The most common trading mistakes made by new traders

This is the second video from my 10 day trading challenge! Today's topic: The most common mistakes made by new traders and inexperienced traders.

Here are the most common trading mistakes for new and inexperienced traders:

1.) Using information from YouTube, fake gurus. Most information available on YouTube isn't complete, trading methods are sloppy, and the information is presented in a way that usually results in failure.

2.) Disregarding trading psychology - expectations and mindset. Trading doesn't only consist of dry, technical analysis. Trading psychology and trading statistics also play a big role in trading. Your personal trading algorithm is also extremely important.

What is trading psychology? Many people start trading because they want to make a lot of money, and they expect it to be easy and make a lot of money right away. They almost always fail and give up quickly. If you expect nothing, then you'll be able to limit your fear of loss, and trade more effectively.

3.) Jumping right into real money trading. You should test your knowledge with demo trading. Start with a small amount of money and learn how to trade and deal with the pressure and fear that comes with risking your own money.

4.) Having no patience. It will take you months to learn the basics, and probably years to manage your emotions while you learn how to technically trade more and more. Successful traders are patient and can control their emotions.

5) Spaghetti, or using too many identical tools. Using the same and repetitive tools such as indicators that present the same information or raw data from past pricing statistics. Many traders just starting out are confusing themselves by creating a sense of security of information from a lot of various tools, and it doesn't work.

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