Hi, everyone, This is lucky ali and in this post, we are going to talk about trading mistakes that you do and these mistakes are common mistakes that you should avoid. Nowadays, people are crazy behind trading because of the greedy ads that people consume. Even sometimes you see finance-related videos, and the trading ad appears. So because of the high-level marketing & promotions, most people take an interest in trading. A greedy referral system forces users to praise that particular trading company or broker. So this way more people join the trading.
But you know 99% of them fail because they lack knowledge and this is not just a buy-sell game like gambling. This is real business because you are buying things or currency and selling it and that is why proper research and learning are the most important factors.
Trading Mistakes That You Should Avoid
The first mistake is not doing proper homework. Let's say you focusing on fundamentals and you check events, news, and economic data but you miss the technical analysis part, and you are doing mistakes here. You have to combine both strategies. Along with the fundamentals you should know what the chart is indicating. and after doing this homework you are ready to take a trade.
The second thing is risking more than you can afford. I discussed risk management many times in my previous posts and in this post, I am telling it again. You don't need to trade with your life saving or else you must not take trades by using loans. This way you will lose everything you have with you. You have to put in as much money as you don't mind going.
The third mistake is not setting the stop and limit order which is most important and because of this reason, you lose even winning trade. sometimes, suddenly news comes and you are not online at the trading platform so that time you may face trouble.
Another big mistake is revenge trading. What is the meaning of revenge trading? Let's say you are taking 5 trades daily and sometimes you lose all the trades so instead of taking a break you think that you will take 5 more trades to recover the losses and this is where you are doing a big mistake. You have no control over your emotion. Taking a break is important so don't become a emotional trader.
Now let's talk about the last mistake which is important for beginners. Let's say you have learned a lot in trading and you have money management, risk management, technical analysis, and fundamental analysis skill. Now you want to apply those skills so you should not apply it to your real money. Use virtual money and try demo trading first. When you feel that now I am comfortable with it then go for it. Hope you found this post helpful must share it on social media.
Thank you, everyone.
Lucky Ali
Image source
○_________________○___________________○
| 👇 | ||
|---|---|---|
 | Hi I am lucky ali from gujarat, india. I am a crypto enthusiast, blogger, and SEO developer. I am always interested to learn new things and getting new experiences. You can find me on hive, twitter and discord (Lucky Ali#6343). Sharing is caring, Thank you hive family ♥ |
Posted Using LeoFinance Alpha
