What is the biggest trading mistake you have made?

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Old May 12, 2009, 2:08am   #1
Joined Feb 2009
What is the biggest trading mistake you have made?

What is the biggest trading mistake you have made?

Mine was not learning enough before I started.
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Old May 12, 2009, 3:30am   #2
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I bought my first bit of stock at 10k.. then a few days later my account value shot up to 25k after a parabolic move.

...then I lost 17k because
1) I didn't look on the long term (i thought it would continue going up)
2) even if i did look on the long term, i wouldn't have understood it.
3) I didn't sell to take my gains.
4) then as it started going down i kept telling myself (it will go back up, it will go back up)



Then i DID sell whenever the stock plummetted to it's lowest low on the parabolic move.
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Old May 12, 2009, 3:50am   #3
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mrsoul started this thread
Quote:
Originally Posted by sark_anZas View Post
I bought my first bit of stock at 10k.. then a few days later my account value shot up to 25k after a parabolic move.

...then I lost 17k because
1) I didn't look on the long term (i thought it would continue going up)
2) even if i did look on the long term, i wouldn't have understood it.
3) I didn't sell to take my gains.
4) then as it started going down i kept telling myself (it will go back up, it will go back up)



Then i DID sell whenever the stock plummetted to it's lowest low on the parabolic move.

Sark,

May I suggest a trailing stop on the equity in your account.
If I made a trade that took my account from 10k to 25k, I would have placed a sell stop when my account had 6k profit. If you really liked your position then at least put in a break even stop.

NEVER let a NICE winner turn into a loser.

"When in doubt stay out".
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Old May 12, 2009, 8:00am   #4
Joined Sep 2004
Occasionally I have bouts of adding to losing positions based solely on stubborn pride. It's a fault I try hard to stamp out but I'm so far from being perfect that you can't even SEE perfect from where I'm standing.

It always always comes back to bite me in the @ss eventually.
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Old May 12, 2009, 8:08am   #5
 
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Widening my stop-loss in the hope a losing position would turn into a winner.
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Old May 12, 2009, 9:33am   #6
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Going live
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Old May 12, 2009, 10:18am   #7
 
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losing £10k trying to short Oil last year. then losing more trying to learn from my mistakes.

the trend is your friend
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Old May 12, 2009, 10:28am   #8
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You win adv
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Old May 12, 2009, 10:44am   #9
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Tepnel Life Sciences, 2001. Waiting for the great announcement that never was. Never trusted a tip since.
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Old May 12, 2009, 10:49am   #10
 
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I have a friend that started betting on oil in 2005. He ended up losing well over 1 mill. Had to sell his business to pay for it....
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Old May 12, 2009, 10:51am   #11
 
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Quote:
Originally Posted by Rossini View Post
I have a friend that started betting on oil in 2005. He ended up losing well over 1 mill. Had to sell his business to pay for it....
There's the key word, not trading
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Old May 12, 2009, 10:53am   #12
 
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it can easily happen. now I control losses a lot better. then I used to let them run and hope it would come back....
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Old May 12, 2009, 10:56am   #13
Joined May 2008
Honestly, mine was and still is not sticking to my set rules for entering a trade. I was very consistant on demo then when I went live I just couldnt handle staying out when a trade turned against me. I'd keep jumping back in to try recoup. Also adding to losers like gamma said.

I now have a checklist. If all the boxes arent ticked I aint in.
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Old May 12, 2009, 10:58am   #14
 
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Missing a trade by reading stupid threads on t2w
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Old May 12, 2009, 11:01am   #15
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Quote:
Originally Posted by Mr. Charts View Post
Missing a trade by reading stupid threads on t2w
But you must find trades you would have missed by reading threads on T2W
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