7 Worst Trading Mistakes That Bigginer Traders Make-Binoption

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17. New Forex Trader Mistakes

With such a low barrier to entry, the Forex market attracts a lot of new investors.

This is especially true as this market is open around the clock – giving these new investors greater flexibility regarding when to trade. Initial capital requirements are attractive as well – thanks to the high leverage offered by most brokers, you can get started with just a few hundred dollars.

However, this experience often turns out to be more difficult than anticipated.

Check out these six common pitfalls by beginner Forex traders.

The most important Forex trading mistake to avoid is to believe that you can succeed without any trading education.

Let’s say you need surgery. Does watching a long and detailed documentary on how to perform surgery mean that you can now perform on yourself?

If you want the best results, you ask a professional with experience to do it.

It’s the same with Forex trading.

Invest in a trading education that can truly help you understand how the markets and trading work is indispensable if you want to outperform the masses of other forex beginners.

Don’t run before you can walk!

Learn the basics first, and forget about being successful with “get-rich-quick schemes”.

Investing time and money to get a stellar Forex trading education such as at My Trading Skills is investing in yourself. Not only will it make you earn more money, but it will also allow you to save money in the long run thanks to a better understanding of the markets and by adopting good trading habits.

Because most traders are trying so hard to make the most of the trading opportunities that the markets offer, they forget to follow their trading plan (if they even have one!).

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This, by the way, is what differentiates a professional trader from a beginner: the way they approach their daily trading.

Beginner traders will mostly go from trade to trade without a plan and trade on feelings and whims, while more experienced traders will follow a trading plan and a routine that they spend energy and time to develop.

A trading method should always be part of your trading, allowing you to make money in a more consistent manner. It allows you to better spot trading opportunities, and better manage your open positions than traders that do not have one.

So now you understand why trading decisions should follow a well-established process according to an effective trading strategy, preferably one that has been back tested.

But having a trading plan isn’t enough – you need to stick to it. This will help you become a more experienced trader, especially when things aren’t going your way.

Think about the following when deciding on your trading approach:

  • Your knowledge of trading, the markets, economics
  • Your strengths and weaknesses
  • The reasons why you’re trading
  • Your financial goals
  • How to deal with big profits/losses
  • Your initial trading capital
  • How much money you can afford to lose
  • The kind of analysis you’ll use to spot your trade setups: technical analysis, fundamental analysis, sentiment analysis
  • Which kind of currency pairs you will mostly invest in: majors, minors, exotics
  • The leverage you’ll use
  • The money and risk management rules you’ll follow

Most beginner Forex traders forget to use a stop loss order, which is an automatic order that says to your broker to close your positions after it reaches a certain level of loss.

If you do not use stop orders, it means that you do not control your risk at all, as your positions can freely fluctuate depending on the market’s price movements. Thus, there is a greater risk of loss if things aren’t going your way, because you’re not limiting your losing positions to a certain level, leaving you vulnerable to big swings against your position.

If you want your winning trades to be greater than your losing trades, you need to have money and risk management rules written in your trading plan.

But having money and risk management rules to follow isn’t just about using stop-loss orders to cap your losses, there are other things to take into consideration.

Here are the most commonly used guidelines about money and risk management:

  1. Always use stop-loss and take-profit orders to know in advance how much money you can lose and earn on a single trade
  2. Set a maximum loss per week, and immediately stop trading if you reach it
  3. Follow a risk/reward ratio of at least 1:3 to set up your stop-loss and take-profit orders
  4. Use proper position sizing – Only risk between 1 and 2% of your total trading capital on a single position
  5. Limit your total invested capital to 50% of your total capital
  6. Don’t change your risk level as soon as you’re making money – keep it constant
  7. Don’t average up/down when the market goes against you

You might have heard the saying before: “Cut your losses and let your profits run”.

Well, when losing money, the prudent thing to do is to cut your losses. However, many traders fail to do so. On the contrary, they hang onto their losing positions in hopes that they reverse, or invest even more money into their losing positions.

