The Ten Behaviors That Destroy New Traders Quickly

The Ten Behaviors That Destroy New Traders Quickly


The Ten Behaviors That Destroy New Traders Quickly















  1. Being a Know-it-all: Wanting to be right about everything more than wanting to make money is very unprofitable. It is difficult for many professionals from other fields to take a beginners mind in this new endeavor of trading.

  2. Not having patience: Trading is a long process of study, testing, mentoring, and live trading you have to see it through from beginning to end to reap the benefits.

  3. Trading out of fear: Fear makes traders miss entry signals and get our of winning trades too early.

  4. Trading out of greed: Greed makes traders trade too big and risk too much which causes them to give back their profits over and over.

  5. Lacking confidence: It takes faith in yourself and faith in your method to produce long term profits. The faith comes from proof in studying the markets and trading your system.

  6. Lack of discipline: The inability to consistently do the continual work and trade a system is lethal to a traders success.

  7. Looking for the Holy Grail of trading systems: If new traders spent as much time developing a robust trading system as they did looking for a can’t miss method they would have a much greater chance of survival.

  8. Wanting to get rich quick: Is a very fast track to blowing up a trading account.

  9. Never being able to grasp the concept of reacting to what is happening instead of being obsessed with predicting what will happen. There is a big difference between starting with a prediction and working backward instead of starting with a signal and working forward and it is called consistent profitability.

  10. Egomaniac: Trying too hard to prove how great you are as a trader instead of actually focusing on real trading.