What are the four most common pitfalls for traders?
1️⃣Fear of missing out or FOMO. Stick to your trading plan. Don’t chase the market. There’ll always be another opportunity later in the day or the next day.
2️⃣Overleveraged. Maxing out in your daytrade margins could result in poor profit target and stop-loss placement. Take it easy with the day trading.
3️⃣Lack of a trading plan. Create a trading plan that sets forth rules and guidelines that you could follow throughout the trading day.
4️⃣Overtrading. Have you ever traded successfully in the morning and given it all back in the afternoon?
Look for a handful of trade setups that present themselves throughout the day and be patient.
I’ve learned through my experience that these four common pitfalls happened to every new trader and it’s the traders that can correct these pitfalls that make it onto successful careers. Thank you to Jim Cagnina from NinjaTrader for sharing these common pitfalls.
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