Why would beginner traders do that?

Because they hope that the market will evolve in their direction again, and that their current losing positions will turn profitable and make even more money. In most cases, however, their losses are compounded, with prices moving against them longer than expected.

While this common mistake could be slightly less risky if you’re a long-term investor, it’s too dangerous when you’re a day trader investing in a volatile market such as Forex.

So, never add to your losing positions!

Open a position with the proper size and use a stop-loss to avoid the temptation of averaging up (or down).

Read:

Leverage and margin trading are amazing tools that help you invest more money than what you have in your trading account, allowing you greater market exposure.

However, it is a double-edge sword, as this can just as easily magnify your losses as well as your wins.

For this reason, an excessive use of leverage can wipe out your trading capital in a flash.

Watch: Leverage: A Trader’s Friend?:

There is also a psychological aspect to take into consideration, as traders often act less rationally when they deal with outsized positions. While using high leverage, there is greater individual risk on a single trade, amplifying the psychological pressure you have to deal with when trading.

Read: These Forex Risk Management Techniques and Tools Will Save You a Lot of Money!

Many beginners start trading currencies with the goal of becoming rich very quickly, which often pushes them into making mistakes.

To stay motivated and disciplined, you need to work on how to set realistic goals. If you’re not setting goals that are actually achievable, then all that they’ll be is a source of frustration and disappointment, rather than a challenging yet reachable target.

To implement significant changes in your trading, you should use the SMART method, so then your goals are Specific, Measurable, Attainable, Relevant and Timely.

This method will help you to bring structure and manageability into your financial goals.

Of course, trading is a risky activity, but there are things you can do to avoid increasing your risk.

Being able to overcome the pitfalls and mistakes when trading Forex outlined above should help you trade in a more structured and positive manner towards your trading goals.

Learning how to trade is necessary if you want to improve your results, so you should take the time and effort to regularly improve your trading knowledge.

Don’t forget that a trading strategy with strict money management rules evolve with time, as market conditions, your trading experience, and your capital also change. To best follow your progression, you should keep a trading journal.

Also before you start your trading day, be sure to be in the right state-of-mind, to read once again your trading plan, and to remember to respect your money and risk management rules. Don’t trade in an impulsive manner and don’t do revenge trading – always control your emotions!

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Reading time: 13 minutes

Whether you are completely new to trading Forex, or a seasoned trader on the currency markets, you are likely to share one key aspiration: becoming successful in the Forex markets. This article will delve into the stories of the famous professional FX traders who became highly successful, and it will also provide you with tips on how to become successful yourself!

How Do I Become More Successful at Trading?

One way to improve is to learn by example, and a good starting point is to find out who is the greatest forex trader in the world. But who is the best Forex trader? And how did they become successful? In this article, you’ll learn about what the most successful currency traders have in common, and how those strengths helped them to achieve huge profits.

While you may have heard statistics thrown around suggesting that the ratio of the richest Forex traders to unsuccessful ones is small, there are at least a couple of reasons to be skeptical about such claims. Firstly, hard data is difficult to come by on the subject because of the decentralized, over-the-counter nature of the Forex market. But there is plenty of educational material and working Forex trading strategies available online to help you to improve your trading performance.

There are also FREE online trading courses available to traders. Admiral Markets offers the ‘Forex 101 Online Trading Course’ for beginner traders. Learn how to trade Forex in just 9 lessons! Click the banner below to register for FREE!

Secondly, we would expect the distribution of successful traders and unsuccessful traders to follow something of a bell curve, meaning that there would be:

  • very few significantly unsuccessful forex traders
  • a great number of small unsuccessful traders
  • a great number of small winners; and
  • very few large winners

The data that is available from Forex and CFD firms (albeit a very small slice of the vast global FX market) suggests that it’s rare for people to become hugely successful traders. Most people stop once they start losing beyond a certain threshold, whereas the big winners continue trading. The number of unsuccessful traders slightly outweighs the number of small winners, mainly because of the effect of market spread. So the percentage of successful Forex traders is not substantially smaller than the unsuccessful ones.

