Trading is not a get rich quick scheme as most newbie think, it's more difficult that we all can imagine, but their is always a way to navigate your way in trading so as to come out profitable.
The main reason why most trader fail in trading is that they are not trained in the craft, most experience traders as they call their self don't even know how to identify the least support and resistance, talkless of knowing how to react when they see some certain chart pattern or candle stick pattern.
The skills I believe that are required to come out profitable in trading are;
* Knowledge: know the craft, know what you are doing, don't trade on assumption.
* Know how to control your emotions: it's very important that you know how to control your emotions like fear and greed in trading.
* Know how to manage your risk: knowledge and emotional control gives you money, but proper risk management skill protect your money and your gains
most mistakes of traders are;
* Thinking it's a get rich quick scheme or thinking that it's easy.
* Having no proper training in the craft to attain knowledge about it.
* Watching one two or three video's on YouTube by one YouTube influencer and think they are ready for it or thinking they have known the craft.
* Having no experience traders that is good in the craft to guide them.
I think there is no end to learning in trading. This is why sometimes, despite having the right knowledge and mental stability, many traders cannot succeed in trading. Although it is difficult for me to say what the main reason is, from a rough idea, it seems that at times the market is unstable, which results in trading failure. Another thing that greatly affects the psychological field is greed. Many traders have become completely destitute due to not being able to control it. Therefore, I think that if someone controls greed, analyzes their investment ability, determines their investment backup and take the right steps to reduce investment risk, they may be successful in trading.
Learning is a never ending thing and this is why you should be that sensible into the things that you've been that dealing into specially when dealing up with trading on which this isnt something that you can just that simply open up some positions without having some consideration about into the steps that you are that making into. There are just that those times or moments that you do become that being optimistic and being confident that you do already know everything but dealing up with speculative market then its not something that you can be having a good grasps into it. There are just that those times that you do made out some profitable trades on which it give out that kind of optimism that you are already that professional and could be able to beat up the market and made out a good amount of money but since we are dealing up with speculative ones then its never been that a guaranteed thing that we can deal up with it and always be profitable.
Failing is normal because we do commit out mistakes on which the most important thing on here is on how you would be able to sustain yourself towards this market. Dont think up about on being a get rich quick scheme on what we do have here because this is never been that such a stuff that you can easily made out some money with it and this is why its important that you do made out such realizations into this aspect.
There are those times or moments that you do become that too optimistic on which it could bring up that kind of carelessness on which its not that recommended for you to tolerate out such emotions. The best thing here is that you do know on what you should gonna do and on times that you do make errors then the best approach is on trying out to make up some learnings and realizations so that it will be that making you that wary and gives out the idea on next time you would be able to encounter on the same scenario.