One I battled with this past few weeks is revenge which has cost me a whole lot, whatever you do avoid revenge trading.
True, but I wouldn't necessarily call it giving up but taking a break after a series of failed attempts. A break to learn more and figure out what went wrong and how to fix it.
Cutting winning trades short and letting losing trades run. Common psychology, fear of losing that little bit of profit so closing early and hoping and praying the trade will turn around so letting losing trades run. Fear and hope are a traders worst enemy.
Not gonna lie, I am guilty of letting my profitable trades turn into losses just because I didn’t time my exit properly. I think we all have made these mistakes at some point. We put so much effort in planning when to enter but don’t care about strategically exiting the position. This results in either closing traders too early that cut our profits or exiting too late that a nice profit disappears because of sharp reversal.
The most common mistake, in my experience, is traders rushing without proper knowledge or experience.
The Fixx: answer a few questions... - https://elitetrader.com/et/threads/...solid-trading-plan.340340/page-4#post-5031706
i think due to over trading most of the traders who are especially beginners always fall a great level of trading.
over trading is a bad trading habit and traders always do that when making a huge losses. so traders should make sure the discipline first of all.