1. Thinking it is the market
It is important that you are trading a system that is based on PRICE ACTION.
2. Not being patience whit the setups
Most people are trying to trade all the time and every time there in front of the charts, they are trying to force it instead of sitting and waiting for the perfect set up. This could cause you to go backwards, because of the mistakes you will make and not towards win.
Find the perfect set up and print it out. Once you have the perfect set up, that you have been tested, ask yourself does this next trade look like your perfect set up. If answer is yes than it is a good trade, if answer is no do not make a trade.
ALWAYS ENTER on HIGH PROBABILITY TRADE.
3. Starting off too big
You need to trade an amount that if you do have 5.losing trade in a row, that you would not care. Trading in this size per trade, is going to allow you to:
- stick to the plan
- make less mistakes
- letting the trade run
- cutting your loss short
You are going to have 5.losses in a row. Get used to it. That is called TRADING. It is important how you manage your losses.
4. Trading style is not fit in your life style
Do not throw everything else out the window. Take care of your health by exercising. Take time for your family or important relationships that you have.
5. Focusing to much on indicators
Your trading decision must come from price action and then you can use the indicators to confirm it.
6. Setting goals to high at the start
Start with the goal whit making only $100 per month, because if you can not make $100 per month, you can not make $1000 or more. Trading this small at the beginning will also get you into a habit of doing the right thing.
7. Not being flexible with the market
Do not allow a small loss turn into a massive loss. Every trade you get into, accept that it could be a loser. Have a level where you going to get out for profit and loss no matter what and stick to it. Keep you losses small and profit big.
8. Not checking higher time frame
If you are trading on a daily chart, look for a weekly chart as a higher time frame. If you are trading hourly chart, look for a daily chart.
9. Trading in a fearful state
Fearful state is when you start forcing things and that lead to mistakes.
You need to learn how to read what your body is telling you. Always ask yourself what sort of state am I in the moment. If you are in fearful state of mind, then best think to do is to STOP. Always trade with a clear mind.