I learnt the following the hard way!
MISTAKE ONE
Lack of Knowledge and No Plan
It amazes us that some people expect to trade the stock market successfully without any effort. The stock market is not the place for the ill informed. But learning what you need is straightforward – you just need someone to show you the way.
The opposite extreme of this is those traders who spend their life looking for opportunity of trading! Been there, done that!
The truth is, there is sitter. But the good news is that you don't need it. Our trading system is highly successful, easy to learn and low risk.
MISTAKE TWO
Unrealistic Expectations
Many traders expect to make thousands by next week. Or they start to write out their resignation letter before they have even placed their first trade!. The stock market can be a great way to replace your current income and for creating wealth but it does require time. Not a lot, but some.
So don't tell your boss where to put his job, just yet! Other beginners think that trading can be 100% accurate all the time. Of course this is unrealistic. But the best thing is that with our methods one needs to get 50-60% of your trades "right" to be successful and highly profitable.
MISTAKE THREE
Listening to Others
When traders first start out they often feel like they know nothing and that everyone else has the answers. So they listen to all the news reports and so called "experts" and get totally confused. Taking "tips" from their buddy, who got it from dabaa walaa…
Get to judge your instincts and do your home work and never have to listen to anyone else, ever again!
MISTAKE FOUR
Getting in the Way
By this we mean letting your ego or your emotions get in the way of doing what you know you need to do.
When you first start to trade it is very difficult to control your emotions. Fear and greed can be overwhelming. Lack of discipline; lack of patience and over confidence are just some of the other problems that we all face.
It is critical you understand how to control this side of trading. There is also one other key that almost no one seems to talk about. But more on this another time!
MISTAKE FIVE
Poor Money Management
It never ceases to amaze us how many traders don't understand the critical nature of money management and the related area of risk management.
This is a critical aspect of trading. If you don't get this right you not only won't be successful, you won't survive!
Fortunately, it is not complex to address and the simple steps we can show you will ensure that you don't "blow up" and that you get to keep your profits.
MISTAKE SIX
Only Trading Market in One Direction
Most new traders only learn how to trade a rising market. And very few traders know really good strategies for trading in a falling market.
If you don't learn to trade "both" sides of the market, you are drastically limiting the number of trades you can take. And this limits the amount of money you can make.
We can show you a simple strategy that allows you to profit when stocks fall.
MISTAKE SEVEN
Overtrading
Most traders new to trading feel they have to be in the market all the time to make any real money. And they see trading opportunities when they're not even there (we’ve been there too).
We can show you simple techniques that ensure you only "pull the trigger" when you should. And how trading less can actually make you more!
Stages of evolution of a trader (as I m going through and observed others go through).Trading normally comes in these steps.
1. Try to predict the market
2. Failure
3. Overlaying indicators to predict the market.
4. Failure
5. Chopping and changing strategies to predict. (Gann, candles Fibonacci usually become part of the vocabulary at this point)
6. Failure
7. Seeking/creating a profitable trading system.
8. Failure to trade it with discipline.
9. Failure
10. Failure
11. Failure
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Success
