Beginner Mistakes You must Avoid in Trading

90 % of Traders fail
Yes it’s true and it is only a conservative estimate. Is it because they are stupid? No. Studies have shown that many of these traders are highly educated, have good incomes and are highly motivated. Then why do they fail?

Lack of Education
A doctor generally spends around five years in training before he is given a basic license to practice. Developing core skill sets is one of the fundamental principles of success in any human endeavor. In relation to trading, education does not mean learning about Fibonacci or drawing charts. It means thoroughly educating on all aspects of the chosen profession. Learn about Psychological tendencies of human mind, correct approach to money management and learning the correct exit and entry methods for the trading style that suits you, the list is practically endless.

Peter Bain in his Am Reviews says it clearly " You can never learn too much".

Your income would be the by result of the skill you develop. Devote yourself to life long learning.

Approaching trading with the wrong Mindset
Here are common misconceptions which beginners often fall into.

• You can Trade with 80 % accuracy.
• Turn $ 1000 into six figures in short few months.
• Predict Turning points in their market within minutes.
• Buy a system that is 100% ACCURATE.
• Quit their day job and begin trading full time in a short period of time.

Why is this mindset prevalent? It’s nothing but a result of marketing hype which a trader’s mind is often subjected to – “Make 10 pips a day Guaranteed!”.  The human subconscious mind often uses these signals to make it's own reality.
However experienced traders would often tell you that successful trading takes time and persistence.

Here’s the Magic Formula.

Your trading success will be heavily dependent on your good judgment. How do you develop good judgment? It’s a by product of experience. Your experience would stem from many bad judgments you will make.
Therefore Good judgment has seeds in bad judgment.

Set your goal in mind, go for it fearlessly, preserve, turn failure into feedback and accept your shortcoming. 

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