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5 Mistakes That Destroy Traders - Committed by 90% of Traders

Novice traders often fall into traps that result in trading capital losses. What are these mistakes? Let's discuss five things consistently done by 90% of traders that ultimately lead to losses in the market:

  1. Holding Losses Without Cutting Losses:

Instead of cutting losses according to the trading plan, many novice traders hold losing positions in hopes that prices will rebound. This not only damages trading capital but also affects the trader's mental health and creates unnecessary emotional stress. Acknowledging and accepting losses are inevitable parts of trading, and cutting losses is better than continuing to hold them.

  1. Opinion-Based Thinking Over Price Action:

Traders who rely on personal opinions tend to have lower success rates than those who follow price patterns (price action). Following trends and chart patterns often proves more profitable than relying on subjective opinions.

  1. Taking Large Positions Without Managing Risk:

One fatal mistake is opening large positions without considering the ability to withstand losses. This often leads to account liquidation. A trader should always have stop-loss orders and manage risk rigorously, regardless of confidence in the trading position.

  1. Stubbornness and Failure to Accept Mistakes:

A trader who continuously believes they are right and the market is wrong will face ruin. The market is always correct because prices reflect reality. Accepting mistakes is the first step to improving and evolving as a trader.

  1. Seeking Predictions Without Focusing on Strong Trading Methods:

A trader who continually seeks market predictions without focusing on developing strong trading methods and risk management will face failure. It's important to learn and improve trading skills while understanding the importance of risk management and stable mindset.

Recognizing and avoiding these mistakes is a crucial step toward becoming a successful and consistent trader. Through learning and experience, traders can refine their strategies and develop better approaches to face the dynamic financial markets.

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