Common Trading Issues You Will Face as a Newbie

Common Trading Issues You Will Face as a Newbie

Whether teaching, engineering, financial trading, driving, etc., newbies always suffer. And that’s the truth. But it’s also exciting to note that everyone was once a newbie – so it’s safe to say that we all have “suffered” at some point in our lives while we were newbies.

Narrowing our scope to trading, there are several trading issues you will face as a newbie trader. While some of these issues are common, some aren’t. I have compiled a comprehensive list of the seven most common trading issues faced by most newbie traders, including myself, and how we overcame them.

7 Common Trading Issues You Will Face as a Newbie

1.      Not Having a Plan

You just learned something new. It’s typical to be enthusiastic about putting your knowledge into action. This rush of adrenaline, however, may be the beginning of your doom if not properly managed.

As I like to tell my students at my Forex Trading Academy, if you rush into trading, you will rush out. “Rushing in,” in this regard, means trading without having a well-defined plan. What do you want to do and how will you go by it?

Your trading plan can either be simple or complex. As a newbie trader, I recommend drafting very simple trading plans. Having a difficult (or complicated) trading plan itself is among the common trading issues you will face as a newbie.

2.      Trading With Your Emotions

One of the most effective strategies for proper risk management is putting your emotions aside while trading. Your level of control over your emotions significantly determines whether you’ll succeed as a trader or otherwise.

Fear, impulsive trading, self-doubt, overconfidence, greed, overtrading, etc., will ruin you if you allow it. One way to always put yourself in check is to have a trading plan – as I mentioned earlier – and follow the plan until the end.

3.      Setting Vague Expectations

What goals did you outline in your trading plan? Are they achievable, or you’re just being unreasonable?

It’s one thing to set goals; it’s another to ensure these goals are realistic. How do you want to earn $1,000 with $10 trading capital in 5 days? You are either joking, just a gambler, or intentionally willing to throw your $10 into the wind. The choice is yours to make!

4.      Lack of Confidence

I think even many experienced traders struggle with this. Trading is a dynamic venture – this moment, you’re ahead of the curve, and the next, you’re struggling to stay motivated to continue. It happens to everyone.

However, to thrive, you need to believe in your trading strategy. I mean, if you do not believe in your plan (or setup), who will?

This lack of confidence causes many newbie traders – especially – to hop from one signal provider to the other or, worst case scenario, stack their charts up with several indicators. This is another issue among the common trading issues you will face as a newbie.

Test your strategy and confirm that it works for you and aligns with your goals. Once you’ve confirmed, follow it until the end. It’s unwise to change or doubt a winning team, remember?

5.      Always Searching for Information

Don’t mistake this to be an unending quest for knowledge. No, it is not. Instead, I refer to it as a coping mechanism for traders who aren’t sure of their skills and just want to buy time.

The truth is there is a lot of information today. And if you think there’s a better resource than the one with you, remember that there will always be another resource better than any new one you find. Instead of trading, you’ll find yourself jumping from one strategy to another, doing nothing.

Your mates will be making money trading, but you will still be searching for the “perfect” strategy. Well, good luck finding it.

6.      Unnecessary Indicators on Your Chart

I mentioned this briefly earlier in this article. The more your options, the more confused you will be. There are several trading indicators available for you, but of course, you cannot use all of them.

Many newbie traders believe the more indicators, the better and more accurate their analysis will be. Well, this isn’t entirely true. More than a precise analysis, you’ll be left confused and frustrated.

You alone cannot want to read the Moving Averages, Bollinger Bands, RSI, MACD, etc., and remain sane. And as a beginner trader that’s just learning the ropes, you don’t want to do such harm to yourself. At all costs, protect your sanity; it’s the bedrock of your success as a trader.

Know the indicators that work for you, fitting perfectly into your trading plan, and use them to your advantage.

7.      Revenge Trading

Revenge trading is the seventh common trading issue you will face as a newbie. Losing is inevitable. Also, you cannot control the market’s reaction. However, you can control how you react to the market’s reaction. You choose to let your emotions get the better part of you? Be prepared to bear the burn.

Revenge trading, as the name suggests, involves trading aggressively after suffering a loss. Usually, many traders do this to recover their money back. But, in the long run, do they?

What Issues Are You Facing?

As you must have seen in this article, there are several trading issues you will face as a newbie. And the truth is many “experienced” traders also struggle with these problems. So, yes, you are not alone – we are all together in this.

Did I miss out on any of the issues you’ve experienced or still experiencing? Don’t hesitate to share with the community – we’ll gladly share your experience.

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