Three Biggest Mistakes New Forex Traders Make No Trading Plan: Imagine building a house without blueprints. Fun? Maybe. Practical? Not so much. The same goes for trading. Without a solid plan, your trades will wobble like a house of cards. Always have a strategy, or you might end up doing some serious "financial renovations"! Overusing Leverage: Using leverage is like riding a bicycle with a rocket attached. Sounds exciting, right? But as soon as you hit a curve, things can get messy. Newbies often rev up too fast without realizing that one wrong move can send their account straight into a ditch. Emotional Trading: When the market turns against you, it’s like a dog running away with your last hot dog. Panic sets in, but it doesn’t help. And when everything’s soaring, greed whispers, “Time to buy that yacht!” But a smart trader doesn’t let emotions steer the trades — they’re worse than a GPS that forgot to update.