One of the most crucial lessons in trading is learning to control your emotions. Decisions driven by fear or greed rather than logic and strategy can lead to hasty buys and untimely sells. Successful traders stick to their strategies, using disciplined approaches to when they enter and exit trades, regardless of the emotional rollercoaster the market might present.

1. Overtrading: New traders often think more trades equal more profits. However, this can lead to diminished focus and increased transaction costs, eroding potential gains.
2. Ignoring the Stop-Loss: Not setting a stop-loss, or moving it out of hope, exposes you to greater potential losses. A disciplined use of stop-loss orders can help preserve capital.
3. Failing to Plan: Entering trades without a clear plan for exit, both for profits and losses, can leave traders in a precarious position if the market turns.
4. Underestimating Education: The markets are complex, and trading without a solid understanding of both fundamental and technical analysis is a common mistake that often leads to losses.
5. Chasing Losses: Trying to recover losses by making increasingly risky trades can compound mistakes and lead to significant financial damage.