Everyone have different experience when it comes to money trading. Some were profitable and for some were a losing trader. One common experience that most traders were losing traders in the beginning.

Here are common mistakes to avoid when trading money so us to be more profitable.

• Many traders make this common mistake, it’s a trap for many traders and many fall into it. This is following hot stock picks. Many people when they receive any sales letter will be awed and find it really amazing. Many may find this shortcut to success but in the long run won’t work. Whether it’s tweeter, or email or Facebook, avoid following others’ picks. Look to develop your own process. You will never be consistent or self-sufficient by following others.
• Another common mistake is that many new traders are trying to trade even without a good set-up. Sometimes, the best trade is no trade. This may sound odd but when you start trading when there isn’t a set-up that matches your criteria, your odds of success are blurry. You can be frustrated and when the time comes, whether it be later that day or the next day, when there is a good set-up you may not be able to trade that opportunity. It is always best to avoid randomness and avoid the trades that don’t match all of your criteria.
• Another mistake is to not believe in these low price stocks. At the end of the day, almost all these companies will either completely fail or give back almost the entire gain. Avoid being a “bag holder”.