There is little doubt that the most successful traders are an elite few. However, by looking at a select group of famous traders we can see that they have a few things in common:

  • Discipline—the ability to recognise when a trade is wrong and therefore minimise losses
  • Risk control—having a strong understanding of a trade’s risk/reward (You can read more about this in our risk management guide)
  • Courage—the willingness to be different from the rest of the crowd, most of the time
  • Astuteness—judging how perceptions are shaping market trends

It does seem to be very difficult to build the characteristics listed above. However, in the long run these are the few important tools that keep you successful. While it’s certain that you will make mistakes, the important thing is what you have learned from them and how you find your solution to fix the errors. Take advantage from the experience shared by expert Trader Markus Gabel, from the free webinar below and understand how trading psychology affects the traders’ run.

The upshot of these characteristics has largely been consistent and large profits. So without further ado, let’s find out which professional traders exhibit these characteristics and more, with our list of successful Forex traders from all around the world!

The World’s Best Forex Traders

George Soros

Let’s begin our review of some of the best Forex success stories by looking at one of the industry’s legendary beacons of good fortune, George Soros. If we were to ask, “Who is the greatest forex trader? ” Soros’ name would certainly always figure high on any list. Mr Soros is known as one of the greatest investors in history. He sealed his reputation as a legendary money manager by reportedly profiting more than £1 billion from his short position in pound sterling. He famously did so ahead of Black Wednesday, 16 September 1992.

At the time, Britain was a part of the Exchange Rate Mechanism (ERM). This mechanism required the government to intervene if the pound weakened beyond a certain level against the Deutsche Mark. Soros successfully predicted that a combination of circumstances—including the then high level of British interest rates, and the unfavourable rate at which Britain had joined the ERM—had left the Bank of England (BoE) vulnerable.

Britain’s commitment to maintaining the pound’s value against the Deutsche Mark involved intervention in the form of either buying sterling or raising interest rates when the pound weakened, or both. The recession meant that higher interest rates were detrimental to the rest of the economy. This hindered investment at a time when encouragement was needed instead. Economists at the BoE recognised that the appropriate level of interest rates were far lower than those required to prop up the pound as part of the ERM.

But the value of sterling was maintained because of the UK’s public commitment to buying sterling.

In the weeks leading up to Black Wednesday, Soros used his Quantum Fund to build a large position short of sterling. But on the eve of Black Wednesday, comments came from the President of the German Bundesbank. These comments suggested certain currencies could come under pressure.

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And this led Soros to increase his position considerably. When the BoE began buying billions of pounds on that Wednesday morning, it was found that the price of the pound had hardly moved. This was due to the flood of selling in the market from other speculators following Soros’ lead.

A last ditch attempt to hike UK rates that had briefly hit 15% proved futile. When the UK announced its exit from the ERM, and a resumption of a free-floating pound, the currency plunged 15% against the Deutsche Mark, and 25% against the US dollar. As a result, the Quantum Fund made billions of dollars and Soros became known as the man who broke the Bank of England. His feat can easily be featured in the list of the greatest forex traders to follow.

Want to know the best part?

Although Soros’ short position in the pound was huge, his downside was always relatively restricted. Leading up to his trade, the market had shown no appetite for sterling strength. This was demonstrated by the repeated need for the British government to intervene in propping up the pound. Even if his trade had gone wrong, and Britain had managed to stay in the ERM, the state of inertia would have more likely prevailed, and have led to a large appreciation in the pound.

Here we see Soros’ strong appreciation of risk/reward – one of the facets that helped carve his reputation as arguably, the best Forex trader in the world. Rather than subscribing to the traditional economic theory that prices will eventually move to a theoretical equilibrium, Soros deemed the theory of reflexivity to be more helpful in judging the financial markets.

