Let’s be honest: as a stock trader, even if you’re experienced, you make an awful lot of mistakes. If you are to build an indomitable and high-return portfolio, it’s essential that you eliminate these mistakes. A New Year is a great opportunity for this.

Here are 9 mistakes you must avoid to be a better stock trader in 2020:

• Trading emotionally to recover losses. Often you will end up losing even more. Trade rationally. Never let the emotions get the best of your thoughtful strategy.

• Following the unreliable news resources. They spread FUD and trigger FOMO. Be very, very careful about the individuals and news sources you get your market updates from.

• Not actively learning every day. The stock market is dynamic that changes every hour. You must invest a massive amount of time to learn the basic and advanced concepts so as to understand the market movements in a much more analytical way. If you’re new at it, enroll yourself in the stock market course for beginners. If you’ve been in the game for some time, enroll yourself in stock market courses that focus on technical analysis.

• Relying on your stock market consultant blindly. It’s good to have an expert by your side to navigate you in the right direction. However, it’s essential to do your own analysis and make your own calls instead of blindly relying on others.

• Listening to stock traders who have no clue about the market whatsoever.

• Not networking with stock traders who have a solid portfolio and a great track record of making correct trading calls.

• Working with short-term, money-centric goals. The path to building a high-worth portfolio is long, which demands a long-term plan and smart smaller goals.

• Not diversifying your portfolio. Although it’s a very common rule that you shouldn’t put all your eggs in one basket, it’s surprising that so many people still don’t follow it.

• Not having enough liquidity. Many beginners, in particular, spend all their income and savings in stock. It’s a mistake. You must be adequately liquid to meet emergency needs.

These are nine mistakes you must give up in 2020 to become a better stock market trader. Tap on the new opportunities and a clean slate that New Year brings us all. Become better at stock trading.

There are no hard rules for this "how". Generally put, the answer varies depending on individuals: what kind of learners they are, what trading goals they have, and where they are right now. Some could get better at trading by just looking at videos, others might need stock market courses and personalized help from experts. 

So, in that context, the simplest way to become a better trader is to get self-aware and then map your journey ahead accordingly.

How Good Are You As a Trader?

Before you try to get "better", you must know how "good" (or bad) you are in the first place. So, audit yourself as a trader. Understand your proficiency level, what kind of mistakes you make, what kind of trading plan and strategies you have. 

This is the foremost step in the process. By the end, you will have a fair idea of where you are, where you have to go and how you can get there. 

Consume The Right Content

One of the best things about being a trader today is that there is limitless content available online, for free, teaching you how to become (a successful) one. So, right in the comfort of your bed, you can read resourceful articles and watch tutorial videos to learn about better trading tactics and strategies. 

Find a handful of good websites and channels that has the kind of content you’re looking for and that you can rely on. And then follow them religiously on a daily basis.

Enroll In Stock Trading Courses 

Even when you’re a self-learner, this is essential. In particular for the beginners. 

Stock market courses can play a big difference-maker for you, helping you learn the basic, as well as the advanced concepts rather easily and quickly. 

It's difficult to learn about technical analysis through articles. For effective learning, you need practical guidance so that you not only understand the different indicators but also know how to use them in your own trades. And this is where the right stock trading courses come into play. 

So, do your research and find a good stock trading course that ideally suits your needs and goals.

Adopt A Leaner's Mindset

To become a better trader, you must keep yourself open to new ideas and concepts. You must always be eager to learn new things. This is essential. 

In short, you need to have a learner's mindset, irrespective of whether you’re a beginner or have been in the game for years. 

Recommended Read: A Simple Step To Achieve Breakthrough in Stock Trading 

These are basic measures on how you can become a better trader. Of course, it's not easy. However, the rewards lined ahead make all the hard work very much worth it.