1. Not having a trading plan: Without a plan, traders risk making decisions without considering the bigger picture.
2. Not setting realistic goals: Unrealistic goals can lead to unrealistic expectations and reckless trading.
3. Over-leveraging: Leveraging can be a great tool but over-leveraging can lead to huge losses especially in volatile markets.
4. Not having a risk management plan: Risk management is essential for successful trading, and not having one can be a costly mistake.
5. Not diversifying: Concentrating on one currency pair can be dangerous, as traders can be exposed to too much risk.
