worries, consistency is the key to success.

5) No risk management:

It is of the utmost importance to control your spendings and act within the set borders.

Among the most common ways of loss prevention is setting the limit for the spendings and not investing more than 1%-3% from your current balance.

You can reinvest the clear profit from the previous deal, so that you do not risk the initial balance.

You can set a particular amount of funds you are ready to spend and if you feel like it is not going well- just call it a day and come back later.

You can also use Hedging or locking, we will talk about these later on.

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