Thread by @ThePupOfWallSt

10 avoidable mistakes when trading

🧵👇

1/ Moving from system to system

Try one out for a while, see if it grows on you. Taking a few trades with a new system will tell you nothing. You need data to crunch.

2/ Where to ell

Traders that take a trade without a plan that includes where to sell are setting themselves up for failure.

Without a plan, you will rely on emotions and that only leads to the dark side... of trading.

3/ Profit is the goal

Every trader wants to make money and be profitable, but that shouldn't be your goal. Your primary focus should be building your trading habits and refining your system.

Trust your system and have confidence in your setups.

4/ Counter-Trend Trading

I talk about this all the time. The trend is your friend until the bend in the end.

If the trend is up, trade to the upside.

If the trend is down, trade to the downside.

Pretty simple.

5/ Poor Trading Psychology

You must have the right mindset when trading. If you doubt yourself, you will fail and lose money.

The greatest athletes in the world all self-talk. They go through their routines mentally before actually doing their task.

Trading is no different.

I have 5 more, let's get this thread to 250 likes and 50 retweets and I will release the rest tomorrow.