1) Not having a trading plan: Yes, according to my research, I have discovered that most of the new Forex traders start their real trading journey with any professional trading plan. So, they take their decisions instantly in their trading.
2) Not having money management knowledge: It’s true money management is very popular word in Forex business. But unfortunately most of the traders don’t know the proper way of money management and risk management as well.
3) Not using protective stop loss orders: Yes, we traders always need to set our stop loss and take profits order in a logical level. If we set our SLs and TPs according to our personal choice then definitely we are going to face big losses.
4) Taking small profits and letting your losses run: I have seen, most of the Forex trader close their good trade as earlier nearest support and resistant level but they carry their wrong trades for longer sessions.
5) Overtrading: If you are a new Forex trader never open so many trades in different trading instruments in a same time. You should go step by step. In addition, definitely over trading is another very common problem in Forex business so, be careful.
6) Not having patience: You have to realize that, good entry points would be available here and there. So, when you may not get good entry point then you need to wait for a golden opportunity. Don’t be silly.
Whatever, I hope all members of this Forum will be able to avoid those common issues and best of luck for all of you.