One common mistake is not taking into account the cost of carry when dealing with futures prices. The cost of carry includes factors like interest rates and storage costs, and it can significantly impact the futures price. Ignoring the cost of carry can lead to inaccurate predictions about future price movements. Another common mistake is not considering the impact of market volatility. Market volatility can cause significant fluctuations in both futures price and spot price, and it can widen or narrow the spread between these two prices. Ignoring market volatility can lead to missed trading opportunities or potential losses. Finally, some traders might rely too heavily on the futures price as a prediction of future spot price movements. While the futures price can provide valuable insights into market expectations, it's not always a reliable predictor of future spot price movements. It's important to consider other factors, such as market news, technical analysis indicators, and overall market sentiment.