Newbie traders after booking loss in a trade, instantly, jump into a new trade out of revenge to cover the losses and end up blowing up their trading account.
90% of traders fail because they focus on learning new strategies instead of mastering a single strategy that meets their temperament.
Trading without stop loss is the worst trading mistake one can make. The day you swear not to trade without Stop Loss Order, you achieve first trading milestone.
In trading 80% psychology and only 20% trading knowledge is required to become a successful trader. Never trade what you think market will do instead follow the analysis.
Worst of all trading mistakes is trading against the trend. Traders after finding a clear breakout, instead of placing a trade in the direction, do the reverse.
Traders after having good technical analysis knowledge due analysis paralysis fear to trade and often miss the opportunities.
Traders after having good technical analysis knowledge often become victim of analysis paralysis. They know they are correct but still fear to trade and often miss the opportunities.
Due to greed and fear of missing out, traders take risk out of their limits and end up quitting trading. Remember one who follows risk management and position sizing never fails.
Influencers’ inspiring profit screenshots, triggers envy in traders that if they (influencers) can do this why not they. Such traders never understand that influencers too make losses.
Trading is all about is hit and trail method. In trading everyone including professional traders make mistakes. We are supposed to learn and not to repeat mistakes again.
Trading is subject to continuous learning because trading changes everyday. Keep learning and improving yourself.