Success in trading is not just a matter of luck โ it depends on the right strategy, patience, and adherence to rules. However, many make some common mistakes that can put their portfolio at significant risk.
๐ป The most common mistakes:
1๏ธโฃ Not using stop losses โ without setting an exit point before entering a trade, there's no way to know the limit of losses.
2๏ธโฃ Overtrading โ the mindset of needing to trade every day ultimately increases losses.
3๏ธโฃ Relying only on charts without fundamentals โ technical analysis alone cannot always capture major trends.
4๏ธโฃ Changing strategies repeatedly โ using different methods at different times leads to chaotic results.
5๏ธโฃ Making decisions with emotions โ greed and fear are traders' biggest enemies!
๐ก Lesson: Trust your strategy, make decisions based on data, and proceed with patience.
Smart traders learn from mistakes โ what have you learned?
๐ What was your biggest trading mistake? Share in the comments!