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Top mistakes traders make in their early days
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[QUOTE="Ayuba Ernest, post: 251951, member: 70169"] When it comes to trading, there are a lot of things that can go wrong. For new traders, it's especially important to be aware of the potential mistakes that can be made in order to avoid them. Here are some of the top mistakes that traders make in their early days: 1. Not having a plan. One of the most important things in trading is to have a plan. Without a plan, it's very easy to make decisions based on emotion, which can lead to poor results. 2. Not sticking to the plan. Once you have a plan, it's important to stick to it. This can be difficult, especially when things are going against you and you're tempted to make emotionally-driven decisions. However, if you stick to your plan, you're more likely to be successful in the long run. 3. Not managing risk. Risk management is crucial in trading. If you don't manage your risk properly, you could end up losing a lot of money. 4. Not diversifying. Diversification is key in investing and trading. By diversifying, you're able to reduce your risk and potential for losses. 5. Overtrading. Overtrading is a common mistake that new traders make. It's important to remember that you don't need to trade every day or every week. In fact, it's often best to trade less frequently so that you can avoid making mistakes. By being aware of these mistakes, you can avoid them and give yourself a better chance at success in trading. [/QUOTE]
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