Lack of experience and the number of mistakes that often do make beginner traders are often difficult to profit consistently. Worse yet, often beginner traders do not understand what is wrong. So the loss can occur over and over again because of the same cause. However, if you can recognize and then avoid it, it means increased trading quality.
Well, here are some fatal mistakes that are often done by beginner traders, and you should warn not to fall.
Trading without a Trading Plan
Beginner traders often do not have a clear trading plan, only instinct-based. Look at the charts, then buy or sell with just an opinion, “It seems to be going up” or “After this should go down”. In fact, such is not trading, but a waste of money!
More experienced forex traders have a clear trading plan before buying or selling. What kind of trading plan? The trading plan contains the system used to filter opportunities in the market. What to do if lost. When to take profit or close a trading position. These things must be determined before opening any trading position, anytime. Follow fxtrade777 to know the development of economic news.