Every trader makes these at some point. The goal is to make them less, and smaller.
No stop lossOne trade can erase a month
OversizingBig lots, big emotions, bad decisions
Revenge tradingTrying to win it back right now
Strategy hoppingNew system every week
Moving the stopHope is not a risk plan
Trading boredomNo setup, no trade
The fixes
| Mistake | Fix |
|---|---|
| No stop loss | Attach a stop before you walk away from the screen |
| Oversizing | Position size calculator, every single trade |
| Revenge trading | Daily loss limit, then close the platform |
| Strategy hopping | 100 trades on one strategy before judging it |
| Moving the stop further | Only ever move stops toward profit |
| Trading boredom | No setup, no trade. Go outside. |
Wick says
I've made every mistake on this list. Some of them twice. Learn from me, it's free!
Key takeaways
- Most losses come from a handful of repeat mistakes.
- Each mistake has a simple, boring fix.
- Your journal will tell you which ones are yours.