This theory suggests there is a feedback mechanism between perception and events. In other words, the perceptions of market participants help to shape market prices, which in turn reinforce perceptions. This was played out in his famous sterling short, where the devaluation of the pound only occurred when enough speculators believed the BoE could no longer defend its currency.

He once told the Wall Street Journal “I’m only rich because I know when I’m wrong”. This quote demonstrates both his willingness to cut a trade that is not working, and the high level of discipline that is shared by the most successful Forex traders. So George Soros is number 1 on our list as probably one of the best known ‘world’s most successful Forex traders’, and certainly one of the globe’s highest earners from a short term trade.

Stanley Druckenmiller

George Soros casts a long shadow. and it shouldn’t come as too much of a surprise that this successful Forex trader has ties to the next trader on our list. Stanley Druckenmiller considers George Soros his mentor. In fact, Mr. Druckenmiller worked alongside him at the Quantum Fund for more than a decade. But Druckenmiller has established a formidable reputation in his own right, successfully managing billions of dollars for his own fund, Duquesne Capital. He can easily be considered as one of the best day traders in the world.

As well as being part of Soros’ famous Black Wednesday trade, Mr Druckenmiller boasted an incredible record of successive years of double-digit gains with Duquesne, before his eventual retirement. Druckenmiller’s net worth is valued at more than $2 billion. Druckenmiller says that his trading philosophy for building long-term returns revolves around preserving capital, and then aggressively pursuing profits when trades are going well. This approach downplays the importance of being right or wrong.

Instead, it emphasizes the value of maximizing the opportunity when you are right and minimizing the damage when you are wrong. As Druckenmiller stated when interviewed for the celebrated book ‘The New Market Wizards’, “there are a lot of shoes on the shelf; wear only the ones that fit.”

Bill Lipschutz

Oddly enough, Bill Lipschutz made profits of hundreds of millions of dollars at the FX department of Salomon Brothers in the 1980s – despite no previous experience of the currency markets. Often called the Sultan of Currencies, Mr Lipschutz describes FX as a very psychological market. And like our other successful Forex traders, the Sultan believes market perceptions help determine price action as much as pure fundamentals.

Lipschutz also agrees with Stanley Druckenmiller’s view that when you are considering how to be a successful trader in Forex, it is not dependant on being right, and it is more often that you are wrong. Instead, he stresses that you need to work out how to make money when being right only 20 to 30 percent of the time.

Here’s some of Lipschutz other key tenets.

  • Any trading idea needs to be well reasoned before you place the trade
  • Build a position as the market goes your way and exit the same way
  • Start to ease up once there are signs that the fundamentals and the price action are beginning to change
  • There is a need to be aware of the market’s focus
  • FX is a 24-hour market, and doesn’t stop moving when you go to bed

Lipschutz also stresses the need to manage risk, saying that your trading size should be chosen to avoid being forced out of your position, if your timing is inexact.

Honourable Mentions

Andrew Kreiger

A list of the best forex traders in the world is incomplete without the mention of Andrew Kreiger. A graduate from the Wharton School of Business, Kreiger joined the Bankers Trust in 1986, after a stint at Salomon Brothers. He was considered one of the most aggressive and famous traders of that time, impressing the top management so much that they granted him a trading limit of $700 million, against the normal limit of $50 million.

In the aftermath of the October 1987 crash, where most markets went spiraling downwards by at least 20%, Kreiger identified the New Zealand dollar to be highly overvalued. He went short on the currency at a leverage of 400:1; exceeding the actual circulating liquidity of the currency. Within a few hours the currency moved 5% against the US dollar, Kreiger ended up making $300 million for his company. Interestingly, he went on to work with George Soros in the future.

