Well, frankly, yes. We don’t have the same level of experience, knowledge, and on-the-job training as institutional traders do–that’s just how it is. But the traders who “made it” all say the same thing: they had to push themselves. Translating that into this analogy, they have made “good students” out of themselves-- where once they were “bad students”.
All I’m saying is that it’s easy to blame things that are out of our control and difficult to blame ourselves. In fact, I believe it is most prudent and productive to blame ourselves.
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True, emotional trading can lead to impulsive decisions and serious losses. Having the right trading psychology can help in balancing the emotions while trading.
Lack of understanding the long and shot or bid and ask.
The following are some potential factors that contributed to the downfall of a trader:
- Not adequate knowledge and expertise.
- Lack of risk and money management
- Trading on emotions
- No discipline and patience
- overtrading
@Louisesselen can you please elaborate on daymind set and trading mindset?
At the beginning Insufficient routine and experience leads beginners in the wrong direction with huge losses - later huge losses are normal, cause experienced traders drive in larger profits (look at Jesse Livermore…)
