New traders often become impatient and trade without knowledge. It is very important to have enough knowledge and skills before going to place any trade.
When I started to trade with Hotforex I didn't use stop loss at all as I hoped that my small position will outlive any loss. But I was mistaken. I learned the lesson and now I set tight stop loss in my every trade.
I think new traders always try to look for bigger positions because they have seen some of the successful traders trading styles. This is the biggest mistake that they do, copying someone else's trading style.
I feel, the biggest mistake which traders make is thinking of the stock market as a get-rich-quick scheme. But they must understand that it isn't possible to double their money overnight. Stock market demands proper knowledge to gain consistent profits.
I believe that the biggest mistake which traders make is getting impatient and placing trade out of anxiety and fear which eventually leads them to losses instead of profits.
@Zologul is there any demo account which has all the functions like regular, market, amo, sl, slml, day, immediate or cancel, stoploss, immediate or cancel. If yes let us know so that we can all practice on such demo account. If not then do you know of any company who can make such demo software for us all newbies
@Zologul is there any demo account which has all the functions like regular, market, amo, sl, slml, day, immediate or cancel, stoploss, immediate or cancel. If yes let us know so that we can all practice on such demo account. If not then do you know of any company who can make such demo software for us all newbies
I am also looking for this from a long time, if there is anyone providing that, it will be very helpful for even experienced traders to tune up the trading skills from time to time.
Always use stop loss and take profit in trading, learn to be patient and avoid high leverage. Pro traders know that successful trading is all about timing of entry and exit because profitable opportunities don't occur often.
