Psychological Mistakes Traders Make AND How To Fix Them

[@UmarAshraf28]

I use www.TradeZella.Com to Journal!

[@MisterAmazingAllTheTime]

Thank you Umar for all your work, you have helped me mentally more than you think. I am becoming better trader because of your videos!

[@kptrades]

Does Tradezella connect with E*Trade?

[@nyssaalghoul5872]

My apologies but I’m a college student and can’t afford to pay $49 per month at the moment since I’m not profitable trading yet but I love how tradezella is and it’s features. Could there be a free trial or a way if you link your student email. It could be cheaper. Thank you(would be glad if this might be considered)

[@erichkovac6000]

Dear Umar, thank you very much for your time , effort and work , what are you doing for traders. I like your videos. Greetings from Slovakia.

[@ApaiMr89]

Thank you…

[@dennisshulz3678]

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.

[@jasonogorodnik3590]

how is it now?

[@charltonallen3167]

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.

[@billyrandy027]

Heyo. I'm 3 years in too! What would you say your main strategy is? I'd love to connect with likeminded traders

[@robintdaniel]

Each sentence mirrors my trading journey too..

[@billyrandy027]

@Nate_469 no thanks

[@Akashwade]

@charltonallen3167 should we only write time ,date and amount and why we took trade and why we loss and learnings is this much enough for journlaaling trades plz reply ???

[@Quranicchannel-123]

​@@Akashwadeyes....

[@ahsanyamin6068]

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

[@aggerleejones200]

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.

[@wolfgangschmitz1749]

totally agree , its " the other person sitting at the screen with the hand at the mouse ready to click ´n shoot the trade" which has taken on control .... this person doesnt care for the books you have read

[@snipertsx]

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!

[@ahmednasser9962]

Which evaluation prop firm are u doing?

[@rakeshbmadhwani762]

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

[@UmarAshraf28]

Well said!

[@EmptyCarPark009]

A lot of trading mishaps are done when trading your balance . Stop thinking of the money .

[@zainqureshi2849]

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

[@tsilver245]

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 KZbin channel, Much Blessings my Brother and Blessings to everyone trying to be profitable traders.

[@kylejones4396]

you are one of the very few (if not only) people on youtube who actually adress the real issues faced trader

[@CharindaElikewela]

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..

[@skaltamash1306]

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

[@attilabakos8772]

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!

[@Caezarsworld]

Best trading psychology video of KZbin 2023!!! 🏆

[@puseletsobushy8074]

I lost a lot of money in revenge trading

[@a1isss]

sir, don't use ur money, take challenges and pass

[@shazibest4u]

Wait for an opportunity like crocodile 🐊

[@Eluminous]

​@@a1isssPlease any suggestions on brokers I can compete on

[@Eluminous]

​@@shazibest4uhow does it work or look like

[@drawinglevel8736]

I lost 3 account for revenge trading 😔

[@experienceephraimbabangida2095]

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

[@flexzone9448]

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 💪🏼💪🏼💪🏼💪🏼💪🏼💪🏼💪🏼

[@mohitsoni8718]

😮lkof😮

[@jayeshkhokale7742]

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

[@UmarAshraf28]

🙏🔥

[@mkr848]

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

[@algorhythmy]

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!

[@ViweMavayi]

I haven’t even finished the video, and this resonates with me a lot. Overconfidence, FOMO and revenge trading. I am working on all of these at the same time, and it is exactly how you put it, the 1st trade I execute flawlessly, for the second I am over confident that is where it goes downhill

[@blossom2260]

Thanks!

[@___2533]

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.

[@jorgeteixeira1922]

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

[@AllIn-one-zi2os]

Man literally I am using the same method you u said, but after hearing from you I swear I got more confident, to follow my own rules that i set and I said it louder "DON'T LET EMMOTION KILLS YOU". And thanks I am starting doing well now, After that only I realized treading is just discipline and not gamble!

[@kkrishnanunni857]

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

[@lilytea3]

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

[@ThrillsofAwe]

The deepest advice i ever heard about trading! Everything you said is wrote down! Thank you!

[@meaningofjade]

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

[@nawalchaudhary1383]

Hey, I hope you're fine. Have you overcome these problems? Can you tell me how?

[@meaningofjade]

@ honestly no, I stopped trading because I decided there’s too much risk for my financial level at the moment.

[@nawalchaudhary1383]

@@meaningofjade No worries! Hope everything is going great for you ☺.

[@aimmenromane4791]

Consistent profitability is a journey

[@UmarAshraf28]

Never ending journey. Have to show up everyday

[@harrymann2840]

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.

