Every trader has to undergo unsuccessful years before he starts making profits on consistent basis.
Every trader goes through stages of trading journey
Below are common mistakes of new traders, I wish someone had told me about this in my initial days
Small steps repeated with consistency every day lead to great achievements
Inconsistency:
Success in trading is achieved not by chance it’s by choice
It is the natural consequence of consistently applying rules of your system
Defining trading process and following religiously over a long time is very essence of success in trading
The new traders will keep changing their trading system and method very frequently without proper analysis is important reason for losses
Every system and trader have drawn down period so don’t change system during drawdown period
Continuously watching Quote Screen:
One of the great mistake done by newbie trader is watching the quotes continuously
Tracking the markets by tick by tick data will emotionally drain you
Each small positive or negative move will impact emotionally which will impact your performance
If you already predetermined have SL, Entry & Exit, set alert in system and place the required orders in advance
Avoid continuously watching and sitting in front of quote screen at any cost
Lack of Learning from mistakes:
There are only three things you should ever do about a mistake: Admit it, learn from it, and don’t repeat it
Most of traders will never admit their mistakes to save their ego
Most of the successful traders are very humble person, Market humble everybody at some point of time so accept the mistake and Learn from it
Comparison:
The new traders will compare their trades with others
Following famous traders in social media and taking Emotional trades without understanding risk management
Comparing and following other trades will force to slip from plan and discipline
When We Compare and Compete With Others, We Create Fear, Insecurity, Jealousy, Stress and This Depletes Our Energy
Unrealistic goal:
Most of the traders day dream about multiplying their capital within month or years
Please Check the track records of successful traders you will understand that achieving average of 50 % return is very difficult
Hence set realistic goal and strive to achieve that-Peace 🙂
Will Share remaining in part 2
