50 Common Trading Mistake - Psychology and Money Management | futures io social day trading
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50 Common Trading Mistake
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Created: by martinhunting Attachments:1

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50 Common Trading Mistake

melbourne victoria australia
Trading Experience: Advanced
Platform: ninjatrader
Broker/Data: FXCM
Favorite Futures: AUS200
Posts: 72 since Apr 2016
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50 Common Trading Mistake

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1. If you can’t stick to the trading plan, you’re doomed
2. You need to create your own rules so you understand them
3. Have no accurate risk and profit objectives before placing a trade
4. Letting losses run and profits turn into smaller profits and losses
5. They make the mistake of closing out their good trades and hold their bad trades
6. Once a trader has a few winning trades he tends to become overconfident and starts guessing his trades, leaving his trading plan and research
7. Placing his winnings on one trade
8. Traders tend to over trade their account size, small account large trade
9. Greed takes many forms, you may be just flicking through markets and suddenly start day trading, trying to scalp the market, having several losses, this was not part of your original trading plan
10. Fail to use stops, adding to a losing position
11. Fail to use predefined risk %
12. Always trading the same direction
13. New traders, trade emotionally
14. Looking a the market in too short a time frame
15. Unwilling to take a loss
16. Over trading
17. You need to stick with your trading plan, if it states you are required to take a small loss then take the small loss, don’t be undisciplined and let that loss grow until it hurts. Trade the plan
18. If your technical analysis is telling you that the market has turned against you, then exit the market, don’t hold onto fundamental analysis, both have to be right
19. Cardinal rule: "Cut losses short. Let profits run."
20. Plan your trade and trade your plan, use your rational mind not your feelings
21. Most new traders have trouble with timing their trade and don’t have enough capital to make it through the smaller market retracements. Get your risk % right. Less is more
22. Traders need to understand the difference between small price fluctuation and a fundamental change in the market
23. Not defining your defensive plan before opening a position
24. It is the emotional attachment to a position that will cause you to create large losers. You need to train yourself to keep loss small and practice holding winners for large wins
25. If your under capitalized one reasonable move could wipe you out
26. Too many trades on at once. If you cannot remember all the trades you have in your head, then you have too many
27. Trying to trade inactive markets is dangerous
28. The risk is too large for a small profit, leads to loss
29. Traders lose money because, the loss is not in proportion to account size

30. Lack of discipline also includes results in attachmet – holding on to losers, anger – woulda, coulda, shoulda, ego – trying to beat the market .
31. Large accounts are no guarantee of success
32. Trading against the trend and not using stop loss orders
33. Insufficient capital to trade with
34. Do not over-trade your accounts size, plan your trades risk
35. Inability to ride winning trades, new traders tend to take small profits and miss out on large profits
36 Traders that have no discipline have no plan, they over trade, no patience in waiting for correct set-up for entry and tend be anxious and exit profits to early
37. Traders using their intuition may cause them to hold losing trades, thinking its only temporary
38. Trying to pick tops or bottoms, is a common occurrence and a error
39. No trading plan, no money management, equals emotional trading

40. Not understanding the market they are trading

What's the Answer to Most Mistakes?


Last edited by martinhunting; September 13th, 2019 at 06:44 PM. Reason: too long
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Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.

Deventer, the Netherlands
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Always good to have these. Cheers.

There are many doubles tho you might be able to cut the list down to 30 or so.

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Market Wizard
Prince George BC Canada
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deaddog's Avatar
Posts: 774 since May 2013
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Every one of the mistakes can be answered by the question "Did you follow your plan?"

When you talk you are only repeating what you already know. When you listen you might learn something new
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wellington new zealand
Posts: 12 since Mar 2017
Thanks: 0 given, 14 received

Re 4 : Letting .......profits turn into smaller profits and losses

If a trade goes into profit, retraces to a smaller profit or goes negative but the trade is still valid (eg initial stop hasn't yet been hit) why is that a mistake ?

To take your sentence to the extreme you'd be exiting as soon as a trade moved t tick in your favour then had a 1 tick retracement


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