When some one enters to the trading field, they usually do this mistake. They plan for the trade and enter it as intraday trade. They don't respect the stoploss and think price will move according to their wish. Before the end of trading day they decide to change it to positional or investment. This is a wrong attitude as intraday, positional and investment differs in termes of stoploss, target and brokerage. Trading is like flying in a parachute There are lot of people who trade well You will think why cant I trade well? I have the high IQ, money, everything You can trade well Only if you overcome fear, greed and ego You will think you are going to be a failure But you won't You have to get in to trading To trade well Do you know whether this trade is going to be profit? Ofcourse not. You have to shed tears, go through pain, doubts, hurt But eventually parachute will fly after going through this And your trades will bring profit. Nothing worth comes that easy in life!
Awesome Input Avanthi>>U hit the nail..I do the same..and i regret
vanathi
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@MAYURSHAH444, When I started my trading career, I asked the manager of my brokerage firm what are the common mistakes new traders do? He listed this. And ofcourse as a new trader my mind went in same way, but i had good people who guided me not to do those costly mistakes!
MAYURSHAH444
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@vanathi, Unfortunately I do not have them.. but i do read and browse a lot in order to educate myself
vanathi
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@MAYURSHAH444, In your known circle you will know how many people made money, how many lost. Find the reasons for loss and reasons for making money. You will know what you should avoid. I collected these data too before trading.
MAYURSHAH444
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@vanathi, Yesss True..Activate our Sixth Sense..!! Stock Markets are complex and making money out of it requires Military Discipline..!! LoL
vanathi
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@MAYURSHAH444, Stock market will make you realise your ownself. Like a self discovery journey :)
nirav5
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Very well covered. One personal rule that I carry in my trading practice is 'Never take (carry in mind) previous trade's success or failure in the next trade'.
vanathi
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@nirav5, Wise words. Thank you for sharing it here.