1, The belief that what happened in the past will repeat in the present and in the future. This is the belief that past data along with patterns and information can be reused to determine future trends. However, the past is for reference only, because every moment that happens on the market is unique and cannot be completely repeated. This theorem is like the phrase "no one bathes twice in the same river", implying that everything is always changing and never repeats exactly 100% of what happened in the past.

2, Pre-existing bias causes people to focus too much on the most recent data and forget the long-term picture. This causes traders to jump continuously from one system to another as soon as they feel that what is being used is ineffective.

3.The mistake of probability leads traders to believe that they can win by betting all or a large part of their capital on a trade hoping to make a large amount of money in the short term. However, the probability of destroying an account is always 50%, and traders will not regret it when they fall into that 50%. Good traders understand that they have a long-term advantage, and can only make money after a series of trading. Losses traders just want to make money fast

4, Blurred by randomness when trying to look at low timeframes to trade, constantly mistaking trading signals for market noise. Really valuable data needs to be searched on a large enough sample, and on a high enough time frame.

5, Do not understand the risk of destroying the account of the trader (risk of ruin). The probability of destruction is very high when continuously trading large volumes of orders and experiencing a series of losses. Sometimes you know how to manage your capital, but having too long a series of losses can also destroy your account.

6, hindsight bias makes a trader overestimate his or her ability to predict an event. The trader will often clap himself to think that he is capable of predicting the market after a few wins and that confidence destroys him when his next order starts to trade bigger.

7, Pareto Principle in trading: 80-90% of a trader's profit comes from only 10-20% of transactions. Thus, it is impossible to make a profit every day or every month