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The main problem with newbies is they do not manage risk. They want to make huge money overnight. They open very big lots and don't put any stop. Basically they do gambling.

Yes you are right. We need deep knowledge of trading to be profitable. Then we need the ability to apply our knowledge. Knowledge is only valuable when we know how to apply it.

Learning materials are easily available but learning is not easy. It takes a lot of time and dedication to learn the art of learning. You have to be expert to be profitable.

Mistakes can be useful if we learn from it. Every mistake has some lesson to learn. Unfortunately most traders do not learn from mistakes. Again and again they make same mistakes.

Yes most newbie traders do not bother about risk management. They open big lots that too without having enough knowledge. They want to make money overnight. As a result they treat trading as gambling.

Demo trading is important. Without demo account it's difficult to test your strategy. You can not test your strategy with real money. It will not give you the good results.

Yes forex is the most risky business in the world as it involves high leverage. You always have to follow your risk management system. Without managing your risk properly it's not possible to survive in the market.

It's true that very few people are consistently profitable over the years. Successful trading is the combination of skills and discipline. Most people lack both the quality. As a result they lose money.

For being a good trader you need a good analytical mind. You also need to learn how control your emotions like fear, and greed. Without having these qualities it is not possible to make regular profit in trading.

Yes forex trading you need to be mentally strong. A very high risk is involved due to high leverage. If you are not mentally strong you will not be able to make right decision while trading.

People get confused because they want to predict the market all the time. But it's not possible. A strategy will not give you signal all the time. You have to be patient.

Your focus should be on the market. Try to read the markets not what others doing. We need to develop our own analytical mind and judgement. Focus on your strength.

It's natural that loss gives us pain. In trading we have to learn find more winning trades than losing trades. This is the only way to make profits. It's not possible to be right 100% times.

Before choosing a currency pair, a trader should do enough research and study to find out which pair is suitable for him and his strategy. Every pair has its own unique characteristics. Learn those before choosing.

That's why discipline is very important in trading. Your target should be based on market condition and what your strategy says about the market. You should not force yourself to open trade.

All time frames are good if you know how to know use it. It depends on your strategy and trading plans. Some prefer 15min charts some prefer D1 charts. A trader should find out which time frames he understands the most.

Knowledge is primary, investment is secondary. To be profitable in forex trading you need required skills. And skills come from knowledge and practice. If you are not skilled, no amount of capital can give you profit.

I have learned trading by reading articles, watching paid videos, reading books and observing live charts. Among these books and live charts helped me a lot. It shaped my trading system.

Yes most traders set unrealistic profit target. That too without having enough knowledge and skills. Target should be proportionate to the skills. Unrealistic expectations lead to lot of unnecessary trades.

No only newbie traders spend a lot of time before charts. Even they can not sleep properly. A good trader knows when to watch market and when not to watch. Few hours everyday is enough for trading.