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95% of traders are unprofitable, but why? Here are some of the top trading mistakes that people make, and exactly how you can avoid them!
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1. No Risk Management - A common one for many, those who have the ‘fuck it, lets go all in attitude’ tend to be the guys and girls who blow there accounts in a matter of days or weeks. Lock down that risk management to an absolute maximum of 3% per trade. Anything between 1-3% is ok.
2. No Trading Plan - No plan? No profit. Simple as that. How many business owners do you know who enter a business with NO plan? You can’t just wing it being a trader and hope for the best. Get yourself a plan drawn up with exactly the strategy you are going to use.
3. Over Trading - This ones a big one. So many people have a false perception that you need to place 15 trades a day to be profitable. I have no idea where this comes from, but it’s simply ludicrous! Maximum 5 trades a week, that’s 20 trades a month, with an average 1:3 RR at a 60% strike rate, thats still 36% ROI per month uncompounded!
4. Lack of Patience - Another easy performance killer, so many people see money before it’s even presented itself. You have to untrain your mind and become robotic, no emotions, no fear.
5. Emotional Trading - Jumping into a trade because of FOMO, you see an impulse in the market and think OH MY GOD FREE MONEY, then realise, price just dropped to hit support and reversed against you, before you know it your running in a fat loss heading towards your stop loss. OUCH.
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If you’re struggling with trading, I hope this helps you guys. If you’re looking for more guidance, feel free to drop me a DM, more than happy to help you guys out the best I can #factsonly #millionairemindset .
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Day 1 of my 90 day plan part 2 complete✅
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The first 90 days were full of lots of growth and challenges. I’m excited for these next 90 days to push harder than ever before. Fully focused with my plan in place and we are off to a great start.
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With every goal that you set for yourself you have to be able to fully believe in yourself even if you’re the only person on this planet that believes in it. Zero validation from anyone and I know sometimes that’s not going to be easy especially when it’s people close to you that may not support what you’re doing but just remember that not everyone can see what you see
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Currently long AUD/NZD that’s floating around 3% with 1% locked in. Lots of potential from a longer term perspective on this pair so we will see how this develops.
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Just digging into the charts and reading over my goals for tomorrow then finish off with some light reading.
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How’s everyone getting on with their own 90 day plan, let me know what goals you’ll be focusing on in the comments below
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Ignore the noise and focus on your work
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