Embarking on a trading career can be both exciting and frustrating, with its inevitable ups and downs. I spent nearly seven years perfecting my trading skills, encountering numerous obstacles along the way. In this article, I want to share with you the three major mistakes I made during my journey and how you can avoid them. By learning from my experiences, you can master the art of trading much faster and with greater ease. Let’s dive into my story and discover the key lessons that can help you become a successful trader.
Mistake #1: Information Overload and Mixing Strategies
When I started my trading journey, I tried to learn from multiple mentors and combined various strategies, thinking this would make me a “super trader.” Unfortunately, this led to information overload and over-trading, which caused me to blow up my first trading account.
Solution: Choose One Mentor and Stick to Them
By choosing one trading mentor and focusing solely on their teachings, you can replicate their performance and avoid confusion. Listen to other mentors for inspiration, but stick to your chosen mentor’s strategies and methods.
Mistake #2: Picking the Wrong Mentor
Many trading mentors out there focus on their luxurious lifestyles or only teach a specific aspect of trading. This can be misleading and limit your learning experience.
Solution: Find a Comprehensive and Structured Trading Mentor
Look for a mentor who offers a comprehensive and structured learning plan covering various aspects of trading, such as entry strategies, trend analysis, risk management, profit management, trade management, position sizing, and trading psychology.
Mistake #3: Relying Solely on Free Material
I spent years studying free material from my chosen mentor, which helped, but it wasn’t enough to improve my trading performance significantly.
Solution: Invest in a Trading Course
Purchasing a trading course from a reputable mentor can provide a more in-depth understanding and enhance your trading performance.
Bonus Tip: Backtesting the Markets
Once you’ve learnt from your chosen mentor, start backtesting your strategies on the markets & see how your strategy would have performed in the past. This can help you to discover which markets your strategy works best in and gain valuable experience.
To learn more about “How you can Start Trading for a Living,” sign up below for my Free Training on the “7-Steps to Financial Freedom through Trading.”