๐ #TradingMistakes101 โ Learn Before You Burn ๐ธ
Hey traders! ๐ Whether you're just starting out or have been in the markets for a while, we all make mistakes. Here are some common ones to avoid โ because losing money ๐ฐ isnโt fun, but learning ๐ can be!๐
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๐ซ 1. Trading Without a Plan
Jumping into trades without a clear strategy? Thatโs like sailing without a compass! ๐งญ
โ Tip: Always have a plan โ entry, exit, stop-loss. ๐ฏ
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๐ฑ 2. Letting Emotions Take Over
Fear ๐จ and greed ๐ are your worst trading buddies.
โ Tip: Stick to your rules, not your feelings. ๐ง
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๐ 3. Overtrading
More trades โ more profits. It often means more losses. ๐
โ Tip: Be patient. Quality > Quantity. ๐ฐ๏ธ
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๐ 4. Ignoring Risk Management
Betting big can blow your account fast ๐ฅ
โ Tip: Risk only 1โ2% per trade. Protect your capital. ๐ก๏ธ
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๐ 5. Not Reviewing Your Trades
No reflection = no growth ๐ฑ
โ Tip: Keep a trading journal ๐ and review what worked and what didnโt.