Well I hope the title got you here and you take the time to read thru the entire article.
I am going to be talking about mistakes people make whether your a Vet or a noob when trading from Brokers mistakes, Mindset, and Money management.
So let start off with a little thing I like to call "You might be a Brokers Wet Dream IF!" (FYI this is not a good thing) "You might be a Brokers Wet Dream IF!"You take a sign on bonus.
(Then your locked in till you trade a certain volume before you can with draw your money)
Ok so you pass on the bonus, but your backstabbing snake of a broker talks you into ....One Risk Free Trade
(Sounds good but you lose it and guess what your locked into trading a volume of your deposit again... yea they forgot to mention that huh)You trade from your brokers charts.
(I am amazed at how many people I see doing well and you ask them what charting platform they use and they tell me MY BROKERS CHARTS, this is just Going Full Retard. And as a friend says Never Go Full Retard. IF your going to trade take it serous and use real tools to trade.)Your taking your brokers financial advice.
(This should be a no brainier, no matter how nice your broker seems to be on the phone, bottom line he makes money when you fail. So if your taking financial advice from your broker you have no brain)Your broker gave you a system to trade with and your using it.
(Again a no brainier, why in gods name would someone who makes money off you losing give you the tools to succeed. About the only time you want to have contact with your broker is to ask him "Where is my MONEY!! when you withdraw.)
So that covers a few of the common mistakes I see happening a lot. Moving on the next step is your mindset."Im here to make some FAT CASH and make it Quick"
If that's the case PM me and ill send you my PayPal address so you can send me your money, it will promise to put it to better use than lining some douche bag brokers pocket. (It will probably end up in a strippers G-string)
If you are serous though about learning to trade then think of it as a job, its not gambling and its not a game. The first thing you need to do is educate your self about the market and about brokers. After you educate your self then pick a strategy on how you want to trade. Jumping from one strategy to the next is just setting your self up for failure, being a Jack of all Trades is not a good thing. If you don't have a clue how you want to trade then go back to step one and educate yourself some more. If you have an idea then look thru the forums and see who is trading how you want to and ask questions, most people will be more than glad to help you out. The worst thing you can do is jump from strategy to strategy you will never master anything and you will FAIL!! Think of it this way would you switch majors in college each week? No then why would you do it with trading, it takes time to learn the ins and outs of any certain way of trading whether it be Price Action or Technical trading.
Ok so you have decided to take trading serious and your not here to make a bazillion dollars in one day, you have educated your self, and you have decided how you want to trade and you are going to stick to it till you master it. You do not want to go live (hopefully you were using a demo account while you you became a Zen Master of Trading. So whats next ?Now I am going to stick it to the BROKER!!!
(Yea no your not, they say 95% of people fail at trading and I really don't think this due to a lack of skills, its more about keeping your head on straight once you go live. Ask your self do you have a trading plan, have you set up rules on how you will trade and when? Have you set up your money management plan? No then do it!!! The best traders are doomed to fail without these essential steps. Identify your weakness's and include steps in your trading plan to deter you from any bad habits you may have. If you revenge trade, over trade, whatever it may be then print up a big sign saying "DONT OVER TRADE STUPID!!" Getting your emotions under control and staying in the proper mindset is the hardest part of trading. Do not get discouraged just stick to your plan like a robot, and if you need to vent come to the forums and vent away, there are people here who have gone thru it already and may be able to give you some advice to get you back on track.
I guess to sum this all up Trading is Not easy, but approach it like anything else you want to be successful at and take the time to learn it first, then try it, then go live with a plan and you should do well. To put it in perspective a college Student Spends 4 years in school to educate themselves for a job they want, then when they get the job like in my case as a Computer Science major I still had no freaking clue what I was doing. I knew the concepts but had no hands on experience. It took me years of hands on experience before I felt truly confident in what I was doing. Trading is no different it takes time to learn and apply and then successfully use what you learn.
So be patient take the time to do it the right way and reap the benefits. There is a Holy Grail to trading and its not a System or Strategy its staring at this screen reading this right now.