Psychological Mistakes Traders Make AND How To Fix Them 

I use www.TradeZella.Com to Journal!

Becoming a skilled trader requires time and patience. When I first started trading, I was liquidated twice and lost my entire mortgage deposit. Although I could have given up, I chose instead to learn how to trade and apply that knowledge. Four years later, I'm glad I made that decision.

Thought I should share my experience. Where i made my biggest losses is what you mentioned in this video. Not on my strategy but on my psychology. I can wipe out 2 weeks of profit in a day, and I did that recently. Im 2-3 years in my day trading journey and made the same mistake that I've made early in my journey, thinking why I did the same problem that I told myself never to do. I like what you said about, stop trading when you get that feeling of revenge trading, I should've closed my screen and come back the next day. If i did that, i would've saved tons of money. I'll be honest, I lack in journaling, and I know this is a habit I should implement doing. I thought the trade history is enough but I believe that's not what journaling is about. I failed doing this early in my journey and know it's something I have to do now. To all new traders, learn from my mistakes. Journal from day one even if you're not consistently profitable yet. You most likely find consistency earlier than later. Not journaling equals not knowing what the f you're doing.

This hits home so much. As a new trader about 6 months in, I can say I've literally experienced every single thing in this video.

I lost a lot of money in revenge trading

Very lucky to have had a mentor like you at the beginning of my trading journey

Youve made me realise how close i actually am to profitable consistency, I simply need to do the simple things you mentioned and create rules on my PERFORMANCE. i thought trading plan rules were enough, but theyre not, and you have switched on a lightbulb in my mind with this. Thank you Umar

Very few people on RU-vid talk like this about trading and phychology great content very help full for me specially thnku so much ❤

Gems Bro Thanks for perspective 💯

Great video! Over confidence and fomo are my 2 biggest mental mistakes

Your the best Umar, you are teaching me so much, I blew up my account a heap of times about 6 months ago and stopped even watching the market, now I’m back and not trading but reading trading books, trading courses and only watching your RU-vid channel, Much Blessings my Brother and Blessings to everyone trying to be profitable traders.

Coming from a 7yr trader here. Nice job on this. Trading is 95% psychology.

one of the most interesting things about risk that many people experience, including me is... you can read all the books in the world on risk management but seems like you don't really understand it until you're on the 25th floor, standing on the ledge and ready to jump. When you are close to tears and realizing all the money is gone and there is no way to get it back... and in trading there is no one to blame but you, it's not your boss, co-workers, company cultures, etc, In the corporate culture, etc, it's you.

Thanks, that was such a good video. I love the no-nonsense, simple rules you set for yourself. Simple, but not easy. Thanks again.

0:12: 🧠 The video discusses mental errors that traders make, focusing on confirmation bias and how to identify and fix it. 2:45: 💢 Revenge trading can destroy your trading account if you are not aware of your emotions and how you're feeling. 5:46: 💰 The speaker discusses the dangers of overconfidence in trading and how it can lead to significant losses. 8:22: 💡 Keeping a journal of trades is crucial for self-reflection and learning as a trader. 11:02: 📝 To become a successful trader, it is important to understand the reasons behind your trading decisions and address any mental errors or issues that arise. 13:53: 😅 The trader has a rule of not taking more than three losing trades in a day to prevent emotional decision-making. 16:27: 📚 Avoid taking trades that don't fit your game plan to prevent bad habits and potential account blowouts. Recap by Tammy AI

Excited for the order flow video brother, thanks

love this ! God bless

I just discovered you, what common sense advice, clear and precise, thank you. You seem like a nice guy.

Very well explained. I need to work on discipline; Discipline is key to success for any trader and like you said follow your game plan. Any opportunity not related to game plan should not be traded

Thanks for the info!

Best trading psychology video of RU-vid 2023!!! 🏆

thank you sir for the words of wisom. appreciate everything you have said in the video. it makes alot of sense

its like hearing my present trading journey but the difference is hearing the solution for each as future result , its not easy to apply as you describe but again that's the core of Day trading ( discipline ) , hope to be someday

Thank you Umar. This was exactly what I needed to hear today.

Very well said. Thank you very much for the eye opening statements! Sometimes it's so obvious but we are oblivious by it at the moment, or right now as im watching what you are saying should be obvious to me but then i needed to hear it to realize that. So really thank you, you explain so well and hope to keep learning from you. Keep it up! God bless

Umar, this video is a gem. Not only did I journal this morning but I journaled this entire video. I’ve been consistently losing money in my evaluations but this past week I took a break to regroup and replan. Thank you for your tireless work in helping others! Cheers from Houston!

