Biggest Trading Mistakes.

Dear Trader,

What do you think which is the most important mistake in trading that we should avoid among these.

1. Trading with money you can't afford to lose
2. The need to be "certain"
3. Words that will kill you! HOPE---WISH---PRAY
4. Not Acting on your plan
5. Not knowing how to get out of a losing trade
6. Having an ego
7. Falling in love with a sector or script

Regards
Anand

obviously no.5

anand04 said:

Dear Trader,

What do you think which is the most important mistake in trading that we should avoid among these.

1. Trading with money you can't afford to lose
2. The need to be "certain"
3. Words that will kill you! HOPE---WISH---PRAY
4. Not Acting on your plan
5. Not knowing how to get out of a losing trade
6. Having an ego
7. Falling in love with a sector or script

Regards
Anand

Click to expand...

from my own limited experiences I'd say all of the above are mistakes that at some stage I've made. Any one of those has the potential to turn you from a good trader to a bad, or worse limit you so you'll never make it in the first place.

One you've missed off though is chasing profit after making a loss, the whole "I can make it back if I just risk a bit more" attitude

But as I said I'm in no position right now to be giving advice to anybody!

Adding to a losing trade!

trying to trade betfair

None of those are the biggest trading mistake.

I can however tell you that being a ****ty bot and posting the same thing twice is a pretty big mistake

http://www.trade2win.com/boards/general-trading-chat/76752-biggest-trading-mistakes.html

anand04 said:

Dear Trader,

What do you think which is the most important mistake in trading that we should avoid among these.

1. Trading with money you can't afford to lose
2. The need to be "certain"
3. Words that will kill you! HOPE---WISH---PRAY
4. Not Acting on your plan
5. Not knowing how to get out of a losing trade
6. Having an ego
7. Falling in love with a sector or script

Regards
Anand

For more details please visit www.fortunatemanagement.co.in

Click to expand...

Once you can trade the only thing that is going to kill you off is massively oversizing, putting too much into one trade. Maximum sizing quantities will vary between individuals, but let's be honest, we should all know when we are overstepping the mark.

anand04 said:

Dear Trader,

What do you think which is the most important mistake in trading that we should avoid among these.

1. Trading with money you can't afford to lose
2. The need to be "certain"
3. Words that will kill you! HOPE---WISH---PRAY
4. Not Acting on your plan
5. Not knowing how to get out of a losing trade
6. Having an ego
7. Falling in love with a sector or script

Regards
Anand

Click to expand...

I think any of these will knock you out of the game for good if you don't change & adapt! Personally i think having an ego, not knowing how to take a loss and trading $$ you can't afford to lose will knock you out very quickly, the others will kill you slowly over time...

Being only a day trader, I have had trouble trading (or missing a trade) by trading on what I think is going to happen instead of trading what I see ..... I think I even pick that up from some market pros, chat services, etc. but I can live with those mistakes as long as I apply all the other rules mentioned here ...

ye thats so true, ui think i need to print this off to remind me when i tarde !! hehe

Starting a cra*p sales pitch with 'Dear Friend'

Number 8 is the best!

i think people trying to second guess the market is the biggest mistake.

anand04 said:

Dear Trader,

What do you think which is the most important mistake in trading that we should avoid among these.

1. Trading with money you can't afford to lose
2. The need to be "certain"
3. Words that will kill you! HOPE---WISH---PRAY
4. Not Acting on your plan
5. Not knowing how to get out of a losing trade
6. Having an ego
7. Falling in love with a sector or script

Regards
Anand

Click to expand...

I like this one: My views below and advice, hope they help:

1. Trading with money you can't afford to lose
Depends how your mind set is when trading, if desperate then a NO go.

2. The need to be "certain"
I believe in this one, i dont put a trade on unless i am certain, the maybe trades 90% of the time i say NO. Got to be 100% for me to enter.

3. Words that will kill you! HOPE---WISH---PRAY
Always get you in trouble, you cant predict whats going to happen so hoping is a bad idea.

4. Not Acting on your plan
Agree with this, stick to your strategy and if it deviates or no longer exists, get out.

5. Not knowing how to get out of a losing trade
I struggled big time with this in my early days, i also used to use stop/losses to exit my trades. Doing it manually everytime helpsed me learn the emotions to get out. Stick to a set max loss per trade and get out the sec it goes there.

6. Having an ego
I think in life if you think you know better and aren't willing to listen you will struggle. I eco this with trading. Although i would class my self as a successful trader now i am always wanting to learn more from experienced and even those with less experience than me. So if you have any advice, message me