Paul Tudor Jones

Easily one of the best forex traders ever is Paul Tudor Jones, who also shorted the October 1987 market crash. He is one of the richest day traders alive today, with a net worth at $4.5 billion as of 2020. Born in 1954, Jones earned a degree in Economics from the University of Virginia, in 1976. He actually started his career as a clerk on the trading floor.

Turning down an opportunity to go to Harvard Business School, Tudor Jones went on to work as a commodities trader in the NYSE. He established his own firm, Tudor Investment Corporation. In October 1987, when the markets were crashing, he managed to make a profit of 62%, just by holding short positions. He went on to earn $100 million that year for his company. Tudor Jones went on to take his firm to new heights. From 1992 to 1995, he was the Chairman of the NYSE.

Michael Marcus

Michael Marcus is amongst the best professional FX traders in the world. He is the founding member of the Commodities Corporation Company. Trained by none other than Ed Seykota, Marcus would later go on to mentor another great trader, Bruce Kovner. During the Ronald Reagan era of presidency, Marcus held positions of almost US$300 million in German marks. It can be said that along with banks, he was the largest currency trader in German marks at that time.

How Successful is a Successful Forex Trader?

We’ve looked at the biggest Forex successful traders, and there are certainly many more successful forex traders to follow But remember, while there might be many professional fx traders out there trading with seemingly foolproof trading strategies, different techniques work for different people. Joining the list of traders who are able to consistently turn a profit each month trading FX is certainly an achievable goal. But you need to develop your own forex trading plan first.

So What’s the Bottom Line?

Well, even the most successful trader had to begin somewhere and if you can regularly generate profits – you can consider yourself a successful Forex trader. Hopefully this article has given you some insights into traits shared by the most successful Forex traders. If you would like to learn more about forex trading and potentially join the growing list of Forex masters in the future, we recommend you to check out our guide on How to Become a Successful Forex Trader, which provides the basics of forex trading, together with, some professional tips and ideas for trading strategies.

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This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

Top 7 Trading Mistakes Forex Traders Make

The rewards in Forex trading are high, but so are the risks. You need to be mindful of the pitfalls when trading in the Forex market. Successful currency trading requires that you not just make the right moves, but also avoid wrong ones.

Many newbie Forex traders end up losing a lot of money due to making mistakes that could have been avoided with a little oversight.

You can’t afford to make mistakes in Forex trading since the stakes are so high. A slight unfavorable movement in price could wipe out thousands of dollars if you don’t take corrective measures.

Table of Contents

In order to help you avoid mistakes, here we have listed seven common forex trading mistakes that inexperienced Forex traders generally make.

Forex Trading Mistake #1 – Not Having a Plan

One of the common mistakes that many new Forex traders make is jumping into a trade without a plan. Without a clear direction, they end up making bad moves losing a substantial sum in the process.

You need to write down a precise strategy on which currencies you will trade at what time frame. In addition, you should note the amount of capital you will risk in order to make a profit.

The trading plan should serve as a map of how and when to trade. The plan should clearly outline the risk you are willing to take and how you intend to enter and exit the trade. You should also test the strategy in a demo account before trading for real.

In case you don’t make a trading plan, you will be gambling your money. It will most likely result in huge losses wiping out your entire capital in just a few days.

Forex Trading Mistake #2 – Not Using Stop-Loss Order

You should use a stop-loss order for every trade. Not using this option will result in significant losses in the event of an unfavorable price movement.
With a stop-loss, the order will close once a specified price is reached.

A stop-loss will ensure that you get out early in case of an unfavorable movement in prices. Placing a stop-loss will protect your entire capital from being wiped out in the event of a losing trade.

You should place a stop-loss at the time of entering the trade. This is an important risk control measure that could minimize the losses suffering due to unexpected price movements.

Forex Trading Mistake #3 – Ignoring the Risk-Reward Ratio

Risk-reward ratio indicates how much you earn for every $1 invested in the trade. If your average winning trade is $100 and the losing trade is $60, your Risk-reward ratio is 1.67. This means that you have gained $1.67 for every dollar invested in Forex trading.

