Many novice traders make the same mistakes that can lead to significant losses. One of the most common mistakes is the lack of a trading plan. Without a clear strategy, it is easy to succumb to emotions and make unfounded decisions. Many traders also ignore risk management, which can result in substantial losses.
Another common mistake is overtrading. Traders often try to recover losses by opening new positions, which only exacerbates the situation. It is essential to maintain discipline and not trade based on emotions. Finally, avoid a lack of education: study the market, read books and articles, and attend courses. This will help you avoid common mistakes and become a more successful trader.