Biggest trading mistakes to avoid!
(A Thread)
We all know 90% of traders fail their first year, accepting and working on your faults is the first step to be apart of the 10% who succeed.
(A Thread)
We all know 90% of traders fail their first year, accepting and working on your faults is the first step to be apart of the 10% who succeed.
1. Oversizing- The yearning for profit should never overtake your defined risk parameters. You have to EARN the right to size up. Trade good setups with minimal risk and the money will follow. Greed will kill you.
2. Bagholding- This detrimentally affects your emotions/decisions. Cut the bag and move on. Your opportunity cost is burning away each day. Give yourself and your account a chance, own up to the bad trade you committed and move one.
3. Chasing- This is what shorts want you to do. Your account can only handle so many FOMO buys on big green candles. Where is your risk up there? Shift your perspective to buying the potential dips/HLs on the chart. Those big green sticks aren’t as obvious as you think.
4. Psychological/Emotional Weakness- Revenge trading, buying high selling low, wicked out before rip, etc. All signs that you don’t have your emotions under control. Come to the realization that you may have underlying emotions to handle.
4. (Cont.) Most people cannot admit they are/were wrong. This prevents any constructive work on those weak emotions. Do you know who you are internally? Are you comfortable with yourself as a person? Dig deeper.
5. Comparing Success- Other’s success is meaningless in my realm of trading/life. Don’t let the outside noise of other’s stories/rewards stray you from your path. Stoicism. Head down, keep grinding. Build that empire.
6. We start a new month Monday. This is your chance to put all of your hard work and effort to the test. Organize, plan, and execute, journal. Stop committing the same problems each time you log on.
7. Write down your goals for November right now. Personify them and push yourself to achieve. Keep track of it and come back to your goal at the end of the month. Markets are hot, time to capitalize if you aren’t already.
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