What are the top 5 mistakes you made as a new trader

[BinarySumo]

I made several mistakes that I learned from over time.

#Mistake 1 - not having a clear trading plan and not sticking to it. I also made the mistake of using too much leverage, which increased my risk of significant losses.

#Mistake 2- I also failed to properly manage my risk, leading to some poorly-informed trades. Additionally, I often made emotional rather than logical trading decisions.

These mistakes helped me learn and grow as a trader, and I now have a better understanding of how to avoid them in the future.

 

[convex101]

Many novice and emerging stock traders charge full throttle into the markets with high profit expectations, but find out fairly quickly that making money consistently isn’t as easy as they expected. For some, this realization can be quite discouraging, particularly because there are few pursuits that fuel human emotion as significantly as trading. The prospects of making money often lure people into the trading arena, but the reality of losing money can be a quick deterrent.

In truth, most professional Wall Street traders have made many trading mistakes, according to trading experts. The key to their eventual success, however, is that the professionals study their mistakes and learn how to minimize them going forward. “It’s all right to make mistakes,” admits Dr. Alexander Elder, psychiatrist and author of Come Into My Trading Room. He adds, “If you aren’t making mistakes, you aren’t learning. But it’s absolutely unacceptable to repeat those mistakes.” Like most serious traders, Elder has made a significant number of errors in his trading career. “The wonderful thing about the stock market is that you always know when you’re right or wrong. If you’re losing money, then you’ve probably done something wrong. Eventually, if you learn not to repeat making the same errors, you’ll start running out of them.”

1) Jumping in too quickly
2) allowing emotion to dictate my trades
3) not sticking to a/the plan
4) no effective risk management
5) repeating 1-4

 

[melon129]

I jumped straight into a live account without properly practicing. Was rather impatient

 

[ambitiousjev]

Mine was overtrading and revenge trading. Avoid those like the flea.

 

[skrimon]

Lack of Education and Preparation
Poor Risk Management
Emotional Trading
Lack of Patience and Discipline
Overtrading