If you know the pitfalls of trading, you can easily avoid them. Small mistakes are inevitable, such as entering the wrong stock symbol or incorrectly setting a buy level. But these are forgivable, and, with luck, even profitable. What you have to avoid, however, are the mistakes due to bad judgment rather than simple errors. These are the deadly mistakes which ruin entire trading careers instead of just one or two trades. To avoid these pitfalls, you have to watch yourself closely and stay diligent.
Think of trading mistakes like driving a car on icy roads: if you know that driving on ice is dangerous, you can avoid traveling in a sleet storm. But if you dont know about the dangers of ice, you might drive as if there were no threat, only realizing your mistake once youre already off the road.
Greed is an obvious but dangerous mistake. By their very nature, of course, traders are greedy, since they start trading in order to make more money. Wanting more money isnt dangerous; wanting it too quickly is. Every trader wants to get rich, and they want to do it in one trade. And thats when they lose.
Trading success comes from consistency, not from a trading grand...
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