Trading Mistakes – Today online trading is becoming the most common and preferred choice of making money as desired. However, it does include some risks in it. For successful intraday trading, one must know the tricks and techniques to reduce the possible losses or risks involved.
Knowing the best Intraday trading strategies of trading is imperative for amateur traders. Unless you prepare to learn the techniques and tricks, trading would be challenging in every aspect.
To say, about 92% of amateur traders who strive to trade successfully end up losing and giving up at one stage. But, if you are willing to know your mistakes and learn from it, then you can make your Intraday trading a successful one.
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Top 7 Trading Mistakes the Amateur Traders make
Regardless of the effective Intraday trading strategies to be used, many amateur traders lose for some reasons and mistakes they make. Here are 7 trading mistakes that the amateur traders must avoid for successful trading experience:
#1 No Proper Trading plan
Planning is very important for successful trading. If you fail to plan, then you must prepare to face the consequences and losses. Many new traders, with the overwhelmed interest, fail to plan and prepare themselves before they enter into live trading.
#2 No Discipline
This is another mistake made by many traders. Many new traders assume that they know well about the platform and thus lack to follow the rules or wait to know how the market is performing. They later become frustrated for not able to tolerate even a small loss and thus withdraw within a few days.
#3 No money management
Managing your money is very important. Most of the new traders tend to trade without using the protective stop-loss option. However, many are not aware of this option; however, at some situation, this option may also prove to be a wrong option. Perhaps, to sustain Intraday trading, you must be aware of such options that could save you.
#4 Learning yourself
Many traders are overconfident about learning by themselves, thinking that they can become knowledgeable about the market, when they start hunting for information. But remember, without a professional guide and continuous support, you cannot learn the formal techniques and tricks to incorporate into your trading.
#5 Unrealistic expectations
The most common mistake every amateur trader does is unrealistic expectations. Never get mislead with the advertising campaigns that says making money is easy with intraday trading. Remember, you must be patient, determined and ready to spend enough time to learn. Increase in experience and profit can be made only consistently month after month.
#6 Do not imitate big traders
Many make the mistake of acting like experienced traders who invest in huge and take a good profit. This is the biggest error you must never do in the intraday trading. The new traders can make use of leverage only when the reward to risk is lined favoring your small-sized position.
#7 Leaving too early or staying longer
This is another mistake new trader’s do. They either stay for long hours trading and waiting for opportunities or leave early in frustration. Both the situations are not favorable for best Intraday trading experience.