1: Too focused on money

Some of the questions that new traders often ask are these:
  • Earning 10% / month is not possible?
  • How many orders per week?
  • How long does it take to earn a million with a $ 1000 account?
All these questions have one thing in common - the person who asks them has a desire to make money quickly.

The problem begins to risky when the goal of making money starts controlling the trader's actions: if you want to make money fast, you have to enter big orders -> open orders -> burn your account. This is a very familiar scenario.

The second is to have the act of forcing yourself to achieve that monetary goal, by entering as many orders as possible, seeing if the price increases are buying chase, the price decreases, and selling is chasing. The more you enter, the more you will die.

Learn to accept what the market gives.

There will be months when prices go well:

There are also days when prices run very badly:

2: Measure everything in pips

Many traders boast that "I just got a 100 pips order", which sounds big but who knows he has a stop loss of 500 pips.

And remember that the distance in pips is very different for different markets. For example, the large candlesticks of EURUSD spanning only 200-300 pips are being called large, but that gap on the gold chart is imperceptible. In gold, the large bars last up to 2000 pips or more.

Don't use pips to measure gaps in trading. pip is very relative and differs from market to market. Use the RR ratio to measure winning orders.

3: Capital is too small to trade

Do not use accounts that are too small to trade, as it will only make it easy for you to enter large orders and break the discipline.

To trade and make meaningful profits, trade accounts from 2000 USD or more, smaller than that number are just called to practice for getting used to.

It is also important that the money does not need to be touched so that it can accumulate gradually if you trade well.

4 - Cut orders too soon

Often cutting orders too early is because traders watch the order continuously and see something wrong in the market and get scared and cut orders. Enter an order and just let it go.

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