All right welcome back everyone. Today, we're gon na be talking about the five biggest mistakes that I see, traders making and unfortunately, repeatedly making these mistakes. All right. Everyone I'm lead trainer with StocksToTade Tim Bohen..

If you bet on StocksToTrade advisory, which used to be called pre-market. Prep, but it's still live every single day: 8:30 Eastern click that link below to check it. Out., You know, listen people, love, love, pre-market, prep., I've had thousands and thousands of amazing. You know comments and testimonials people, love it., But the one complaint I get is well two.

The biggest one, though, is repetition. A lot of people will get a little frustrated because I do ... Flat out. I mean listen, I'm doing it on purpose, but you know a lot of people are like ``.

It's just drilling the same stuff, a lot of days not every day, but a lot of days.'' And I'm like yeah, because you 90 % fail.. I mean, I think 90 % fail in trading.. I think when you narrow it down to penny stocks. Momentum stocks, specifically, I think it's more like 95 % fail.

And again. The reason I get so repetitive is I'm trying to drill these things. In. I mean listen.

You can tell people cut your losses: early, a million times., My buddy Tim Sykes did a video, we'll, probably link it.. I think he did like an entire seven minute. Video of him just screaming `` Cut losses quickly.'', But people still let their losses. Run.

They'll watch that seven minute. However long it was of him saying: `` Cut your losses, quickly.'' And then they'll still the next day or later that day, they'll still be adding to a loser, letting it bleed'em out as it makes new lows on the day.. So that's why I ... so much repetition.

And today is a lot of those concepts. And then the second thing I get the quote: unquote: `` bad comments'' are the rage. Okay, yes yes.! I probably should consult a rage counselor., But nevertheless I'm a nice guy.. I just get ...

fly off the handle there easily.. So that means that, let's talk about the five things that I see, people making. Right off the bat not doing their own research and having their own process and just blindly following others okay. That is so huge..

Now I get it if you're brand new ... And I started there, I mean I started out in chat rooms.. You know Twitter wasn't around when I got started or if it was .... I got started in 2007.

I think maybe there was like a hundred people on Twitter at that point., But I was in the chat rooms. I was on the newsletters and I was like `` Hey. This guy says this. This guy says this: I'm gon na follow.'', You know number one.

Is it just ... The biggest thing? Is it never works because you don't fully understand the thesis behind the trade. And you always justify when they are losers.? And again you start saying `` Well Joe said this Jim said that Jill said this.''. You know it's a diffusion of responsibility at the end of the day..

That's one of the biggest things I don't like about alerts. Is you know, and again I did this.. I was like `` Well again, Joe said Joe Joe Joe. You know I'm down 500 bucks, Joe I'm down 700 Joe !'', So it you know now you're doing it unknowingly..

I don't think .... You know again. I made this mistake.. I wasn't knowingly doing that., But again it creates that lack of responsibility..

What I say is own your trades, okay Own, your ideas.. Do your research do your process, because then you got nobody else to blame.. You can't yell at Joe. If you went through your own process and set your own entries and exits et cetera.

Now one thing I will say I do and this ... After that rant this may be a little counterintuitive.. I do think there's value in alerts for newbies, but this is what I want you to do. What you're doing you're, not trading those alerts., Don't trade alerts..

What you're doing is reverse engineering okay. Right now, SIDU is the number one short squeeze out there.. It's headed back towards the high of the day.. I think this would be amazing if it pushes through nine..

So let's say that was an alert. Hey SIDU through nine risk on VWAP goal 10, plus or something.. So you get that alert. What I want you is reverse engineer, why..

Why was SIDU the idea I'll give you the reasons? Okay. Number one. They had this amazing news yesterday, with NASA space is hot right, now., Again, government contract tied with NASA's, always big ridiculous volume yesterday., And I'm talking about the idea. Today.

I mean yesterday this thing: traded 102 million shares already today., It's the middle of the day. It's trading 70 million shares. Who knows, might trade 150 million today. News volume chart confirmation big breakout over that $ 5 level? Okay., I mean look at this thing.

This thing hasn't been above five for almost six months., So you got a multi-month breakout plus this thing's. A recent issue that got destroyed. I mean look at that day. It started trading.

Think of the bag holders. That now see this news and hope springs. Eternal. Volume news, hot sector chart pattern.

