 YouTube what's up guys wanted to come at you with a nether quick tips video guide this week We're on week three and today I think the best topic to discuss is the six major mistakes or the six major pitfalls That new traders make when they start trading or get involved in the markets and number one It almost goes without saying but as you can tell Nobody on earth especially in trading made a career or made a lot of money chasing others And if they did they made a little money they gave it right back So number one chasing alerts and following blindly is like Arguably the worst thing you can do especially when you first start because you build bad habits if you do so There's nobody on earth. You should chase not alex at MIC not this random guy you found on a newsletter There's nobody that you should follow and or chase alerts if they even do alerts. So that's number one That's like red flag number one of new traders number two is I would equate it towards rushing in and what I mean by that is very simple When you're new you're you're learning a language like this is no difference from like learning Mandarin learning Chinese learning German learning English The price action market and or stock market, you know with price action and volatility and risk management It's a language and anybody that rushes in without the right platforms without the right broker without the right tools Maybe they should have paper traded for the first month if you just rush in and throw 10 to $20,000 in Yikes, that's like trying to flip a house because you heard about house flipping or house hacking and you go in a real estate And you're like I buy the first house I see that's what a lot of traders do and then they chase a lot you combine with chasing It's just crazy So don't rush in get the right tools learn the right things and then go slow at your own pace and Just don't compare yourself to anybody who's maybe on their chapter 100 versus you're starting on your chapter one Do not rush in number three I Get winded on this one because I'm passionate about this not having a trading plan So once you understand price action a little bit once you find maybe a what maybe you see Alex has watched us Maybe you like his watches the whole thing about a trading plan is maybe you know how to trade Maybe you don't but anybody that doesn't follow their trading plan or what we call it. Am I see a process is going to do very Disasterous things to their trading account and it's just it becomes a disaster during the you know during the volatility of Intra day because when you have a plan guys, and I'm actually gonna like parlay this into number four is Changing that plan so when a new trader has a plan a lot of the time They don't stick to the plan and then they change their plan And it's just snowballs and domino effects into a really really bad thing and builds really bad habits And this is why your P&L suffers or maybe you're the type of trader that makes a little money But treads water and gives it right back and makes a little money and gives it right back How many guys are like that because when you're first started trading guys it starts like this the normal beginning trader loses a lot of money And then they get to the point where they're it's a little bit of growth But now they're losing money or making money and giving it back or losing money and then giving it back Or it's just kind of one step forward two steps back, right? So this is The epiphany of every new trader I would say and this is the evolution and growth of a trade and then they eventually You know go from treading water one step forward two steps back two step forward three steps back Etc. Etc. Into actually making money and being consistent and that's where you have to have a plan now That actually gets parlayed into so not having a plan and then changing that plan Into another thing I call over trading and they all kind of like couple in piggyback each other So the guys that again Don't have a plan or they have a plan and then change their plan a lot of thing that makes a new traders Do that or you know go down this very very, you know disastrous slope is they start over trading And that's number five and number six over sizing they all go hand-in-hand, but over trading It's just a recipe for disaster because there's no There's no linear path behind it. You obviously didn't follow your plan. You're getting in your events trading You're getting out your give revenge trading again You lost on the long and maybe I can flip short or you lost in the short Maybe I can flip long and make it back and make back my losses Yikes, just be careful guys. These are all the mistakes a new trader makes but the last one is over sizing It doesn't even matter if you're new Veteran traders make this mistake too just because a stock has two dollars in volatility in a day versus this stock That has 20 or this stock that has 20 cents You have to size correctly as per ticker in question and what you're planning on trading So sizing guys in and over sizing can be very different. You it's very dangerous You have to size correctly based on the float based on the volatility based on the range The potential range that the stock can move given a you know trading day in today We call it so those are the six major ones and I want you guys to pay attention this You know don't chase anybody guys have a plan don't oversize don't revenge trade don't overtrade and stick to your plan Don't don't change it and most importantly don't rush into this career Get the right mentorship and then follow along the natural accelerated growth path that you will just You will just understand and accumulate as a trader these wonderful tools that can help you But stay in your lane when you're new you got to know you're new and when you're a veteran Yeah, you can branch out a little bit more because you know kind of the terrain of the industry But I could rant on this all day But I thought that was a good video for you guys this week and as always if you have any questions about anything I talked about today or want deeper mentorship Text my line at two and three four five eight five nine nine seven and we can talk about it and help you out a little bit More and if you want to even go a step further Multi-million dollar a year trader Alex to Miz put on a free live webinar It actually talks a lot about this and you can find that it my investing club dot com my investing club dot com slash webinar Check it out