The first mistake many beginners make is entering the market without a clear plan... They buy because the price is rising, and sell because the price has dropped, as if they are running after the wave instead of leading it. The second mistake is investing in currencies they know nothing about, just because people are talking about them or because they are a 'trend'. There is also a common mistake which is ignoring capital management, putting all their money in one currency and being shocked when it loses. Finally, greed and fear... if you can control them, you have already covered half the way to success. The market is not a short race; it is a marathon that requires patience and knowledge.