We have listed some of the main reasons that incline most traders towards lack of success. After being in this industry for quite a few years, we have noticed that 90% of beginner traders make the same mistakes all over again. We would like to address those issues below, and provide some recommendations:
1) Overtrading is a problem that many beginners and experienced players in the market face. Quality will always be over quantity. Taking a few high-probability trades is much more convenient and professional than buying and selling many positions at the same time.
2) Risk management should be strictly followed in all cases. Many traders tend to risk 5-10% on a single position and end up blowing their accounts. It is much safer and better to risk 1-2% per trade and keep things consistent.
3) Adding 10s of indicators into their charts and making their graphs messy is what many participants of the markets do. Making trading decisions based purely on indicators lead to failure 90% of the time. It is essential to rely on price action and use indicators as confluences.
4) "I will start trading with $100 and flip it into thousands of dollars in a few months, because I have seen a guy on Instagram do the same". That's such an unrealistic and distorted statement. Always set your expectations low if you want to be profitable in this field. Moreover, do not trust fake Instagram "gurus".
5) Never ignore the major fundamental drivers, as in some particular cases they can easily make the market jump around.
6) "Many authors on TradingView are going short on BITCOIN! Let's go and do the same". Never rely on randomness and other people's opinions and analyses. Make your own chart analysis and use other authors' views as a means of confirmation.
7) Always and always journal your trades. It will help you a lot in identifying your errors and fixing them.
8) Patience is always the key. Those who rush, stumble and fall.
9) Do not let a win get to your head and a loss get to your heart. Always remain cold-blooded and emotionless.
10) It is impossible to be profitable and consistent in this sector without having a valid trading strategy. Create a trading plan that works for you the best and stick to it for the long-run.
11) Many novices tend to increase their risk in order to make more profits. Instead of increasing the risk, increase your trading capital!
12) Getting aggressive and trying to open a trade every minute is not a way to go. It is important to remain calm, trade with caution, and be patient!
13) If you want it, you will get it. Most of beginners do not treat trading as a serious business and they spend less time practising it. In order to be successful and make money, you need to put in work!
14) Greed is not an option! Always set realistic target profits and enjoy your gains. Holding a trade forever is not a way to go
15) Giving up is for the weak. If you ever feel like giving up and quitting it all, think about that one reason that made you start
1) Overtrading is a problem that many beginners and experienced players in the market face. Quality will always be over quantity. Taking a few high-probability trades is much more convenient and professional than buying and selling many positions at the same time.
2) Risk management should be strictly followed in all cases. Many traders tend to risk 5-10% on a single position and end up blowing their accounts. It is much safer and better to risk 1-2% per trade and keep things consistent.
3) Adding 10s of indicators into their charts and making their graphs messy is what many participants of the markets do. Making trading decisions based purely on indicators lead to failure 90% of the time. It is essential to rely on price action and use indicators as confluences.
4) "I will start trading with $100 and flip it into thousands of dollars in a few months, because I have seen a guy on Instagram do the same". That's such an unrealistic and distorted statement. Always set your expectations low if you want to be profitable in this field. Moreover, do not trust fake Instagram "gurus".
5) Never ignore the major fundamental drivers, as in some particular cases they can easily make the market jump around.
6) "Many authors on TradingView are going short on BITCOIN! Let's go and do the same". Never rely on randomness and other people's opinions and analyses. Make your own chart analysis and use other authors' views as a means of confirmation.
7) Always and always journal your trades. It will help you a lot in identifying your errors and fixing them.
8) Patience is always the key. Those who rush, stumble and fall.
9) Do not let a win get to your head and a loss get to your heart. Always remain cold-blooded and emotionless.
10) It is impossible to be profitable and consistent in this sector without having a valid trading strategy. Create a trading plan that works for you the best and stick to it for the long-run.
11) Many novices tend to increase their risk in order to make more profits. Instead of increasing the risk, increase your trading capital!
12) Getting aggressive and trying to open a trade every minute is not a way to go. It is important to remain calm, trade with caution, and be patient!
13) If you want it, you will get it. Most of beginners do not treat trading as a serious business and they spend less time practising it. In order to be successful and make money, you need to put in work!
14) Greed is not an option! Always set realistic target profits and enjoy your gains. Holding a trade forever is not a way to go
15) Giving up is for the weak. If you ever feel like giving up and quitting it all, think about that one reason that made you start
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