Candle Sticks Patterns

You don't need to risk your own capital in order to make an income through trading. 💼💸 @AllCandleSticksPattern @AllCandleSticksPattern

@AllCandleSticksPattern --- 1. Forgetting to set a stop loss or deliberately not setting a stop loss because you're overconfident in your trade. ⚠️🚫 2. Riding your losers for too long hoping they'll reverse. You have to be willing to take a loss. 🛑📉 3. Taking wins too early. You'll be tempted to cut your winners short for fear that they will reverse - resist that urge. 💰✋ 4. "Chasing" a setup when there are no good setups. Some days you won't find a single good setup in the market. Do NOT "force" a trade if that happens. 🚶‍♂️❌ 5. If you win a trade but you broke your trading rules in the process, you lost that trade. 🔄📜 6. Not learning from your losers. You improve as a trader when you learn from your mistakes, not your wins. 📚🔍 7. Not analyzing your trades every single day after your trade. You should be setting aside at least 30 mins/day to analyze your performance. ⏱️📝 8. Not tracking your progress using a tools like myfxbook. What is measured is multiplied. 📊📈 9. Trading once a week and thinking you'll be profitable. Trading is like building muscle at the gym - the more consistently you trade, the better you become. 🏋️‍♂️💪 10. Trading while distracted. Trading requires focus and a calm mind. Don't trade if you have distractions around you. 🧘‍♂️🔇 11. Trading for more than 2 hrs/day. The longer you trade, the more decision fatigue sets in & trading performance suffers. ⏳💤 12. Switching from strategy to strategy. It takes months to become profitable with one strategy, so you can't expect to ever become profitable if you keep switching. Remember: there is no "perfect" strategy. 🔄🎯 13. Adding too many indicators. There is no "silver bullet" indicator that can tell you when to buy or sell. Less is more. 📉❌ 14. Relying on "copy trades" to learn how to trade. You will never learn how to trade profitably if all you do is copy trades from someone else. 👥🗒️ 15. Thinking of a more complex strategy will be a better one. The strategy I use is one of the simplest strategies out there. Simplicity is king. 👑🔑 16. Trying to add strategies on top of one another. I used to do this too, thinking I'd make the "perfect" strategy by putting together different strategies. Don't waste your time with this - stick to one strategy that works. 🧩🚫 17. Going into the trading day without a pre-market plan. 📅🔍 18. Entering a trade without setting a stop loss, taking profit, and mapping out your R:R and maximum risk. 📉✅ 19. Not setting your daily maximum risk. This is an insurance policy that you won't blow your account or lose more than you're willing to lose. 🛡️💰 20. Ignoring your daily maximum risk. If you hit that daily maximum risk, you should stop trading for the day. This requires discipline. 🎯🚦 21. Missing the entry you mapped out and still taking the trade anyways. ❌💼 22. Revenge trading (looking for trades that aren't there so you can make back the money you lost). Don't do this. 🔄🛑 23. Overtrading (trading past when your decision fatigue sets in because you want to recover losses). Don't do this too. ⏳🔻 24. Trading when you're not in a stable emotional state. 90% of trading is controlling your emotions. If you're in an unstable state going into the trading day, you're setting yourself up for failure. 😠💥 25. Trading when you're not in a stable physical state (lack of sleep, you're sick, etc). Traders are athletes. If you're feeling off physically, don't trade. 🏋️‍♂️❌ @AllCandleSticksPattern 26. Not taking care of your body, nutrition, sleep, and energy levels (and thinking this won't affect your trading performance). Like I said above, being a trader is being an athlete. Taking care of yourself is critical to your performance. 🍏💤 27. Trading the wrong instruments (crypto is very volatile, options are not beginner-friendly, etc.) Know which instrument is the right fit for you. Personally, I trade futures. 📊🔍 28. Trading when financial news is released. The market is unpredictable at these times, so do NOT take a trade. 📰⚠️ 29. Risking your own capital.