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You Have Heard of Tips Of The Trade But Look Out For Mistakes Of The Trade

Tips of the trade are handy things – they are really useful (assuming they’re correct, of course) when it comes to ensuring that you’ve got the right idea. But mistakes of the trade are just as important, if you can learn from them too. What are the worst mistakes you can make (and how can you avoid them?).

Too Much Trade!

They say that you can never have too much of a good thing, but in trading you most definitely can. This is one of the biggest mistakes of the trade; you over-trade and you keep going and you lose and you keep going and going and going… and before you know it you’ve gone too far and you can’t climb back again. And the biggest problem within this big mistake? You might not even notice you’re doing it until it’s too late.

To avoid over-trading, just stick to your strategy. Don’t make a trade because it almost matches, or because you’ve got a feeling about it… if it’s not part of your strategy leave it alone. You’ll be glad of that in the end.

Too Much Money!

Too much again… this time risking too much money is one of the mistakes of the trade. Never, never trade with more than you can stand to lose. Because losses happen, even to the most conscientious of traders, and if you’ve put too much – literally – into it, you’ll find that you’re in trouble. You’ll be in trouble financially, but also emotionally. And when emotions are involved in trading it very rarely goes right. ‘Revenge trading’ is a real thing and although it may not sound like something you would do, if you were to lose a huge amount of money you might well jump straight into another big trade without thinking it through, just to try to win it back. Bad news all round.

Too Much Thinking!

There’s a pattern forming here… too much of anything in trading seems to be a bad thing, and over-thinking your trades is yet another of the mistakes of the trade that is so common. Trading is a simple thing; choose a trade, buy shares, sell shares, make money. That’s it. But when we start to believe that it is more complicated than that, then that’s exactly what it becomes. If the trade matches your well thought out, carefully constructed strategy, then ta-da! You’re sorted. If not, don’t trade. See? Simple.

Too Much Ego

When things are going well we can get carried away. Perhaps it’s just human nature, but whatever it is getting cocky is another of the mistakes of the trade. Arrogance is poison to a successful trade because we begin to believe we’re invincible – that we’ll never lose. Well, here’s the truth and the thrust of it: everyone loses – even people who learn to trade successfully. And it can happen at any time to anyone on any trade. Yes, we can be as careful and strategic as we like, but sometimes trades just don’t work out. The problem is, if your ego is in the way of you seeing things how they really are then you could over-trade, over-risk, over-think… And lose badly.

Too Much Advice

This is a strange one, but as mistakes of the trade go it’s important to bear this one in mind. Taking advice is good. Taking too much advice is bad. It’s information overload and it can get confusing. You don’t need to know all about everyone else’s strategy. It’s there, not yours. Get your own. And once you’ve got it, don’t look around for anyone else’s to compare. What works for you might not work for someone else and vice versa.

Too Little Too Late

All of the other mistakes of the trade are almost excusable (the first time), but not this one. There is never an excuse for rushing headlong into trading without having done your homework first. Never. You need to learn about what it is you’re doing otherwise you’re just not going to enjoy yourself. And you won’t make any money either. This is a not a learn on the job kind of thing, and if that’s how you’re hoping to do it, you need to think again. It takes time. It takes patience. It takes understanding. So go to it – learn!

 

 

 

 

 

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