Do you know, 90% of traders (usually beginners & retailers) lose money in stock market, they don’t know Successful traders are not successful because of any Holy Grail strategy or any secret indicator.
Even if same trade is given to different traders, then also few traders will be in profit and some will be in loss because of different trading psychology.
Now we will see why this differentiation is coming and why 90% of the traders are in loss.
1.Trading or investing without proper knowledge.
Beginners and retailers join some classes of 1 or 2 hours, or learn from any YouTube channel and start to trade without practicing back testing the strategies2.Taking trades blindly and without any study
Simply assuming that market / stock may go up or down3.Trading according to what he thinks and not following what the chart says.
learn to speak with charts because charts says everything.
4.Not having own strategy or any proper trading plan in written
Always write down your strategy in your dairy which you believe after back testing. Your entry and exit should be as per the trading journal you are maintaining.
5.FOMO - fear of missing out
It is very dangerous to take entry into a trade when market is moving very randomly making bigger candles. Maximum traders come into loss because of FOMO only.
6.Watching lot of scripts at a time
Focus on few stocks only by analyzing them thoroughly.
7.Using borrowed money
Only risk part of your capital which you will be comfortable even after loss.
8.Having dreams to become rich overnight
They hope that market will come into their direction and give them profit only
Some take blind entry and start to offer God for profits
11.Not trading with discipline
Not using proper setup, no proper stop loss, not setting appropriate targets and not following risk reward or money management anything.
They think that they are day traders or full-time traders that means they must continue to take trades. Even though they are in profit in the morning but always they close trading with loss only.
They try to recover their loss from the same stock and on the same day so take new trades without any analysis without any trade setup and more quantity.
14.Not mastering one strategy
Instead of mastering 1 strategy they constantly change their strategies in search of Holy Grail setup. They think trading is an exciting game.But in real, trading should be a boring process.
15.They don't know successful traders are not successful because of any secret strategy or any secret indicator but because of their right mind set.
Please check with all above mistakes if you are also doing the same and try to avoid such mistakes and turn into a successful trader 💐💐💐
Wishing you all the very best for becoming a successful trader.