Before I started the adventure of day trading, a lot of time was spent researching how the best traders act. I’ve always known that the majority of day traders don’t make money, as in 9 out of 10. Some, properly rightly, claim that it is actually only 1% that make a real living day trading, a few
I figured I’d give it a shot. Starting with a demo account I would see if I had what it takes to make it in this market.
Quickly seeing success and also a ton of failures I decided that I wanted to try it out for real. I went on to fund my trading account with a small sum to start with. My goal is to average at least 1% per day, but I think I can realistically make 1-5% per day.
Since I’ve started day trading, I have noticed that I tend to make some of the mistakes that know all to well that I should avoid. Even with that
The common mistakes are:
- Being overly confident
- Not managing risk
- Revenge trading
- Not being able to take a loss
- Not letting winners run
- Adding to losing positions
- Not adding to winning positions
(Fearing more will be added in the future).