Many books and materials have been written on the forex market. There is so much information that it is quite difficult to digest it and even more so to remember it.
Of course, it takes time to master, and even more, time will be spent on developing practical skills and testing all those strategies and indicators you will learn about in the process of learning to trade.
However, the most essential aspect for any beginner is psychology: the main mistakes of novice traders are tied to it. If you can’t control your emotions, don’t stop living in chaos and treat trading like a game, it won’t end well. More precisely, it will simply end, and much sooner than you would like.
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4 Common Mistakes of Novice Traders
Lack of Experience:
This is not so much a mistake as a fact that beginners do not want to put up with. Of course, someone who has spent long hours, weeks and months in front of the trading platform is much more likely to understand the current situation on the chart than someone who has just opened the terminal.
Your task is to accept this fact and not play smart. Yes, this is exactly what happens: traders do not want to study, listen to analysts, and even more so – read books and watch economic news. For them, as they themselves believe, a couple of videos from the Internet and tips on social networks from experienced people are enough. However, this is far from the case: even if you understand the theory, read many books and watch dozens of webinars, this is far from a guarantee that in the real currency or stock market you will have the courage to discard emotions and find all those patterns that you know on the chart. Yes, and take into account fundamental factors, get the right signals from the indicators, and before that – correctly set them up, somehow eliminating purely technical errors in stock trading.
Even trained traders fall into a stupor, let alone those who were not even prepared to meet the market!
So don’t play heroes. In general, playing with the market is not a good idea. You can check this on your own deposit, or take our word for it. The second is certainly cheaper, but the first is much more convincing. The choice is yours.
Unreasonable Expectations:
This is both a mistake and a fact that everyone around you inspires. The great traders of our time maintain accounts in social networks and “teach how to do it”. Homegrown online courses instil confidence that “with us, you will earn.” And analysts of financial markets warn that some traders lose money there – but they immediately tell which indicators to put on the chart in order to “catch the trend”.
Lack of a Reliable Trading Plan:
So here it is: you need a plan. A trading plan is a controlled number of both profitable and losing trades over a certain period. When you have such a clear table, worries about a failed transaction will disappear from your life. Each of them will become a brick in a coherent trading system, and each loss will be just a line in the list, as well as a profit.
In order for the plan to look serious and be perceived by your brain with due respect and attention, stop making handwritten notes on pieces of paper torn from a notebook. However, there is no need to complicate the trader’s diary with extra fields. It should be a visual spreadsheet that takes into account all aspects of your trading strategy – and you absolutely must have it. If you still don’t understand what it is, how to develop this strategy with a plan and what typical mistakes to take into account, it’s not scary.
Lack of Discipline:
The plan that you develop (see the previous paragraph) will become your guiding star or navigator, showing you in which direction to move.
The market is plastic: it strongly depends on the psychology of the traders on the other side of the monitor. Your task is not to succumb to every provocation of price changes, but to stick to the plan. His point should work for you as an order. Today, the strategy you have developed (combinations of indicators and receiving signals from them) should play the role of a general. A signal has been received – the transaction is opened. If you don’t get it, leave it and do nothing.
If you want a lot of money, this is a great wish! But the market is not as predictable as you think, and this is where the main problem lies. There is nothing wrong with wanting profit and earnings. However, one must understand that neither their size nor the very fact of their presence is guaranteed by anything and no one. You can only count on the fact that the fate of your money is in your hands. How exactly you manage them, what you invest in and what deals you open, depends only on you. This is a pleasant power: feel like a reasonable manager, not a player. After all, these are completely different statuses, do you agree?
