Lethal Mistake #1: Traders depend on the news
We’ve all been there.
We turn on Bloomberg or CNBC and a big news announcement comes out.
Next thing we know, we want to buy or sell based on what was just announced.
Here are a few headlines I’ve seen traders get persuaded and exit their trades, this year alone…
“Trump gets impeached for the second time”.
“Delay in vaccinations scare away investors”
“Will South Africa go back to Stage-5 Lockdown”
“2nd Wave even more deadly for the economy”
I’m sure you would have wanted to short or sell the markets as soon as you heard this.
And yet, the markets continue to make higher highs.
Just in January we saw the index up over 3 year highs. We also saw platinum and gold make new 10 month highs.
New traders are completely brainwashed by the media and what the news have to say.
And this is a big mistake…
You need to remember something.
When a news announcement is released, millions of other traders all over the world have read it too.
And the market has already factored in this information.
So while other traders are watching TV carefully with their pens and paper, I don’t even have the TV or any news sites near me.
No… Instead I use a system to trade on the market’s unpredictable reaction to the news. Keep to your strategy and ignore the noise…
Lethal Mistake #2: Novice traders blame everything
You need to remember something…
Whatever happens with your portfolio, is because of you.
Novice traders on the other hand, tend to pass the blame and find fault elsewhere…
They blame their friends or acquaintances for telling them what to buy or sell.
They blame their mentors for teaching them systems where they incurred losses.
They blame their children and animals for distractions.
For some reason, novice traders never seem to take the blame. Either their ego is too big or they just refuse to accept defeat.
End of the day, you’re making the trading decisions and pressing the buttons on where to get in and out of the markets.
You know that you can’t win every trade.
It is your sole responsibility to take responsibility when you have taken a loss. If it is a loss you took by following your strategy to a T – great! That is what comes with trading.
If it is a loss taken by negligence or persuasion, then you’ve got some work to do…
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Lethal Mistake #3: New traders don’t have a consistent guide to help them achieve success
This is the most important factor!
When you’re learning to trade, it can be completely overwhelming.
This website is saying this, this newsletter is saying that, this person is saying this, this news analyst is saying that.
If you want to enjoy the journey of learning to trade, find yourself a mentor in 2021.
A mentor who’s been through the ups and downs and can teach you how to avoid costly mistakes, boost your winners and cut your losers.
A mentor who has your best interest at heart and someone that will help guide you through every step of the way.
This way you’ll know what to follow every time and what to do to avoid huge losses.
Today I’m inviting you to help skip the steep learning curve, steep school fees and get you on track to becoming a consistent trader once and for all.
Analyst, Red Hot Storm Trader