❌Common Mistakes
Common Mistakes New Traders Make
There were times when I started trading and I remember exactly what mistakes I used to make and how painful those could be to any new trader, this thread will help you all to identify and stop making those mistakes and learn from my experiences.
Mistake 1- Defining a trading Mistake
The first mistake that any trader does is the following things:
Assuming that Trading is easy
Not Following the rules that they setup before getting in the trade
Mistake 2 – Not Having a Trading System and a Working Business Plan
Mistake 3 – Entering on a tip, an emotion or something that doesn’t correspond to one of your well-considered systems
Mistake 4 – Not exiting a trade when you should be stopped out
Mistake 5 – Risking too much money on any given trade
Mistake 6 – Not exiting a trade when you should be stopped out
Mistake 7 – Doing anything because of an emotional reaction, including exiting too soon
Mistake 8 – Blaming someone or something for what happens to you rather than accepting personal responsibility.
Mistake 9 – Trading multiple systems in the same account.
Mistake 10 – Trading so many trades in the same account that you cannot keep track of them.
Mistake 11 – Trading a system when the market type has changed and you know the system will now perform poorly.
Mistake 12 – Concentrating on the entry for a system and not the potential reward-to risk ratio in the trade.
Mistake 13 – Taking a profit too quickly or not taking a loss just to be ‘right’ or prove a point.
Mistake 14 – Not having a predetermined exit when you enter the trade.
Mistake 15 – Not keeping track of the general performance of your trading system.
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