Hello dear traders,
These are some common mistakes that i used to do that are part of my trading journey which is about 6-7 years. This is my first video on tradingview so apoligize for some pauses in my speech. I was a bit nervous when i did it. If you are at the beginning of your trading journey and it seems that everything is wrong, you gotta ask yourself why can't you make it? Here are some common mistakes that i did and some that i gathered from various discord and slack groups.
1. FOMO-ing (i guess this is in all the videos out there) - Remember that money goes from impatient to the patient.
2. Journaling - this is an important and key process of your trading journey. No matter how boring it looks, its gonna make you better i promise
3. Understanding macro concepts - this is a very important aspect and unfortunately it takes time to progress in this matter. There is always something to learn when it comes to macro economics. Its very important to gauge your sentiment from having a good understanding on what is happening globally. You can do it! Even if you trade mechanical its good to have it in the back of your head.
4. Not writing down key levels on a daily basis (updates of the assets you are trading)
5. Phone trading(while good to watch the markets sometimes) just so you know professional traders dont do it(probably only to adjust orders). We spend time in front of the desk like a regular job. Also it distracts you from being social and turns into an angry monkey because you are high on watching the markets. Been there done that.
6. Quitting your job to trade full time - before you make this switch make sure you are at least profitable for one year on a real account. This is a very common mistake and i met some people along my journey that ended up pretty bad.
7. Overtrading and spending 12-14 hrs in front of the pc - very unhealthy habit and it will turn into an antisocial being. Less is more!
8. Overleveraging - If you dont protect your capital, who else will do it for you? You are the warden of your money and you should treat them with a serious attitude. No one likes to lose so lose less until you get better to crank that leverage up. (use a degen account if you want to go banana on an account but not on the main account)
9. If you are in a trade with defined risk (don't micro manage it) leave it to play out. You already knew the risk from the beginning and you already defined it. Closing too soon can lead to consecutive losses.
10. Using more than 1% risk per trade. Dont go more than that even if its a small account. It will help you build confidence in time.
11. Having a good process -> how many sessions do you want to trade? 1 or 2? (london&new york) ...i mostly trade London and then calling it quits for the day.
12. Daytrading(just so you know there are days where you have to wait for the pricce to come to your levels and it may take a few days for one trade to actually happen) You know what to do in that spare time, learn about the markets and review your trades.
If you want you can add more mistakes here. I hope your journey is a successful one and you want to become better everyday in everything you do. You can do it!
These are some common mistakes that i used to do that are part of my trading journey which is about 6-7 years. This is my first video on tradingview so apoligize for some pauses in my speech. I was a bit nervous when i did it. If you are at the beginning of your trading journey and it seems that everything is wrong, you gotta ask yourself why can't you make it? Here are some common mistakes that i did and some that i gathered from various discord and slack groups.
1. FOMO-ing (i guess this is in all the videos out there) - Remember that money goes from impatient to the patient.
2. Journaling - this is an important and key process of your trading journey. No matter how boring it looks, its gonna make you better i promise
3. Understanding macro concepts - this is a very important aspect and unfortunately it takes time to progress in this matter. There is always something to learn when it comes to macro economics. Its very important to gauge your sentiment from having a good understanding on what is happening globally. You can do it! Even if you trade mechanical its good to have it in the back of your head.
4. Not writing down key levels on a daily basis (updates of the assets you are trading)
5. Phone trading(while good to watch the markets sometimes) just so you know professional traders dont do it(probably only to adjust orders). We spend time in front of the desk like a regular job. Also it distracts you from being social and turns into an angry monkey because you are high on watching the markets. Been there done that.
6. Quitting your job to trade full time - before you make this switch make sure you are at least profitable for one year on a real account. This is a very common mistake and i met some people along my journey that ended up pretty bad.
7. Overtrading and spending 12-14 hrs in front of the pc - very unhealthy habit and it will turn into an antisocial being. Less is more!
8. Overleveraging - If you dont protect your capital, who else will do it for you? You are the warden of your money and you should treat them with a serious attitude. No one likes to lose so lose less until you get better to crank that leverage up. (use a degen account if you want to go banana on an account but not on the main account)
9. If you are in a trade with defined risk (don't micro manage it) leave it to play out. You already knew the risk from the beginning and you already defined it. Closing too soon can lead to consecutive losses.
10. Using more than 1% risk per trade. Dont go more than that even if its a small account. It will help you build confidence in time.
11. Having a good process -> how many sessions do you want to trade? 1 or 2? (london&new york) ...i mostly trade London and then calling it quits for the day.
12. Daytrading(just so you know there are days where you have to wait for the pricce to come to your levels and it may take a few days for one trade to actually happen) You know what to do in that spare time, learn about the markets and review your trades.
If you want you can add more mistakes here. I hope your journey is a successful one and you want to become better everyday in everything you do. You can do it!