I'm starting May in MFF in my first trading days a make lot of money (in demo). I was confidence but when I get live account and start trading with real money a make so much mistake. In this moment almost done my account. I want to find solutions to my mental mistakes, your videos help me a lot, love you bro!

Mate, watching this video was like going thru my own trading journey. I can relate with every single thing you mentioned here. My latest challenge has been taking trades outside my plan and letting the emotions get the better of me. This video will definitely help. Appreciate the time and effort you've taken making this video. Gratitude from Australia.

We appreciate, the error are revenge trading and increasing size. I found it some times very hard to stop trading after losing a lot.

Thanks so much for this beautiful content. Ive learnt a lot. And I'm willing to make a change. I won't give up.

I can 100% identify with what you are describing. To avoid getting sucked into emotional driven trades, most of which lose me money, I now stop watching the charts until my 15 minute alarm goes off. Then if I see the right pattern in the 15 minute time frame on my technicals, I check every 5 monutes thereafter to see a confirming signal on my 5 minutre technicals. Only then will I focus on the 1 moinute charts in order to time my entry and set my stop. That's the theory anyway, the challenge is to follow this relatively simple strategy religiously and to have no expectations money or time wise as to how much or when I can achieve a steady income. BTW I love your tradezella software😀

Excellent. Very well said. All of them what you said i can relate with my behavior i think for most of the traders has the same. This is really an eye opener and thank you so much for sharing it. God bless.

Mental errors that’s what’s killing me in my journey on the trading train and I’ve taken a lot from this great piece thank you once again Umar👌🏼

Psychology is why I don’t paper trade anymore. Paper trading is fake trading. If you fake trade you’ll trade with fake emotions. I have never been able to replicate my paper trade track record when I move on to trading a live account. This is why I practice with a really small funded account with the amount of money I’m ok to loose. This way I trade with real money and real emotions. This is the only way to practice effectively and develope a track record that really shows How you’re performing.

Thanks for your wise advices Umar!! Sharing past experiences unconditionally!! ❤ God Bless You

helped alot thanks❤ took alot of notes that will definitely help in my future of trading

Brilliant video. It outlines the mistakes that is common to all traders. Please can a video on risk management and how to stay profitable be made.

One of the Best video i have ever watched truly i can related with myself .

Thank you Umar, great information. Trading psychology is a bigger part of trading than I ever realised. If you could share with us more videos on trading psychology and how you improved, that would be fantastc! 🥰 New trader here, developed a system but time and time again, I've came to the realisation that psychology or mental toughness is a HUGE part of becoming a profitable trader. Because you may be profitable one week but then give it all back, plus some the next.

Umar all MY trading problem u have fixed it Today and learn lesson from this video Thankful

The holy grail of the truth and the real life of trading. Amazing video, amazing honesty . Appreciate you !

These videos are outstanding. Love the content.

Thanks for the update I will make sure,I avoid the mistakes and deal with them in my trading❤😅😅

Just started my trading journey I just blowed my first prop firm acct today 😢 after passing the first stage then over confidence carried me to the verification stage which is required of me to make smaller profit. Is really difficult to maintain good psychology but still am never giving, This video jxt explained all the problems I have and am looking forward to taking the corrections Thanks man😊

love this umar !!!

this is a tresor you give some free sauce i like you man keep doing more videos about psychological mistakes

great 👍🏻 brother

Appreciate your video brother!! Thanks again

I am surprised !! Such a gem 💎 content and so lesss viewss??

Fantastic Video ! Appreciate it !

I can say that mental psychology is key to success koz this week I analyzed market well and had good movement but never took the trade due to fear

Great one ☝️

I love to hear you, it's feel like my problems are being said by you. When it's come to cut stoploss I don't want to cut it. I don't ride my profits. I take revenge trades and end up losing more money.

Been trading since 2018 I got lucky the whole time last year or so I started learning the truth behind it all. Everything you say makes so much sense. Thanks for all the info 💪🏼💪🏼💪🏼💪🏼💪🏼💪🏼💪🏼

I developed a bad habit of following others and winning and now I had such a loss that kept me awake all day, night and the next day. I got sick and I'm mentally screwed because I didn't know how to cut off 'the snake's head' in time. I'm oversensitive. Too stubborn. Too fucking connected to money, because I don't have it and it's hard to get it and the loss hits me terribly.

very very valueable information..

Great session. I watch ur lot of video it’s help me lot. Thanks

Great video!