[@codytaylorh]

Excited for the order flow video brother, thanks

[@Johnbeatsfood]

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.

[@sarakeem.213]

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👌🏼

[@akok440]

Thanks

[@drdkrynicki]

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!

[@addertooth1]

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.

[@TheOlRazzleDazzler]

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

[@_daniel_leo]

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😊

[@tma78]

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.

[@user-eq3jg4dq9d]

Confrimation Bias FOMO 1:50 Revenge trading.4:00 overconfidence 4:50 journal & track trades 6:30 10:30 11:58 12:20 12:50 system 13:20 14:50 16:30 17:00 not allow at the first place

[@washingtonmutwiri8854]

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

[@skynosaka]

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.

[@lobotrader5135]

So many people have responeded which underlines the importance of this video . Almost meaningless to mention , that I call all this psychological 5 mistakes you discussed mine . Most important ( my personal opinion ) is your comment, that when you sit in front of the screen you are like " a different person " which has taken control of your trading decisions . Same here 😞and this experience scares me the most about myself . How make sure, that this cannot happen ? I am aware of this change in personality , thought it even could be an addictive behavior ( which it is not ) . But there is no question for me if it comes to my own trading success : Either I get myself under control or I must quit trading ;leak of selfdiscipline . Your 5 counter actions ( I noted them down ) seem to be good tools to help me remaining under my own control at all times . But at the end of the day : its about me and wether or not I am mentally strong enough to say "NO , do not trade now " even though I would love to take this trade, probably just another trade which will reduce my cash . Walking away from the trading desk helps a lot when "the other person" allows you to leave LOL ;-)

[@pman3293]

Thank you for your videos by far the best on youtube. I messed up and revenge trade this week lost £4,000 of my £15,000 account. Really upset with myself but its taught me to make smaller trades and handle my emotions. As in this week i made some high profits but just overtraded.

[@ChromaticTempest]

There is no "just overtraded." Either you followed your plan, or as Umar has said, you fell into degeneracy (paraphrasing). Trading my own plan to the letter has been one of the toughest things I've had to do, and I made it! It should be easy! GL.

[@YommiFXTrades]

Gems Bro Thanks for perspective 💯

[@NicholasBall130]

Nice video as always but here is my problem I have been making losses trying to make profit in trading. I thought trading demo account is just like trading the real market... can anyone help me out or at least advise me on what to do?

[@cowell621]

The best course of action if you lack market knowledge is to ask a consultant or investing coach for guidance or assistance. Speaking with an expert helped me stay afloat and grow my portfolio to about 65% since June, even though i know it sounds obvious or generic. I believe that is the most effective way to enter the business at the moment.

[@StacieBMui]

A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850k.

[@LiaStrings]

Could you possibly recommend a CFA you've consulted with?

[@StacieBMui]

There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Sonya Lee Mitchell’’ for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look-her up.

[@VictorBiggerstaff]

Thanks for sharing. I searched for her full name, found her website immediately, reviewed her credentials, and did my due diligence before reaching out to her.

[@Sam-ux8we]

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

[@Vinodaish]

Over trading Wrong entry Panic entry Your video is 100% true Exactly Same mistakes im doing I want learn from you

[@cameronmunien8787]

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

[@graestarr]

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

[@shadabrahman2477]

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.

[@adilbajrai]

4:00 most important advice ever

[@rockstartonyx]

Great one ☝️

[@aliabduoc8706]

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

[@kgp6531]

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.

[@rushisawant8332]

GOAT of trading for a reason 👑

[@jesuscortes1775]

love this ! God bless

[@williedavirtualflipper]

Excellent video on psychological issues u ve while trading. A real eye opener for me. Thank you‼️

[@amudachristymanimark3300]

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

[@raj_bhanushali]

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

[@ThelmaMusiyapinda]

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

[@spinner9]

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.

[@kasmdogusklc7611]

Teşekkürler.

[@NailaNunu]

man you saved me years thank you so much bro i appreciate it

[@TheHerOptimus]

Done revenge and fomo. Also removed stop loss because i didn't want to loose money wich made me loose more often after a good winning streak. Not at the big money trades yet so i have not become broke because of my mistakes. Also have had to high leverage were you get to nervous when you trade.

[@mohitpatidar5030]

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?

[@jimmyhandoko7034]

Thank you for this video. Wake me up from trying to make it all back the moment I lose the money.

[@kaupotomson]

FOMO is derinately a big one. Revange trading has happened frequantly. Also not knowing when to walk away!!!

