1. Over-Relying on Bots: Automation helps, but blind trust in trading robots without oversight can fail when markets shift. Thus, monitoring and adjusting them regularly is essential.
2. Skipping Fundamentals: Focusing only on technical tools ignores big-picture drivers like news or economic events. Thus, a trader must always balance both analyses.
3. Not Testing Strategies: Skipping backtesting or demo accounts risks unproven plans. Thus, traders are always advised to test before trading live.
4. Overloading Plugins: Too many add-ons can confuse traders, specifically beginners. Thus, one must only use what fits their strategy and proceed as they get comfortable.
5. Ignoring Risk Tools: Not setting stop-loss or take-profit orders invites big losses. Traders are suggested always to use them.
6. Misusing Leverage: High leverage can amplify losses if misunderstood, just like it amplifies the position and possibility of profits. Thus, it is recommended for traders to start low and monitor margins.
7. Chasing Losses: Impulsive trades after a loss often worsen outcomes. Stick to your plan and never go for revenge trading.
