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Top 9 Biggest mistakes Traders make
1.Trading with Emotions
I think most traders lose money because they can’t keep their emotions out of
trading…People usually get in a trade based off logic but when a trade goes
against them their emotions tend to do the thinking…
Remember the market does not care that you need to make money to pay rent or
buy a new car…It will do what its gonna do and you can’t make it to do any
different…and you can’t never get back at the market from previous loss..If you
loss money, just say next and move on, Don’t keep focusing on the last trade.
Not Having Discipline
You need to have discipline if you are gonna make it as a trader..you have to
be able to stick with your plan and not deviate one bit..Use the same
principles on every trade.
Not Having a Trade Plan
If You don’t have a plan you are going to fail
A plan is what’s gonna keep you out of trouble when your emotions start doing
the thinking for you,..Just follow the plan no matter what. A trade plan should
consist of what to do if I’m right and what to do if I’m wrong before I get
into this trade.
Changing the Trade Plan Mid-Trade
Changing the Trade Plan Mid-Trade is usually because of fear, A plan should be
based of statistic that work overall, not every trade will work out. In my
Early days of trading career, After entering a trade I would walk away from the
computer after setting my buy orders,cut loss or Profit orders, and let the
trade continue. I use to have a hard time dealing with my emotions, and would
lose more money because of changing a trade-mid trade then walking away.
Sometimes this is the easiest to make money while building your confidence.
Proper Money Management
A lot of traders think it’s ok to trade using 20% or more margin…This is one
of the biggest mistakes traders make.. Being able to live to trade another day
has been my philoshopy…I trade on a 5% margin or less.. should you lose 20% on
a single trade, Then you can only trade 5 trades at 20% margin.. but when using
a 5% margin you will be able to trade 20 trades should losses occur …
Increasing your Commitment with Success
Many times while in a winning trade you will be tempted to add additional lots
to increase profits.. But should the market reverse right after,you will be
taking a big loss when you should have been profit taking…staying under a 5%
margin is critical no matter what!!!
7. Adding to a Losing trade
Many traders will add to losing position believing when it goes back up they
will make much more money…what usually happens? you end up losing much more
money.. if you are wrong on trade, just take the loss and wait for another trade
8. Setting a Cut loss based on risk tolerance
Many traders will set a cut on a risk reward/risk ratio. A cut should be set to
tell you if you were wrong, not on the amount you are wiling to lose. The
reason to do this you may set a cut loss too close or too far away, based on
fear.
Overtrading Your Account
Many traders believe they are going to miss a great trade by not being in the
market. They have the mentality this next trade is going to make me lot of
money. Having patience,. YOU DON’T NEED TO TRADE EVERYDAY TO MAKE PROFIT…I’ve
seen people trade just to be trading hoping to make money. I don’t trade
everyday but rather only when I see a profitable trade appearing.
