Trading successfully requires developing good habits and eliminating bad ones. Too often, new traders focus only on what they should do, not realizing that stopping detrimental behaviors is equally important. 

In this post, I’ll share 6 things I stopped doing that allowed me to become consistently profitable as a trader. Avoiding these mistakes can help you achieve the same success in 2023.

1. Avoid Looking at Potential Profit Before Entering a Trade

When evaluating a potential trade, it’s tempting to pull out a calculator and figure out how much money you could make if it works out. For example, “If this trade goes up to my target, I’ll make $10,000!”

While it’s natural to get excited about profits, this habit creates bias and poor risk management. You get anchored on the upside potential, ignoring downside risk.

Once you’re focused on how much money you’ll make, you become reluctant to exit if the trade goes against you. You don’t want to “lose” that potential profit you already counted in your head.

Early in my trading, I’d cling to losing trades rather than take a small loss. The urge to score a big win overcame good risk management. Don’t make the same mistake!

Evaluate trades objectively before entering. Know your risk tolerance and stick to your stop loss rules, no matter how much profit you hoped to capture. Keeping a trading journal can help reinforce discipline and avoid biased thinking.

2. Avoid Strategy Hopping

It’s tempting to switch strategies when you hit a losing streak. You assume there’s some “magic bullet” system that will effortlessly make you money. 

In reality, no strategy wins 100% of the time. Markets change, and occasional losses are inevitable.

Rather than jumping from strategy to strategy, commit to mastering one that fits your style. Study it deeply to understand how and why it works. Refine your execution through deliberate practice. 

If you do want to expand your playbook, add new strategies logically as market conditions change. But don’t switch just because you hit a rough patch. Stick it out and achieve mastery.

Having a core strategy you understand inside out creates confidence and consistency. Branch out carefully once you’ve proven an approach over hundreds of trades.

3. Don’t Try to Pick Exact Tops and Bottoms

Even experienced traders struggle to consistently pick market tops and bottoms. More often than not, you’ll mistime entries and exits trying to nail them perfectly.

A better approach is to identify a trend and ride the meat of the move. You don’t need to catch the absolute bottom or top to profit.

I used to kick myself for not holding trades longer, thinking I missed out on more profits. But second-guessing is pointless. Stick to your plan, take what the market gives you, and move on to the next trade.

Trying to pick perfect turning points leads to frustration. Accept that you’ll never buy the exact low or sell the exact high.

Set targets based on probabilities, not trying to maximize every penny from a move. Staying grounded in reality avoids overtrading and frustration.

4. Avoid the Big Score Mentality

All traders want to hit home runs and score huge wins. But allowing yourself to obsess over huge gains is dangerous.

When focused on hitting a monster winner, you take on excessive risk. You may over-leverage, hold on too long, or make other errors chasing a big score.

Make reasonable profit goals based on your account size and risk tolerance. Remind yourself that trading is about consistent execution, not hitting once-in-a-lifetime wins.

Taking smart trades that fit your plan – not reckless long shots – is what creates sustainability. Keep your head clear and stick to sensible position sizing. 

The big wins will come naturally as you refine your edge over hundreds of trades. Forcing them leads to blown accounts and emotional trading. Be patient and trust your process.

5. Ditch Profit Goals Based on Time Periods 

Many new traders set profit goals based on dates – “I want to make $100k this year.” But the market doesn’t care about your schedule.

Setting rigid profit targets like “I need to make $10k this month” creates pressure to take bad trades when conditions aren’t favorable. You force mediocre (or worse) setups, putting your capital at risk.

Instead, focus on mastering your edge and executing your plan. Profit will come as a byproduct of skill, not because you willed the market to move by a certain date.

Time-dependent goals also lead to frustration when you fall short. Measure your progress by improved skills and consistency, not P&L by the calendar.

Detach yourself from arbitrary timelines. Focus on high-quality setups, not quantity of trading. The profits will come at the right pace as you gain experience.

6. Don’t Blindly Follow Alerts or Copy Others’ Trades

While services providing alerts or trade ideas can have value, blindly mirroring others’ moves is risky. You don’t learn anything substituting someone else’s thinking for your own.

By all means, study experienced traders you respect. But understand why they make their decisions, don’t just mimic them.

Learn their thought process, don’t just copy their inputs. Study their risk management approach and overall plan, don’t just take the same trades.

Occasionally piggybacking on others’ ideas can supplement your own trading. But don’t outsource the thinking – you need to develop your own edge to succeed long-term.

Doing the work yourself leads to deeper understanding and skill development. Use others’ input for knowledge, not blind signals.

The Bottom Line

Becoming a consistently profitable trader requires eliminating detrimental habits and behaviors. Resist the urge to chase potential profits, strategy hop when you hit bumps, or mirror others’ trades without understanding them.

Focus on sound risk management, discipline, and honing your personal edge. Master your main strategy before adding new ones. Size trades appropriately and stick to your plan without second guessing.

Removing the “noise” of bad habits clears the path for trading success in 2023. What unproductive behaviors are holding you back? Eliminate them and watch your results improve.

With deliberate practice and cutting out trading “toxins”, you can achieve your profit goals on your own terms, not by arbitrary deadlines. Stick to the process, stay disciplined, and success will come.