![]() ![]() Is it because they want to earn a bit of extra money on the side of their regular job?ĭo they want to make a career out of tracking the stock market? If they don't have one, it’s time to get one and the best place to start is by thinking about why you’re trading. Chasing markets with strong performanceĮvery trader needs a trading plan.Don't forget about your investment time horizon.Not tracking trades in a trading journal.Letting profitable trades turn into losses. ![]() ![]() And for some traders, ignoring a mistake and repeating it over and over again can spell the difference between becoming a successful trader or losing one. And the fact is there are some mistakes that are hard to accept. Some of these mistakes are more costly than others. Whether someone is completely new to trading or has been trading the markets for decades, chances are they will make some common trading mistakes. Making trading mistakes is part of every trader’s journey. Schwartz’s book is a practical and realistic reference to the most common trading mistakes.Īnd there’s no doubt that most traders – if not all – would have made or are still making the same mistakes. He details how he learned and corrected those mistakes, and from then on the rest was history as he became one of the most successful and famous traders in the world. In his typical flamboyant fashion, he recalled how he lost $10,000 within a few hours of opening his first trade.īut what’s outstanding about this book is how Schwartz openly discussed the trading mistakes he committed, particularly when he was brand new to trading. Legendary Wall Street trader Martin Schwartz shared both the lows and highs of his stellar trading career in his book 'Pit Bull: Lessons from Wall Street's Champion Day Trader'. When ill-prepared traders won't recognise that mistakes in trading are all a part of the learning process and can actually shape a person into becoming a successful trader. The trading world can be full of surprises for those who have big ideas but little in the way of preparation. After all, a price can only go up or down so all traders have to do is pick the right direction then sit back and wait for the money to roll in, right? Well, not quite. ![]()
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