Quote from: EarnOnVictor on March 26, 2024, 12:11:35 PM

Quote from: littlEOwl on February 23, 2024, 11:05:11 AM

Absolutely, mindset is key in trading. Jumping in without understanding the market or having a plan is like sailing without a map – risky and likely to end in loss. It's not just about being in the market all the time; it's about smart timing and informed decisions. Think of time outside the market as a chance to learn and strategize, not just lost profit. Patience and education are your best tools, not just the rush to make quick money. It's all about trading wisely, not just frequently.

Bro, as simple as your post is, you covered a lot with it and truly if traders can follow your advice, it will be well with them. However, permit me to break the main reasons why traders fail in trading into parts, which are;

1. The lack of knowledge or proper knowledge.
2. Poor/improper training on what the trader knows to achieve a trading system.
3. Lack of proper money and risk management.
4. Lack of coordination of what the trader knows and trains about to form a viable plan with them. And finally,
5. Poor trading psychology.

In my long years of trading experience and teaching/tutoring, I discovered that the main problems of traders dangle between 3, 4 & 5, especially the 5th one. If traders can take care of the three and are disciplined/determined towards them, I am certain that success is closer for such traders.

The points you came up with do happen and they are based on my experience and I am sure there are many people who also have the same experience or at least see mistakes that make their trades end in losses.
If we can implement something that we should do, then it will prevent us from excessive losses. Trading will always have 2 sides, the first is profit and the second is loss. We can't just keep making profits, we will definitely experience losses. However, what is different is that when we can understand the knowledge in trading, we will be better able to avoid the risk of loss.
This very often happens to those who think that trading is a quick way to make money, and they actually feel the opposite.