Thank you. Really helped me

Couldn't agree more.. " Need to make back what I lost on my previous trade" has been the leading cause for me to loose money.. I have a strict 0.75% risk per trade but always open 2 positions ( so 1.5% risk in total ) each going for a set tp 1 and tp 2. More often than not tp1 get's hit and I breakeven on the 2nd position that shoots for tp 2, hence a zero risk trade. It's when the opposite happens and tp 1 doesn't get hit that I end up taking a loss, then the " need to make back what i lost" mentality kicks in and im all over the place. As a rule I walk away from the screen for about an hour and come back again to trading and this has significantly helped me with my trading emotions.. Still get the FOMO feeling when i walk away from a loss but I force myself to do it.. It's the emotion aspect that takes quite the work to master more so than price action and a trading strategy..

Thanks so much 😊 Very Helpful.

Journaling for me has become a game changer . I was in a losing streak and the last weekend i went back and reviewed those losing trades. Just like you said . At that time that trade looked phenomenal. But looking at my journal i was like "am i really this dumb". What you said is very relatable

Awesome video! Many thanks 🙏🏾

This was spot on!

Very lucky to get this mentorship at the beginning of my trading journey

So true, its look you are discussing all my trading problems

Such fantastic advice, thank you

Wow you are so good in explaining things and those are so recognizable 😂🙈

Great drop brother thank you

after watching a few of your videos explaining issues traders will come up against and what you should be doing to help yourself and learn about the mistakes. its very similar to going to gym to lose weight, get stronger and build muscle. there are different levels of people going to gym, some people just go in there with no plan, no knowledge about exercises and muscle groups. some get a program and go by that. others learn to do the exercises properly with good form etc. have you learnt the fundamentals? why are you are doing a specific program, is it for endurance, strength, weight loss, building mass? what each exercise does and for what muscle groups, ie will it help with compound lifts? mind - muscle connection. are you getting enough sleep? are you eating properly? are you hydrating properly? what are your short and long term goals? are you tracking every training session, sleeping cycles and nutrition? the more serious you get about it, the better your results will be.

Excellent Video Umar

I am on my day trading journey now, and I am beginning to be consistently profitable. I used to watch your videos and found them very boring, frankly. However, that was also a very naive trader previous me. I have to say that now that I am really starting to become a consistent and potentially professional trader, your videos are very helpful in helping people to try to avoid the most common pitfalls- as it's usually the pitfalls that we fall into that make us fail instead of the trading strategy- because all strategies work. Thank you for your videos! Please continue making them!

Thank you a lot Umar.

Your videos are nectar for the day trader’s soul! Must start journaling and stop revenge trading and the game plan is crucial. Thanks man!

Everything makes so much sense here 💯

Thanks my brother this is what i'm going through right now

Thanks for this vid man seriously

Thanks for the advice. FOMO had punished me severely and thanks to me I accepted and trained to be patient and I nolonger get that feeling.

The best things a trader can give back to society is true knowledge and his experience and that's what you are doing sir. Could you please make a video on how to prepare plan, what to look before making trading plans daily?

thanks bro ,i thank you for this phycology knowledge

This is powerful...Thanks so much Umar👊👍

I love this. Thank you so much

Thank you for the video. Learnt lots of good stuff! How often do you go back and review your trades? End of Day / Week / Month

Thank you for sharing!

Wealth is built in both bull or bear market and also wealth transfers from the impatient to the patient. One of the best way to succeed in crypto is by trading your assets with good strategy

*Excellent!!! I really do have a question. For someone with less than $10,000 to trade, how would you recommend we enter into trading ? I am looking at studying some traders and copying their strategy rather than trading myself and losing money emotionally. I would greatly appreciate any suggestions or reliable trader to trade with.*

Great video from the goat himself 💪🏾

Great video. I am cutting my winners too soon that’s my main issue right now

My latest challenge has been adapting to the changing market. Thursday and Friday pre-session market was characterized by stock moving up 2 to 3 candles, then tanking. Then, they would soar up to new highs. On Thursday I had no plan to combat this. I set reasonable stop-loss limits and got out of several losing trades in a row. On Friday I reduced size to 1/100th my normal size and told myself to hang on about 30 seconds to a minute past the point I was stopping out on Thursday. Friday was 6 winning trades in a row. Sometimes it can be tough to realize your trading plan does not work in all markets. You must constantly be aware any plan needs tuning to match the current market you find yourself in. No trading plan is cast in stone.

BRO THIS CONTENT IS PURE GOLD

thanks Umar! good lessons!

This is sooo helpful 📌💯

thanks boss i love this videos❤

One of the best Videos ive ever seen.

Thanks!

Thanks for letting me know

Thanks for the insight❤

I am a trading psychologist and you are really being accurate on many aspects 👏👏👏

why u gotta be a handsome and articulate bro I meant im appreciative of this vid! thanks for always prodiving value big dawg!!!

Thank you..good information video