The risk-reward ratio over a period should bemore than 1, otherwise, you will be making a loss.

However, many newbie Forex traders keep on trading without knowing whether they are making a profit or a loss over a period of time. Only once their account is empty do they realize about the extent of the losses.

To avoid this prospect, you should mention the risk you are willing to take to earn a reward in your trading plan and keep a close eye on the risk-reward ratio as you trade.

Forex Trading Mistake #4 – Risking a Large Sum

Unless you are a big trader and can influence the currency prices similar to how George Soros broke the Bank of England in 1992, you shouldn’t ‘go all in’ and risk a large sum on a single trade.

Successful Forex trading requires a lot of patience. When you risk too much of your capital on one trade, you will fall into the ‘regret’ trap. In case of unfavorable price movement, you may feel regret and cancel a stop-loss order in the expectation of a reversal of price movement. You can avoid making hasty decisions fueled by emotions if you create a risk management strategy and stick to it. Don’t risk more than a 1 to 3 percent on a single trade.

Your losses will be great if you risk 5 percent or more of your amount on one trade. Focus on making small wins over a large number of trades, instead of trying to make a windfall from one or few trades.

Forex Trading Mistake #5 – Adding to a Losing Trade

A problem with risking a large sum is falling into the trap of averaging down. When seeing an unfavorable movement in price, many new Forex traders add to a position in the hope of making a larger profit when the price turns around.

Adding to a losing trade is never a good idea. In most cases, prices don’t reverse in the short period. It usually takes months and sometimes even years for a particular price trend to change.

Remember that small losses are easier to recoup as compared to large losses.

The best course of action when the price movement reverses is to end the trade after a certain point, which should be the stop-limit order. The losses will only get bigger the longer you wait to close the account after a price reversal.

Forex Trading Mistake #6 – Not Verifying the Broker

You will be trusting all your money with a Forex broker. So, it’s critical that you select the broker carefully.

You can lose your entire money if the broker mismanages your money or is in any sort of financial trouble. Also, some shady brokers try to dupe money out of clients through trading scams.

To ensure that you hand your funds to a trusted broker, you should read online reviews on discussion forums and review sites. Make sure that most of the reviews about a broker are positive.

Also, you should test the broker by creating a demo account. If the demo account works well without crashing or delays in trade execution, you should open a real live account with a few hundred dollars. Trade the real account for at least four weeks before putting a large sum in the account.

Forex Trading Mistake #7 – Not Diversifying the Trades

Diversification is as much important in stock trading as Forex trading. You should diversify the trades by selecting pairs that are not correlated.

In other words, all the currency pairs should not move in the same direction. Instead, you should consider investing in pairs that move in the opposite direction. For instance, EUR/USD and USD/CHF generally move in the opposite direction.

Diversifying trades will help you minimize the losses in case of unfavorable price movement. If you order multiple trades, you should select at least one pair that moves in the opposite direction.

Summing it All Up

To be a successful trader you need to have a clear trading plan. The trading plan should clearly show your risk appetite or tolerance for losses. Moreover, you should minimize the losses by placing a stop-loss order, avoid putting a large amount on one or few trades, and diversifying your position.

In short, Forex trading requires constant vigilance. You need to carefully monitor your trades and make timely decisions. A slight oversight could end up costing you a lot. You can avoid potentially devastating mistakes with trading discipline, knowledge, and developing a game plan to avoid mistakes. This will ensure that you have a positive trade journey making money along the way.

7 Most Common Mistakes from Beginner FOREX Trader

Hana Stejskalová

Published on Jun 5, 2020

80% of the traders made money in the (very realistic) simulations, but only 20% were successful once they traded real money.

I’ve been learning about FX for almost 2 years and for more than one year I am succesfully trading at real conditions.

During my learning process I’ve been able to recognize some commonly made mistakes by beginner traders (which I was also making). And some of these mistakes created a base for this presentation.

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