There's your idea behind SIDU! That's a process. I teach in the steady trade team. Check out the SteadyTrade team., Maybe you've seen the worksheets., Maybe you've been on a webinar.. We step right through it..

Next thing I see is using too much size.. I mean this is always one of my most unpopular statements. People hate this hate it with a passion. If you're new to trading you're, not here, to make money.

Like 90 % of people just closed. This video ,'cause they're, like ``, Shut up dude.'', But hear me out if you didn't close it yet hear me out. You're here. If you are a new trader you're here, to learn a process, a methodology.

And your goal is to get consistently profitable. Okay, To where you now have a system that you can win a majority of the time. 51 % of the time. Okay, Listen! If you keep your ..., I mean people get confused by win rates.

A lot.! You don't need a crazy win rate. If you keep your losses small., But what are you here for You're here to learn. You're? Not here to make money. Again I can see the viewers dropping off as I talk., But 50 bucks 20 bucks.

A hundred bucks lose 20. Make 30 bucks lose 10. Make a hundred lose 110.. That's what you're looking to do, because maybe you've heard me say this before as a new trader.

Your number one priority is staying in the game: okay., You buy 5,000 shares of SIDU and it drops a buck and you got six grand in your account you're now down five grand and it's all over.. You got $ 963 in your account now, because you had too much size. Focus on the process. Focus on consistency., Don't try and make money.

Again I'll keep going, even though nobody's watching anymore.. Last or third thing is not analyzing. Your trades. There's a million different ways to do: this.

The SteadyTrade podcast we're no longer doing the podcast.. It kinda reached its maturity, but all the videos are there. Lot of videos on the SteadyTrade or podcasts on the SteadyTrade podcast talking about tracking trades. How to do it, how to use spreadsheets, how to use Profit.ly, how to use KINFO how to use TradingView.

There's a lot of great resources out there, but track your data.. This is a whole separate video, I'll move on.'Cause. It's a 20 minute video talking about how to track data.. But again we got videos, but do it do it do it.

I've got I've shown'em before I got a stack of paper notebooks this tall from back when I got started, I liked to do it on paper track track track. Your data.. Ultimately, you know hope, isn't a strategy., I mean listen. Going back to the story, I told before.

I mean if you're, holding a loser and you're, adding to a loser and you're, basing that on hope hope that there'll be a chat. Pump. Hope that there'll be a Twitter pump. Hope that the market will turn around.

Hope that Jim Cramer will mention the stock.. No okay. Have your process, your stop your goals and stick to them. Hope.

..., I mean now listen. I start out the day, always very positive, always hope. A lot of hope lot of excitement be excited about the potential., Be excited about the opportunity, the stock market involves., But when you're in that trade, there's no room for hope. You own it., Stick to your stop.

Stick your goal, stick to your plan. Last thing is not doing your mental analysis., Journaling okay. And when I say journaling whether you do it by hand whether you open up a text. Document 750 Words is a great resource..

I did that for geez, almost four or five years, where you wrote 750 words a day., I use Evernote, but tracking your data is important. Tracking, your trades tracking, your entries, your exits., But you got ta, understand your mentality, too. And back to the hope thing. Man, I've had some of my biggest losing days on like days ...

Like bad days. And when I say like a bad day, I slept like crap.. Maybe I got in an argument with the wife.. Maybe the kids were pushing my buttons..

Maybe you know somebody cut me off in traffic.. You know it's just like that bad day, mentally. And all of a sudden. Now, on top of that, I had these losses all over the place., So again positive attitude, but also track your attitude..

I mean again and something ... I mean, and it may seem minor, but it's like listen if you're, journaling and you're thinking about these things, it's such a great way to grow.. I mean google it., I mean basically every peak performer. You know every peak performer ....

Well, not every 99 %. I read a lot about peak performers. Okay. Go on Tim Ferris's podcast, Joe Rogan's podcast., So many of these peak performers are gon na talk about journaling, talking about introspection, talking about meditation and getting your mentality, right.

All right, everyone.. Speaking of getting your mentality right check out the SteadyTrade team., I'm live every single day, twice a day three times a day, sometimes four times a day., And I'm always there to debate ideas to talk you through to maybe pick you up. Okay., Listen losing days are part of trading.. I really pride myself in the coaching that I do.

Check out the SteadyTrade team. I think it's a great way to become a better trader.