Top 5 Bad Habits of Unprofitable Traders

We will read what’s required to be a successful trader. Yet rarely do we hear what unsuccessful traders are doing wrong.

What is inhibiting unsuccessful traders on their journey towards success?

Do you have some of these habits or behaviours in your trading repertoire?

Some are quite subtle. Or seemingly so insignificant that you may brush them off as unimportant.

Unprofitable traders take small profits too quickly and keep losing trades too long in the hope that they will bounce back. Profitable traders aim for big profits, taking small losses when they are wrong. Being too quick to take profits while allowing losses to grow, is a sure fire way to blowing up your trading capital.
Unprofitable traders trade too big and risk too much capital in an attempt to make money quickly. Wins can be big, yet it can’t be at the sacrifice of developing a system that ensures your losses are limited.
Unprofitable traders are always looking for tips or justification that their trade entries or exits have been correct. Successful traders develop their own trading plans and systems and they stick to them. Second opinions are simply noise that will distract you from spending time on the education needed to become a better trader in your own right.
Unprofitable traders think trading is about being right. This is an ego driven concept. They’ll even do this to the extent of losing money. Profitable traders keep their ego in check and understand that losing is part of the game.
Unprofitable traders are too focused on how much they will win if they are right. Rather than how much they could lose if they are wrong. Trading is all about risk management and position sizing. Have these rules in order first then ensure you follow them.

Success and profits achieved over the longer term come with discipline.