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Home Business What You Shouldn’t Do: 5 Mistakes of Beginning Stock Traders

What You Shouldn’t Do: 5 Mistakes of Beginning Stock Traders

Here below we gathered 5 main mistakes newbie stock traders regularly make at the beginning of their way to success. Before we start, let’s mention one thing.

Lives of both beginning and experienced stock traders and numerous businesses that used the Yahoo API became more difficult after the company stopped supporting their solution. Someone already found out how to cope with the situation without looking for the Yahoo Finance API alternative. Those who can’t should try the Twelve Data API instead.

Now, we proceed to our 5 mistakes of beginners in trading.

1: No Plan

The overwhelming majority of beginning traders enter the stock market without a plan. Regardless of your goals about trading – earning regularly or getting a passive income source – planning is important. Otherwise, investment sands peculations turn in to a loss-making gambling game.

2: No Preparation

Before you start trading with real money, try analyzing some graphs. Keep an eye on prices using technical indicators and defining the level of support and resistance. Try finding tendencies (figures, Price Action or other patterns will do) on the graphs with different time frames. Technicalanalysisunderstandingisextremelyuseful.

3: Too Much Confidence

Beginning traders frequently get fake images of simple and easy money making after their first stock market incomes. The trouble is especially critical if the trader earned some big money. A beginning investor or trader mistakenly thinks that they are able to make profits from any price changes. Overconfidence makes them open deals without analyzing things.

4: No Wish to track Losses

When you make a deal, you count for a price to raise or fall. When the price changes in the way that is not suitable for you, it is critical to note the loss in time. Otherwise, losses increase and become uncontrollable.

5: More Risk – More Money

Higher risks mean higher potential earnings. The opposite side of this statement is that the increased risk means higher possible losses. Experienced traders usually devote not more than 1-5% of their capital to one position. 

Avoid making these newbie mistakes, and your success in trading will come pretty soon!

ALSO READ  Things Every Startup Needs To Know

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