Topic: Why people mostly fail in trading - page 15. (Read 1946 times)

While I agree with the mentioned mistakes that often contribute to trader failures, but I think overconfidence is a big one too that not everyone talks about.  What happens is you have some wins early on and suddenly you think you're the next wolf of wall street.  You throw risk management out the window and go all in on crazy trades and  before you know it the house of cards comes crashing down.

From my own experience, staying humble is so key in this game.  You gotta accept that you'll mess up sometimes.  Trading is a skill that takes years to build. It's a marathon, not a sprint. Anybody who thinks they've mastered it overnight is in for a rude awakening.

I agree with these funds but the most important thing is the patience and directly jumping into trading without rehearsal in the demo account.  

What we learn in any training and theory doesn't make us expert as we have to do case studies based on various technical indicators and also the common mistakes people make is they just follow some channels which provides signals and blindly go by it or else they just assume that if a coin has dropped it will rise back which is not the case with altcoins, I have seen people in investing and trading USTC, FTT and LUNA which they were dying as they assumed they would get huge profits if the price goes back to normal.

People should understand it's absolutely fine to not earn profit if the market is not suitable because new traders don't want to end their day without profit and end up diverting from the basics where they end up losing.

Training and continuous improvement of skills are key elements of successful trading. Emotional control, especially in times of market instability, helps avoid decisions based on fear or greed, which can lead to undesirable consequences. Very often, people cannot overcome their emotions on the stock exchange, which leads to the loss of their savings.

Not everyone has an access to this so in a way it's not really a mistake on the newbie trader side, some people just started trading and they just gained their own experience through continuous losses and gains and even if they try and find a school that does this exact thing, they're going to get nothing out of that because the market is volatile and they might not even use a lot of the stuff that they've learned in that school when the actual trading happens, mentors are expensive especially if you don't have a connection.

Trading is not a get rich quick scheme as most newbie think, it's more difficult that we all can imagine, but their is always a way to navigate your way in trading so  as to come out profitable.
The main reason why most trader fail in trading is that they are not trained in the craft, most experience traders as they call their self don't even know how to identify the least support and resistance, talkless of knowing how to react when they see some certain chart pattern or candle stick pattern.
The skills I  believe that are  required to come out profitable in trading are;

* Knowledge: know the craft, know what you are doing, don't trade on assumption.

* Know how to control your emotions: it's very important that you know how to control your emotions like fear and greed in trading.

* Know how to manage your risk: knowledge and emotional control gives you money, but proper risk management skill protect your money and your gains

most mistakes of traders are;

* Thinking it's a get rich quick scheme or thinking that it's easy.

* Having no proper training in the craft to attain knowledge about it.

* Watching one two or three video's on YouTube by one YouTube influencer and think they are ready for it or thinking they have known the craft.

* Having no experience traders that is good in the craft to guide them.