5 Forex Trading mistakes to avoid | I wish I knew this when I started forex trading

Description: in this video I have described some of the mistakes that I made when I started forex trading as a beginner. Mistake #1. I did not develop a forex trading system which is especially important to be a profitable forex trader as a beginner. Either you use 50 pip a day forex strategy or the best forex strategy for consistent profit you must backtest your forex trading strategy. There is a lot of online forex strategy back tester online or you can trading view platform or meta trader4 or meta trader5 to backtest your strategy.
The second mistake I made is I did not learn proper risk management when I first started forex trading as a beginner. Risk management in currency trading is crucial to be a consistently profitable forex trader. No matter how profitable a forex trading strategy you have, you must manage your risk to become a consistently profitable forex trader over the long run. Risk management in forex trading includes providing proper stop loss, finding the right entry in your trade, and planning the exit from your trade.
The third mistake I made when I started forex trading is I did not have the right expectations from my currency trading account. Right expectation means setting the right amount of profit goal considering my forex trading account size. Many beginner traders try to make a $500 account to $50,000 overnight which is just ruining your trading account. I suggest in learn to trade properly with a small forex trading account rather than focusing on making too much profit from the account. Because when you have learned the skills of currency trading, you can make a lot of money even with a small forex trading account by growing a small account to a larger account.
The fourth mistake I made does not find the right trading style for me. I used to do swing trading one week and then next weekday trading and then next scalping. Finally, before I settled in a particular style of forex trading, I have lost a lot of money just by hopping from one trading style to the next. As a beginner forex trader, you must find your currency trading style to become a consistently profitable forex trader.

Finally, 5 the mistake that I made is I was not fully focused but distracted by my nose. I mean by noise is a distraction from people. You will at the same time there is a lot of information out there. Someone going long with a forex pair at the same time other is going short. Who will you follow? The best way is to find the right forex trading mentor and learn the trading skill from this before you start trading on your own.

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Risk Disclaimer: Trading foreign exchange on margin carries a high level of risk, and is not suitable for all investors. Past performance is not indicative of future results. The high degree of leverage is dangerous and can work against you as well as for you. Before deciding to invest in foreign exchange or any market you should carefully consider your investment goals, level of experience, and risk tolerance. It is EXTREMELY LIKELY that you will sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. No representation is being made that any account will or is likely to achieve profits or losses. Past performance is not indicative of future results. Individual results vary and no representation is made that clients will or are likely to achieve profits or incur losses comparable to those that may be shown. You acknowledge and agree that no promise or guarantee of success or profitability has been made between you, and Forex Trading Wizard. Do your own research and talk to a professional financial planner in order to be aware of all the risks associated with foreign exchange trading and investing, and seek advice from an independent financial advisor before risking any capital.