What are some mistakes you made as a young trader?

Mistakes are part of trading. But we speak about quite less. As a young trader, I made a lot of mistakes. I still do. :see_no_evil: But the market is the real guru. It teaches you everything with time. So, what are some mistakes you made and how far have you come?

Here are some of my mistakes

1)I was desperate to make money - borrowed money from a friend
2) I also bought some not-so-worthy courses
3) Didn’t plan my trades properly

Even old traders make mistakes, and when I first started with three demo accounts, which I treated as though they were live accounts, I still lost ‘money’ by overtrading, even though I kept a tight rein on risk exposure. One day I selected 13 different pairs and they all lost. Another day, I entered a trade with a wrong lot size and was down ‘$80’ in three minutes.

When I moved to a proper live account, eight months later, my emotional control was zero, and yes, I closed every trade, be it a winning and losing one in a short time. This still bugs me, but with continual hits, I have detached my mindset from reacting, as I have no control over what the market throws at me.

That’s just for starters, but I’ve read many books to put it all in perspective. What I do know, is I won’t be a millionaire, just a happy healthy hobbiest trader.

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@steve369 I was erratic too when I joined the market. Emotional control is a must, else you are putting an axe on your feet. I’m happy that you know what you want from the market. Many of us don’t! Btw, you have read so many. Which one is your favourite?

There are three recent ones that I found worth the expenditure.

The Psychology of Trading. Jason Jankovsky. He taught me about order flow.
The Zen Trader. Peter Castle. He taught me how to detach my mindset.
Best Loser Wins. tradertom.com An excellent all rounder book and you can also download a 218 page of what he would have liked going into the book. A life history.

And one old one that is a classic. The richest man in Babylon. George Clason. This is a financial lesson everyone should follow, or at least become aware of.

Cheers.

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One of the biggest mistakes I made as a young trader was not sticking to my trading strategy. I would enter and exit trades based on emotion instead of following my plan. This led to me making some bad decisions and losing money. Another mistake I made was not managing my risk properly. I would put too much money into a single trade and then get overwhelmed when it started going against me. I have since learned to stick to my strategy and to manage my risk better.

Still it is impossible not to make any mistakes on the market because there are too many variables :frowning:

You and me both. Which is why I started to just follow the trading blog here so I can stop myself from trading impulsively. Been successful for the last several months but now starting to veer off again lol.

Buying course is not a bad thing; yeah I know most of those courses are valueless! But initially, I open so many trades without any reason actually!

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@MithcelRobert Yes, if it’s worth the price and fastens your learning time, then why not? But most of the course providers have no original content. :persevere: