Ep 146: 12 Common MISTAKES Beginners Make in Stock Trading

Ep 146: 12 Common MISTAKES Beginners Make in Stock Trading

★ SUMMARY ★
Making a mistake when you first start trading can be both disappointing and discouraging.

I’ll let you in on something that I’ve learned throughout my professional experience- no one knows exactly what to do when they start out in the stock market for the first time. However, there is a way that you can avoid these mistakes.

One of the best things you can do to elevate your trading success is to learn from the mistakes of those who have already gone through the trial and errors of all the beginning stages.

In this video, I will share with you a handful of common mistakes that beginning traders make so that you can learn how to avoid a wide range of mistakes ranging from inner game to outer game, underestimating the ease of the market, and creating bad trading habits.

#1 believing that the market is easy to make money
#2 having no plan of action for each trade
#3 having the wrong habits
#4 emotionally tied to a stock
#5 not taking profits into strength
#6 holding on to losers
#7 averaging down your position incorrectly
#8 using excessive leverage
#9 trying to save a position (compensating in new positions, trying to short it, etc)
#10 following people blindly
#11 looking at the short-term instead of the long-term
#12 not investing in yourself

Posted at: http://tradersfly.com/2017/08/ep-146-12-common-mistakes/

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Comments

Josh A says:

Okay, its official, I’m a fan. Thank you for all the knowledge Sasha! What are some of the common ways day traders organize and track their trades? If I’m remembering it right, you had a video about a web based service a bit back, but I’d prefer something offline. Something about having all my trades i.e. financial information stored on a website seems strange to me. Any additional advice for creating a trading journal is welcome. Otherwise, thanks again!

Sound City Network ™ says:

Sasha, your channel is very underrated. You go into the psychology behind trading which is one very important aspect of it. The analogies are very good.

David Schell says:

I have been trading for 15 years and lot of what you are teaching is what I had to learn the hard way. Well done and keep up the good work!

MoneyManFernando says:

I subscribed and I am currently watching your videos . What is your opinion of the market right now ?? It is at an all time high , should we be worried ?? Stay in , get out ?????

Paulo Justiniano says:

I was always told that you must wait for your target to hit and not takes profits right away because eventually ur risk and reward is what will make the difference. Now you say take profits. Lets say buy 100 shares of x stock witch is trading at 20. i will be risking 1 to make 2. Wouls you wait to hit target or ull take 1/2 of the position as soon as you are making profits ?

RICA R says:

Sasha.. Thank you for your comments and videos

John Willis says:

also dude you didnt stumble one time. You are a great salesman!

Rafiq Kamal says:

You sir is THE real deal

Pania Thong says:

Thank you Sasha.

When you are saying the mistake is to hold on to losers, what are your advice when the stock drops a lot.
Would you suggest selling it and buy when it hits the bottom and make a move back up?
What is the best strategy for swing trading when the stock drops a lot?

Thank you

mylifeinarosegarden8 says:

Thank you for being so thoughtful and genuine with your advice. Everything you’ve said in this video is spot on and clearly shows you are there to help people and you want us to do well.

Brantley May says:

I wish I could double like a video! Great stuff , thank you so much.

Brenda Bourges says:

Thank you sooooo much! You are awesome, helpful, real and informative. 🙂

Fedor Amuricano says:

Ebat blyaaat !!!! trading is to slojna for me blya

Learn German with Jenny says:

All of these points were so helpful again, thanks so much, Sasha! Now I know what averaging down means.

Delman says:

i disagree with some, take WDC, terrible, came right down, now right back up…. Investing long term, different from trading. Otherwise I agree, that’s the trouble when I see advise like this, similar to this online. Often people arguing on stockwtits or else where… I always think the person, like you in this instance should clarify that. If investing for 10 years or more, not so much a problem, people that say lost all my money is nonsense, because if had it all in bear sterns in 2008, whenever it was, yes, but if in many companies like me, chances of all them going bust, well, be end of the world practically. Otherwise yes I agree. Trying to trade more, instead doing what done last couple years since started in April 2015, making 90%, why cause i hold and average down and always worked, only ever lost small bit, likely 5% actually, cause I chose to, morally, did not like that stock anymore etc. But now I am trying to say buy and sell half or more and let rest ride out. My trouble been day trading it, instead swing trading. Take TTEC, doing nothing, finally got tired, sold for few bucks, shot up higher, lol. always the same, if I hold, seems to go down, and if i sell it shoot up more. But I’m not a greedy person for one. For two, well, made something, and so, you know, learning as I go, and putting my new system in place and back testing and knowing the stocks that give me 80 to 90% chance that when I buy goes up next morning etc. My trouble has been patience and discipline, lol, two of the biggest things one needs in stocks that’s for sure.

John Willis says:

I like it, I love it, I want some more of it.

Srinivas Ramoji says:

Thank you very much for educating us in an excellent way.

Michael Perry says:

another Great Video

ahmega says:

you just described me in one video lol

trivaibhav says:

@Sasha This is so damn good …. Wish someone was there to reach me all this when I started trading … Keep up the good work 🙂

Laura Shehadi says:

HI Sasha. You are putting out really great training videos! Thanks for that. Question: Can you point me to a lesson video specifically on how to take profits into strength. I get the main concept (sort of) but I’m hoping to see specific examples of how this technique is executed. Thank you.

Jerry O. Smith says:

You are a awesome !!! very intelligent teacher. Thanks for the lesson

AverageNiceGuy says:

I am really enjoying your instructional videos. Thank you

Delman says:

bollinger bands, regression channel, fractal trendlines, not giving away any more, lol, all help, get on train in the same direction as it’s going and get off earlier than most, that’s not easy.. Also can hedge, so oh no my reits, well buy REK, short the reits, done that few times now, pity got out too soon though, should held. And why you, as you talk now, about those going bust, why you, erm, do not go all in, if go all in and apple went down and went bust more fool you. got to be careful. Nothing wrong with being attached, plenty on seeking alpha love O Realty Income, chance you take, investing, cool. If you trading, like think you mainly only on about then yes you are right…. :). but spread your risk… no good being all in one or two companies only, sure riskier. Anyway interesting stuff, and like listening to your level head on these things. Can always pick up odd tid bits, but learned a lot else where and through my own experiences.. Never do margins, never do long and puts, just buy…. Do at right time, and mostly works out ok :).

Vintage Bazaar says:

Reality in Bitcoin and Cryptocurrency trading

#1 – Easy to get REKT
#2 – Plan your entry and exit carefully. Beware of FOMO
#3 – Check twitter, check slack, check telegram, check moon phase! (daily habbits)
#4 – Dont marry your bags! Be like a assassin and have no feelings. Be Cold and calculated.
#5 – Learn to sell on the uptrend, set stop losses to protect profits. Take profits put into new “promising coins”
#6 – Averaging down is good in crypto, if the project is solid, beware of doing this with a project that has question marks over it.
#7 – Dont chase it learn to cut losses.
#8 – Dont margin trade for several years! you will get Rekt.

#10 – there are some really good Crypto-Bros on twitter, find them, follow them. BEWARE of the shillers!

Emotions play a HUGE part in trading… Another good account to follwo is Crypto Picasso here, he really nails the emotional side of trading.

ramesh sharma FB says:

very good advise

kim Hyo mun says:

I lost 50% of my port capital, within my first 3 years of trading lol.

Abraham Tesfay says:

Thanks Sash Evdakov for sharing your best practice. I have been paper trading for last 2 months and just start trading live 2 weeks ago, I am really loving it! but also I am going through all the emotions you are saying. I can already see that your advice will help big time. Thanks !

MoneyManFernando says:

Do you have a video about ETF`s ? There are so many of them out there. A lot of them are basically the same except they are issued by different companies. Such as VOO,SPY,IVV etc. What is your opinion ????

Jay Cominos says:

Single best YouTube channel for trading education.

InstinctDT says:

COMMON MISTAKES

#1 believing that the market is easy to make money
#2 having no plan of action for each trade
#3 having the wrong habits
#4 emotionally tied to a stock
#5 not taking profits into strength
#6 holding on to losers
#7 averaging down your position incorrectly
#8 using excessive leverage
#9 trying to save a position (compensating in new positions, trying to short it, etc)
#10 following people blindly
#11 looking at the short-term instead of the long-term
#12 not investing in yourself

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