What are some things I should really try to avoid

Beginner Questions Trading Psychology
21

Do not use real money. Only use a practice account for not less than 12months until you start understanding what its all about, and have learnt to manage your emotions.

2 Likes
22

Thatā€™s a really good point! As you said, emotional decisions and over-trading can be dangerous and eat away at your equity. Iā€™ll definitely keep that in mind and try to make rational decisions when trading. Thanks for the helpful advice!

1 Like
23

Thanks! Iā€™ll consider starting with a practice account for a few months to learn before using real money.

1 Like
24

Thanks for the advice! Itā€™s helpful to know that sticking to a proven trading plan is key to success in live trading and to be reminded about the role of emotions. Thanks again for the guidance!

25

Wow, Iā€™ve heard a lot about how fear and greed can affect trading. I hope I can handle those emotions when I start my trading journey. Thanks for sharing your insights!

1 Like
26

Thanks for the great advice! Iā€™ll definitely keep in mind the importance of avoiding over trading and emotional trading. I hope I can control my emotions in my future trades. Thanks again!

27

It is possible to learn it, but it needs time.

1 Like
28

You got it! Iā€™ll give it my all. Thanks a bunch, professor.

2 Likes
29

You can say that again and again and again. Many of my friends spent lots of money on these type of tricks for nothing. Hopefully, they have learned their lessons the hard way.

1 Like
30

100% truuu

2 Likes
31

New traders think that over trading will help them earn big but itā€™s a big mistake done by them. The more a trader trades, the more he loses his equity.

2 Likes
32

Agreed! over trading is useless because no matter how many trades you make as long as you donā€™t have a good strategy or you donā€™t know what are your mistakes, you gonna lose more and more.

1 Like
33

You should definitely try to avoid the attempts to win back your money from the market. Itā€™s a mistake that every beginner trader makes.
And it leads to nothing but more losses, and as a result to lost deposit.

1 Like
34

Thanks for the advice. Iā€™ve actually heard this a lot as 'revenge trading", I guess. Iā€™ll definitely keep it in mind. Thanks again :slight_smile: :wink:

35

Just my two centsā€¦ from a not so bright wannabe trader.
There are some days when high impact news come out such as the Non Farm Payroll (NFP) days. As a beginner take some time to find out what these are, when they come out, AND AVOID THEM!!!

2 Likes
36

This one was new. Thanks a lot. Iā€™ll read about it. :+1: :pray:

37

Dunno whether someone has already gave you this advice, as there are tons of such ones, but I can advise you not to overestimate yourself. Itā€™s not quite a typical mistake, but there are such traders who feel like theyā€™ve already mastered trading and are ready to move mountains and earn big money.
Nah, they canā€™t, and I can say more - even professionals sometimes canā€™t :slight_smile:

1 Like
38

I think neglecting risk management strategies, like setting stop-loss orders and diversifying the portfolio , can expose us to extreme risk and potential losses.

39

I believe it is crucial to avoid excessive trading, especially when experiencing losses.

40

I share the belief that taking a break is advisable when facing consecutive losses.

1 Like