1). Starting with real money instead of paper trading.
2). The ability to accept a loss and move on to the next trade.
3). Failing to maintain a balanced portfolio.
4). Adding to a losing trade – Do not continue to move forward to a constant losing trade. Know when to move on.
5). Failing to keep a journal and holding yourself accountable for your actions.
6). Risking more than you can afford to lose.
7). Being undercapitalized – Meaning your profit must cover your living expenses, without eating into their trading capital. In most parts of the world, this requires at least $50,000 - $100,000 to trade with, and a steady profit of 10% monthly.
8). Using Leverage – Do Not Do It.
9). Acting on trading patterns and indicators which are not clearly understood -- They often identify patterns on a chart that are not there or are incorrect based on context and chart placement.
10). Following the herd.
The key is to have a plan, and no matter what happens, stick to that plan.