7. Not believing in yourself
Trading is the most competitive business in the world.
It involves self-doubt, pain, emotional fights, early days, late nights, impatience, failures.
You won't succeed in 1 or 30 days.
If it were easy, everyone would do it.
6. FOMO/Fear of losing
Fear is the #1 trading killer when you are not in control:
- Know your system more
- Plan your trades better
- Review your trades more
Fear is just an illusion.
5. Lack of confidence
The best trading system in the world is useless if you can't execute it.
To increase confidence:
- Reduce your risk
- Backtest more
- Win with your system
Confidence is when you no longer need other people's opinions to validate your trades.
4. Losing everything with 1 trade
- Greed is the most powerful trading killer
- You win 5-10-20 trades in a row, but you lose everything with 1
- Avoid removing stops, risking big and thinking you can't lose
Follow rules. Never break rules. Be a slave of your rules.
3. Overtrading
- Overtrading is just risking more because you won before and you think "nothing can stop me"
- If you win big until Thursday, but you lose everything on Friday you won't be successful
Control your risk. Control your emotions. Control your success.
2. Trying to 3x accounts in 30 days
- Most people think trading is a lottery
- 2-3-5% every month puts you in the top 5%
- Do it every year for 10 years and you are in the top 0.1%
Trading is a business, not an online lottery
1. Following too many systems
- Less is more is very real in trading
- Mastering 1 trading system is 10x better than using 10 systems randomly
Mastering 1 setup is enough to kill in the trading arena.