[@markdavid265]

Revenge trading is legit. I lost 30 bucks too because of putting a trade to get back my looses. Thank you so much for this reminders. This is so much important.

[@temprmj1]

I hope people appreciate the psychological discipline you're teaching.

[@charlesspurgeon2299]

love this umar !!!

[@RotterStudios]

I tried journaling and my account blew up Friday. All the journaling in the world won't help you if the market crashes like a falling knife instantly. This was Friday. No warning, just going up half the day at a nice pace and then crash.....zero warning. No stop losses; that was my fault, but I got sick of getting stopped out. Regardless of where the stop is, it gets me. This is getting old. I lost so much and blew up so many times. I'm very careful but it's just not working out. If I make $100, I lose $1,000 or more.

[@ChromaticTempest]

Size down. If you can't seem to win ever, stop risking so much. Maybe risk nothing and paper trade. Risk the least amount possible until consistently profitable. If you are an options trader, only trade the cheaper names that have calls and puts for less than a couple hundred, or trade debit spreads that allow for less risk. The main thing is to get all the learning and personal discovery done as cheaply as possible. Too many people risk their savings before they have the formula figured out. I know I did.

[@RotterStudios]

@@ChromaticTempest thanks a lot. I do futures. The last couple weeks I'm only doing $35 at a time per trade. It adds up. I have also been using stop losses that are tight, which I hate doing...but it's a must. I've been learning and reading and watching for a handful of years, but all that won't help if the market tanks in a second.

[@ChromaticTempest]

Maybe consider a prop firm for futures trading. It'd be a fixed monthly sub fee then, an easily budgeted amount. Ofc, that makes sense if your monthly losses are more than the fees.@@RotterStudios

[@bananaboy980]

Any improvement a year later? Be honest

[@sachinsanthosh20]

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

[@JohnTEJ]

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

[@gtoj4377]

It took me 2 years to finally be profitable . My mistakes was not taking profits, every loss just destroyed my confidence and I was scared entering winning trades.

[@imhungry2782u]

How much hours do u study I study 4h a day i used too study 7H but idk i wanna know how much you do

[@hihkfkkfkgkgkig46414]

wow Brother. I have same issues. Last 2-3 points very control require on ourself. Thanks for sharing your Learnings its Helps also to us.

[@CRsaggie2015]

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

[@maroInn85]

you know what i been playing this every morning like chanting to keep remind my mind in check of your mistake .

[@ron3977]

In the beginning I didn’t use stop loss, blowout my account. Then improved it and start using stop loss. Little struggling with too tight stop loss, revenge trade and over trading. I believe i fixed it already now

[@idt_mahadi]

i loss my all account balance in revanche trading . your a real trader broo, love you from Bangladesh,

[@danhelmick862]

These videos are outstanding. Love the content.

[@jeremiaholuwaseun7327]

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

[@malmurayeh]

Thanks Umar . My failures and blowing accounts over the past three years are due to poor desepline lust name it ! and all that you mentioned 😢😮

[@Sunwu-h9m]

Dam bro same here man the porn be really fucking with my head, gotta stop this nonsense and start working out at the gym building mental tuffness and discipline we got this allah

[@yahyaboumazouad2325]

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

[@VivekKumar-mh1kh]

Thank you so much, brother!! ❤❤❤

[@Tddfxscholars]

2024 here. Been on this channel for two months. Watched many videos but am subscribing because of this particular video. Thanks 🙏🙏 alot

[@jock3r227]

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

[@NamwanjeDoreen-h7h]

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

[@zyzor9287]

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😀

[@skhgendenjamts4715]

BRO THIS CONTENT IS PURE GOLD

[@Moneymindset770]

Thanks you umar bhi bohat kuch sikhny ko milaa❤

[@JackDaws0n]

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

[@guillaumerosselet1303]

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

[@sajujoseph4698]

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.

[@CrimsonCypher]

1-5-24 confirmation got me on the hard bias It was a bloody week for the market all week, the market was red, then that day happened, non-farm payrolls came out, I wanted short before it, but didn't because it was news, then it hit the bottom, and started to rise, so every minor pull back, I'd start to get short, confirmation bias got me hard, I wanted shorts so bad, I missed so much opportunity for the longs. I could've also just waited a couple hours for news to really settle, especially non-farm payrolls, that usually takes awhile to settle

[@patrickvanputten9914]

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

[@AJGschwind]

I have a strong revenge trade desire, I'm aware of it.. and I'm also aware it never goes away. so I deal with it.. but that's my main one

[@zakssam5930]

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

[@UmarAshraf28]

🙌

[@AdrianTaqavi]

Fantastic Video ! Appreciate it !