People do not put money into a Stocks and Shares ISA aiming to lose it. The point of investing is to try and build not destroy wealth.

In practice though, some people’s ISAs end up disappointing. So here are three common mistakes people make that can easily be avoided, hopefully profitably so!

Mistake one: paying more than you need to an ISA provider

Lots of different companies offer Stocks and Shares ISAs. The service level can vary significantly – and so can the associated costs.

It is important for an investor to find an ISA provider that matches their needs. But many make the mistake of using a provider that is not as good as another may be.

That can be a mistake, as it may mean paying more money than you need to. That helps explain why smart investors carefully consider their options when it comes to choosing an ISA provider.

By the way, this is not a mistake limited to new investors. Sometimes someone who has held an ISA with a provider for years already can suddenly be hit with higher charges or costs.

Checking back into the market from time to time to see whether you still have the best ISA for you is a good idea.

Mistake two: confusing a great business with a great investment

How do you invest? Some people base what shares they buy on what they experience in their own lives. This is a great product or service, they reason, so the business behind it ought to do really well. Therefore it makes sense to invest in it.

But that kind of logic can be a mistake, because a great business is not necessarily a great investment.

Aston Martin drivers often love the pricey sports car. But the Aston Martin share price share price has collapsed 95% in five years.

Ocado Group shoppers also frequently appreciate its home delivery service. But its shares are down 88% in five years.

Mistake three: buying businesses you don’t properly understand

Some investors load up on a share because it is widely talked about or has had a great run, but without really understanding the business themselves. I see that as a mistake because it is basically speculating, not investing.

In my ISA, by contrast, I own shares in Domino’s Pizza Group (LSE: DOM). The 5.5% dividend yield is welcome, but so far the share has been a bit of a disappointment. It has gone nowhere in the past year (falling under 1%) and is down by 51% over five years.

But I feel this is a business I understand and so can assess. For example, one risk is the growing popularity of chicken instead of pizza for some consumers. Domino’s has been pushing its own chicken offer in response.

As a consumer, I can look at what is on offer and the price, then make my own judgement about how likely I think that strategy seems to succeed.

Domino’s has a strong brand, proven business model and is profitable, announcing this week that first half pre-tax profits were little changed at £41m. I plan to hang on to the share.

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Christopher Ruane owns shares in Domino’s Pizza Group.