1.Start without research 

The first and the worst forex trading mistake is to trade without education. The idea of making a profit is interesting. Still, most traders ignore the fact that trading is a business and, just like any other type of investment, you need to learn and educate before making money. 

Most traders think they are talented and special and can make money from day one; they take others as fools and will lose. Starting to trade forex without knowledge is expensive, and many have left the market with huge losses. Those who lose their initial investment take forex as a scam; they did not spend enough time learning rules and terms and didn’t know how to trade. 

Remember that trading in forex, you always have a 50:50 chance of having a win, no matter how experienced or how mature you are. Regarding trades, there are always two parties involved; while one makes a profit, the other loses.

 So, the real question is how to reduce the loss because, let’s face it, there is no zero loss in forex. Loss is inevitable but manageable. If you learn the market, you will be able to use risk management techniques and consider the best times to enter and exit trades. So, as the first role, never trade forex without experience and education. You can always use a demo account to learn everything in a simulation and test your trading ideas before trading real money. 

Invest in education

 Like any other career, you must spend time, energy, and money to understand forex and trading. It is the first investment that will result in huge benefits. Your only chance to outperform the masses of other traders is to learn different strategies, complex terms, and tools. There are many educational resources online; educate yourself in any way possible and try to use different websites, courses, and books to understand market movers and strategies. 

You need to understand economics to learn how interest rates and other economic news (such as trade data, employment, and activity) affect currency pairs.

Understand market fundamentals to learn what are the market fundamentals driving movements in your chosen currency pairs. What are the technical indicators you need to be aware of to trade successfully?

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2.Not having a strategy.

 No matter what market you are trading in, you need a trading plan, a roadmap, or a strategy. Sit down and write down rules to manage your money and reduce loss. You should be ready for the unexpected price fluctuations. 

You must know when to enter or exit a trade before it’s too late. Finding the right moment to start or exit a position is important; sometimes, the only factor separating a winner from a loser is time. 

To create a perfect strategy as yourself, the following questions:

• When to enter a trade?
• What criteria will you use to evaluate a trade – moving averages, economic news, etc.?
• What sort of gains are you targeting?
• Which currency pairs should you focus on?
• When should I exit a trade?
• How much are you willing to lose on a trade?
• Where should you set take profit/stop loss trades?
• How long will you allow your trade to reach the target you have set?
• How much money should I risk on individual trades?
• What is your budget?
• What amount of leverage is appropriate for your circumstances and risk tolerance?

These are the most important questions you should be asking yourself. Remember that a perfect strategy for someone else might not be best for you. For example, a trader who cannot tolerate the high volatility market tries to trade in peace and consider long-term trades to avoid different trades simultaneously. On the other hand, there are traders who prefer to open several trades within a trading day, make small profits, and enjoy volatile markets.   

So, you need to know your trading style and choose a strategy that suits your needs. Remember that trading needs discipline, and you must spend enough time learning and evaluating your strategies before choosing a perfect one. You can benefit from a demo account and test your favorite strategies before applying them on real trade.