Published On Apr 15, 2020
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1:37 Not planning your trades
4:08 Focus on trading PNL, not trading the charts
7:30 Not spending enough time paper trading
9:39 Scaling up trading size too quickly
11:32 Following chat room alerts to buy or sell stocks
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Are you a beginner day trader and making these COSTLY mistakes?
1. Not having a trading plan:
Many beginners jump into hot stock due to FOMO without knowing why they were buying, why the stock was running, nor their risk reward and exit plan. This is also known as chasing and will easily lead the trader to buying the VERY TOP.
2. Over Trading, which leads to Revenge Trading:
Instead of trading according to their plans and the chart in front of them, many traders are trading their PnL (profit and loss). This will lead to over trading, then emotional trading, and finally revenge trading. I have blown up my trading account this way before due to emotional trading.
3. Not Paper Trading:
Paper trading is basically risk free market screen time. Day trading beginners need to learn broker interface, how each stock reacts, and practice your technical analysis on LIVE charts. Paper trading will allow you to gain market screen time and prepare your mind emotionally for the ups and downs of stock trading.
4. Scaling up share size too quickly:
When I started making $100 a day, I was so excited. So much so I wanted to jump into making $1000. I quickly learned that sizing up x10 means escalating the emotions as well. Psychologically, I was not ready for x10 the stress. It's very important to take your time when sizing up.
5. Following chat room alerts!
You want to become a profitable day trader? Stop following others.
This is perhaps the DEADLIEST trading mistake I see beginners do. Many of these trading chat rooms pump the stock up and dump the shares on unsuspecting beginner traders.
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DISCLAIMER: I am not a financial adviser nor a CPA. These videos are for educational and entertainment purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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