Top 3 Trading Mistakes


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what's going on everyone my name is chase with sippy-cup trading and in today's video I wanted to go over some of the most I would say important mistakes new traders make that you all should avoid so before I get into this video well let you all know what sippy-cup trading is to be kept trading is a community of traders who trade stops cryptocurrencies options you name it trade everything we have about 2000 traders so it's a great community to be a part of definitely check it out if you haven't already the link will be in the description and without further ado let me get into the video so now some of the things that I see new traders doing the most frequently is they force trades right so you're excited to be in the market it's a new thing you want to make money whatever and so you just wind up forcing trades you know maybe there aren't any good trades to make maybe it's during the middle of the day when volume is dry maybe it's just some crappy looking pattern but you just think it's gonna go up well you shouldn't be doing that sometimes the best idea is to just sit on your hands wait for a good play to present itself I personally to avoid forcing trades I only trade typically the first hour of the day so I'm Pacific Standard Time so from 6:30 to 7:30 a.m. that's when I'm typically trading other than that I just don't and that's something I recommend for a lot of you in mentem traders for those of you who do things like swing trading and whatnot of course you can you know adjust that and whatnot but for you day trade momentum traders you know I would typically suggest not trading after about 8:30 a.m. Pacific Standard Time which is 11:30 Eastern they're just usually during these times the volume dries up investors aren't really buying in the is not really much momentum so it's typically not the best time to trade but yeah anyways we on the second point so another thing I see new traders doing is they go in without a I guess a strategy or without a plan right so before I enter any trade I always have a rough or at least at least a rough plan usually an exact plan of what's going to happen so say you know I I choose to purchase si en on the balance of the EMA right here at 10:20 okay then that plan would be all right so I'm gonna look for to take profits around the 200s ma which is about two twelve twenty five and my stop-loss would be if it cracks the EMA line so about nine eighty five right I would stick to that pretty much exactly most of the time of course you can always alter it if you do if you are more experienced but typically when I what I would suggest for new traders who are just getting in the market and still aren't as experienced as you know more experienced traders so if you haven't been doing this for more than a couple years I would suggest just sticking straight strictly to your plan and not straying from it I personally try to never stray from my plan but sometimes I do and you know it's just that just comes from experience but for you who aren't as experienced I would definitely suggest sticking to a plan and always following through with it alright and the third thing that I see a lot of new traders doing is they just get into crappy plays so like you know FOMO definitely plays a big factor in that fo MO as fewer missing out let me try to find an example Hill rx yes a good one so you know what happens to a lot of new traders they see a stock absolutely spiking it's going crazy and you know they see a lot of people making money in chat rooms and whatnot and then they want to partake in the games so they wind up just buying at some stupid level that's too high to really be considered a good entry so like you know they be buying it for 30 or somewhere along that area don't do that like as simple as that stick to a plan and stick to a specific strategy you know FOMO is never a good strategy yet I see so many people doing that daily so just be diligent just wait for a good play to present itself if you miss a runner fine you can catch the next one and if you don't catch the next one that's fine there's always gonna be another one you know the market is predictable in the sense that the same patterns always and always present themselves it's just a matter of whether you can play them to your strategy or play them to your comfort level you know buying vlr X I probably would have why I actually try to learning this one but I alerted it too late I would I was trying to alert at the break of the after hours resistance which is part of my strategy although people might not share the same strategy but it would have been a good play could have made potentially about 39% but uh yeah I mean like so many of you buy tops and just you don't like I don't know what else to say besides just saying don't do that right when you see a stock that's up a crazy amount unless you see some type of pattern and play that you are comfortable playing and that you have tested and is that works for you don't don't play these crazy runners right like they were great short when they're up here and this is a clear diamond top which is you know comes from pattern recognition but yeah I mean just don't like when you are feeling FOMO when you're feeling greedy or just wants to hop into a play just strictly based on emotion what I used to do when I was struggling with this myself I would just either close my laptop or walk away you know I know it sounds probably easier than done but it worked for me you can work on that yourself or find something that works for you but that's what worked for me also I read a book called trading in the zone a great book that one definitely helped me out a lot with my emotions and whatnot so you know I would I typically don't recommend too many books but that one's probably my favorite trading books so yeah I'm gonna end the video there those are three things that I highly recommend new traders or trailers of all levels to just really think about and go over this is a great video for beginners but you know good good refresher for you experienced traders as well so yeah I hope you all enjoyed thanks for watching make sure to subscribe if you haven't already and I'm sorry about not posting over the weekend it's my birthday and I was just a bit busy though over the weekend so I apologize for that I'll be posting the rest of the week so don't worry about that okay so thanks again for watching make sure to subscribe if you haven't already talk to y'all later good bye Close