From my experiences as a fx fund manager and trading mentor, I collected and wrote 14 most common mistakes unsuccessful traders make.
Let”²s begin!
Guest post by ZAN KOTNIK
1. They think trading is a business where you get rich over the night. With thinking like that they have an extra pressure, they forget on trading system rules and they start trading with the real money from day one, without understanding the markets and with over-exposing their trading account.
2. They do not manage their trading as a business. Their goals are low and they just want to make “quick fast small profits”. They do not organize their trading, they do not set achievable goals for themselves and they do not plan their trading for a few months or years further.
3. They always blame the markets, brokers and/or their trading strategy. They never take full 100% responsibility.
4. They always find the excuses to not place a Stop-Loss order (Account Protection Order!).
5. They do not listen to themselves, but always trade based on someone”²s trading signals, media, crowd. They are the followers not leaders. They do not focus on themselves and their trading, but on what others are saying, thinking and doing.
6. They do not focus on success, but on excuses.
7. Day after day they do not practice discipline and patience.
8. To change their trading results, they are looking for free advices, tips on useless forums, books and other wrong sources of information.
9. They do not master the powerful trading system to understand the price movement and markets.
10. They trade without a trading plan and trading journal.
11. They do not manage their risk. They just “trade” (gamble) and hope market will move in their direction. Strong Money Management is unfamiliar to them.
12. They are changing and jumping from one trading system to another and looks for trading strategy with 100% winning trades.
13. Without real reason they are over-thinking about their trading (business!). That is how they are the worst enemies to themselves!
14. When the position is going their way or against them, they do not know how to manage it correctly to minimize their losses and maximize their profits on winning trades!
Now as you know what are the Most Common 14 Mistakes Unsuccessful Traders Make is now time for you to improve your trading results based on them. Do not wait for tommorow, but start TODAY!
Trading can be profitable only if you know what YOU are doing!
This is the chapter from Zan”²s Amazon Book Forex Trading for Beginners: First Steps to Become a Successful Trader.
In our latest podcast we discuss The Fed and the road ahead – all you need to know
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