One of the biggest fears new traders have is losing money, and that's rightfully so. In today's video, Tim Bohen breaks down some of the most common mistakes new traders make.
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The first mistake that new traders make is not learning the basics. You don’t need much to start trading… All you need is a laptop, a WiFi connection, a couple hundred bucks, and you can be trading today. Your brokerage firm will generally let you do whatever you want. They don’t care if you blow up your account, they just want to make commissions. At the end of the day, it's only you versus you.
Many new traders can be affected by the Dunning-Kruger Effect. This is the idea that when a new trader has luck when starting to trade stocks, and they chalk it up to mastering the skill. Even if you're successful right away, do the work, make sure that you understand chart patterns, SEC filings, and all the things consistently profitable traders look at.
The second biggest mistake new traders make is not tracking what they do. You need to know what setups you are trading, and dig into that data and find out what works for you. You can do that within Excel, Evernote, or even a paper notebook, just write everything down. No one is gonna hold you accountable because the homework is on you.
The third and final thing I see many new traders make is trying to go it alone. There is so much information out there, and you don't know whether to look at news, filings or charts; whether you're running the right scanners, the right algorithm, or if you're shorting or long. You can do it alone, but it’s difficult. Tim Bohen highly recommends finding a mentor that gels with you and what you're trying to accomplish.
Trading takes time and work, but follow Tim’s guidelines and it can make your trading experience that much better.

#StocksToTrade #TradingMistakes #StockMarket

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*Tim Bohen teaches skills others have used to make money. Most who receive free or paid content will make little or no money because they will not apply the skills being taught. Any results displayed may be exceptional. We do not guarantee any outcome regarding your earnings or income as the factors that impact such results are numerous and uncontrollable.
You can lose money trading stocks. Do not invest money you cannot afford to lose. You understand and agree you will consider the important risk factors in deciding to purchase any of our products or services.