I'll name 2 most common rookie mistakes.

1. Dilutional Expectation On Winnings : Losings (a.k.a. Profit Factor)
Rookie Traders think that they can make $100k by winning $100k and losing $0. I'm here to tell you that you are high (smoked weed too much).

Then you might ask:
So how exactly do I make $100k?
By winning $101k and losing $1k? lol.
By winning $105k and losing $5k? No.
By winning $150k and losing $50k? Not exactly.

So?
The ultimate answer:
By winning $1M and losing $900k

Wait what!? But that's nuts!

Can't accept this? Then you better go play chess instead.


2. TOO MUCH CONFIRMATIONS
Rookie traders be like:
First, I'll check the Dollar Index to analyse the current US dollar strength

Then I'll draw trend lines on the Daily chart to understand where the preceding trend is heading,

Then I'll go to the H4 chart and draw ONLY the major support and resistance / major supply and demand,

Then I'll go to the H1 chart and find candle stick patterns, such as: pinbars, engulfing candle, morning star, etc.(and all those marketing shyt),, or I'll just identify the "long" wick candles and decide after it has formed.

Some instances also include the following "analysis":
-Fibonacci retracement, and its derivatives
-Elliot wave count
-W.D. Gann theory
-Round number theory

And then, there are some of you who took it to the next "level":
then I'll make my final decision on the 1min timeframe to find order-freakin-blocks and I'll "hunt " stop-losses because I'm that cool

BY ANY MEANS I DO NOT HAVE A PROBLEM AT ALL WITH THOSE THEORIES, I'M JUST MAKING A POINT THAT MOST RETAIL TRADERS TAKES UP TO 10 CONFIRMATION SIGNALS TO PLACE A FREAKIN TRADE.

In the end, after TRYING TO PREVENT LOSSES, you lost your mind. (Or some book sellers might call it: "paralysis analysis")

Remember rule #1 To make $100k your ACCUMULATED PROFITS needs to be $1000k and your ACCUMULATED LOSSES needs to be $900k.

Re-read it twice.