1 .They like to use complex system, lots of indicators, where they are telling the same old story (price & volume). As I learned so far simple system is the best.
2. They spend more time in trading, then learning, we already know successful traders spend more time improving themselves & their systems then trading, they are very selective.
3. They lost their capital, before the learning process. To become an expert it takes years of right experience.
4. They think but they don’t see, they think market will go up or down so they buy or sell, but they don’t see what the chart is trying to show them.
5. They want to control the market, which is impossible.
6.The have gambling problem.
7. They don’t know when to stop.
8. They think they know every thing, they don’t take advice.
9. When they go through bad time, they change their system, time frame & market.
10.They try to get rich over night.
11. They are very risk adverse people, so when they lose, they can’t tolerate it, they start impulse trading & end up losing more.
12. They never learn their lesson.
Whether you are following your own trading system, or following an advisory, newsletter or some other service, if you don’t have an exit plan for discontinuing it, you should.