Hey hey: what's up my friend, so welcome back to you today's episode, where we will be discussing the top five trading mistakes right there. You want to avoid okay, so mistake number one! Now we know with the times of you know, social media or where you know information is so abundant right traders they get easily carried away by trading analysis right from other traders. Someone might post a chat in a facebook group right now, so you might say something: oh I'm looking to buy, because this market is in an uptrend and a hammer has just fall and you look at a chat. Oh yeah, that looks really bullish right.

Let me buy as well right. That seems like a good trade, but here's the thing if you were to just follow someone's opinion, someone's idea, someone's analysis, then you're doing it wrong, because you're creating without a plan, because that person might be a profitable trader. But you can be sure yourself that person is not going to tell you when they are gon na exit the trick. They won't be telling you how they're gon na manage the trade.

If it goes against them, they won't be telling you how they're gon na manage the trade. If it moves in your favor, are they gon na scale into their trade or scale out of their trades, or they won't tell you if they change their mind? They don't take their trade all together, and this is a problem right if you follow someone else's opinion. If you are, you know trading without a plan, then this is not trading. This is gambling right because you're putting yourself at the whims of someone's other someone's actions right so don't fall into this trap.

Don't make this mistake right people can post all the chance. They want post all the analysis that you want. But again it doesn't mean that you have to follow them right. You've got to have your own plan and treat your plan and not someone else's play.

Okay, number: two: this mistake is basically thinking in small sample size, so trading right, it's a to make money. You got a ting long term right, you got ta have an age. You could execute your tricks consistently over time. This means right that, in the short run, you might have a winning system, but if market conditions are not favorable in the short running, guess what that winning system will go into a drawer on that winning system right will produce a series of losses and until when Market conditions change and go back into your favor, then that system right that proven system right will start making money.

So the lesson here is that you got to look at your trading system right for the long term, right how I yes, over the last hundred trees, the last 500 trees, the last thousand trees. How is performer over the last five years? Ten years you can just judge right whether a system works based on five traits same traits doesn't make sense right because the results are random. So you need to think long term right. You need to judge a system right based on its uh.

It's a based on a series of traits based on a large sample size of traits. So that's the point. I want to drill right, don't don't get caught right by the results of the short term. Don't get caught right by the short term results right to the point where you come up with the wrong conclusion and you bendin the system.

They look for something else. You have a series of losses, you abandon the system again and you go around in this circle forever. You'll never get out of this rat race. Okay, so mistake number three, so this might cause some traders to disagree, but I would say it's a mistake to be paying attention to the news, especially if you're a new trader, especially if you know your trader with you know, portrays the price action of the markets And why is that? And it's simple right is that if you're a price action trader, then you have to agree right at a price discounts.

Everything you there's no way right to predict right whether the news right will cause the market to go up or down. For example, right now we have the Kovach issue around the world. Then we have the racism issue in the US, but guess what the u.s. stock markets they are still approaching.

The all-time highs is the bull market right now, domestics almost at the highs already. And how do you explain this based on fundamentals? Well, you can so this is why, as a trader as a new trade, especially forget the news out there, those are nice instead just focus on the price, because the price is what piece. If you buy something at fifteen dollars - and you say eighteen dollars, guess what you'll make money, the price is one piece: if you buy something in fifteen dollars and you sell it ten dollars, guess what you lose money, because the price is what matters so focus on The price: okay, don't get bogged down by all the news, you know all the media out there, because you will just swim. You you'll just confuse you, you just make you frustrated, you get analysis, paralysis and you end up.

You know making the wrong decisions and I'm very cluttered. Okay, number four: don't try to make X dollars a day now many times, traders they have this very ambitious by the way they Club their ambition. Is he says, though, it's not ambitious at all, say I get. Is very often hey, Raina, I'm not greedy man, I'm just looking to make $ 20 a day to just pay my meals yeah.

It might seem little yeah $ 20. That is not really a lot, but what's a lot is dead their day part right consistently. Every day, that's asking a lot from the markets because here's the thing every trading strategy out there works only in certain market conditions to exploit sudden inefficiency in the markets. So if you want a to make twenty dollars every day, that's like saying to the markets: hey! You got my trading strategy has to work every single day.

Let me ask you: do you know of any trading strategy that works every single day? It's not that the $ 20 that you're asking is not that it's a significant amount, an insignificant amount, but what you're asking which is near impossible is to have a trading strategy that works every single day. So you can make money every single day that doesn't work right. Market conditions change goes from an uptrend or downtrend to range yadda yadda. And how do you expect a trading strategy right to to work in all market conditions? Doesn't work? That way doesn't happen, and it's not that I've come across.

Okay, so forget about the expectations of making X dollars a day. If that's, what you want, get a job not really, and the last and final mistake, number five is that traders are looking for the best trading strategies. Indicators then whatsoever. This is something that we covered in the previous episode as well, but beginning so important.

I know the strategies I know the chat patterns. I know the signals - these are all the sexy stuff, but guess what right the stuff that matters, the stuff that makes money in the long run, our proven trading concepts trend-following mean reversion trading. What else price action tree? These are trading concepts that would so forget about all the different strategies out there forget all the bubble chart patterns instead, immerse yourself right in the different type of trading methodologies that are out there in the market. For example, warren buffett he's a value investor.

Clearly that works for him, how I can he's an activist right, he that works for him, what else the Jim Simmons quantitative, reading hft that works for him. George Soros macro trader then work for him, so you cut of fine right the concepts out there. They work and then develop trading strategies around it. Don't jump straight into the strategies, don't jump straight into the patterns or whatsoever without understanding the concept behind the strategy.

Alright, because you can effe a trading strategy, but if he's built on the wrong concept, guess what their trading strategy is unlikely to work for long? But if you have a sound proven trading concept from then on, you can do multiple trading strategies across different time frames and that you know mix your trading life that much easier. Okay. So quick recap: number one: don't follow the analysis of other traders right because you don't know what their plan is. Number two: the one thing in small sample size number: three: don't pay attention to news number four: don't try to make eggs Ollis every single day, because it doesn't work that way and number five focus on trading concepts.

Not the best indicator is not a best patterns or whatsoever so with that's it. I've come to the end of this episode. If you've enjoyed it smash the thumbs up. Button subscribe to the channel and I'll talk to you soon.

You.