Biggest mistake?

[ChocolateDigestive]

One of my biggest mistakes ever and that cost me more time and effort to overcome was trying to feel me "safe" when in a trade...
That lead to all kind of frustration, and even more losses on the general outcome

all fear and hope needs to be removed prior to trading large stakes imo.

 

[Enzzo]

all fear and hope needs to be removed prior to trading large stakes imo.

100% agree...
Moves like the famous "Trailing SL to Be" for the sake of "feeling you safe" (not as part of a planned and studied strategy), for example, is one of the things that damages many many new traders, and it can kill your entire trading plan/expectancy, for example....(basically because market doesn't care at all the exact price you enter , or if you have a bigger or smaller spread that made you enter right there, etc, etc....)

 

[BeginnerJoe]

all fear and hope needs to be removed prior to trading large stakes imo.

Won't it be easier to remove large stakes instead, and keeping the instincts that are evolved and time-proven to save you ?

 

[cjthelegend]

Over trading was a pretty major one for me. It's still a big danger, although I haven't fallen into the trap for quite a while.

Me too. Over leveraging was another, and putting too much confidence and reliance in indicators at first, rather than just using them for their purpose...to 'indicate'.

 

[HairyMoose]

Over Leverage for me too if afraid !

 

[ChocolateDigestive]

Won't it be easier to remove large stakes instead, and keeping the instincts that are evolved and time-proven to save you ?

i dont know I dont trade large stakes (yet).

 

[ChocolateDigestive]

100% agree...
Moves like the famous "Trailing SL to Be" for the sake of "feeling you safe" (not as part of a planned and studied strategy), for example, is one of the things that damages many many new traders, and it can kill your entire trading plan/expectancy, for example....(basically because market doesn't care at all the exact price you enter , or if you have a bigger or smaller spread that made you enter right there, etc, etc....)

oh no not the move stop to b/e dilemma again, how much more can I take lol.

 

[BeginnerJoe]

i dont know I dont trade large stakes (yet).

You must do. A large stake relative to your account balance. I find trading 1% account balance on a frequent basis is getting on the large side and sufficient to do serious damage.

 

[Jeff - Axiory]

Not caring about the losses.
...and not overtrading but they were linked for me.

and how long have you been trading sidekicker?

 

[Jeff - Axiory]

One of my biggest mistakes ever and that cost me more time and effort to overcome was trying to feel me "safe" when in a trade...
That lead to all kind of frustration, and even more losses on the general outcome

And when did you realise this and how did you manage to change the way of thinking?

 

[baostini]

#5 thinking that more market analysis will fix the problem

This is a good one. Not saying you shouldn't do your research, but your research makes you a good analyst not a good trader. Trading comes from the gut (most intelligent organ in our body)

 

[Enzzo]

oh no not the move stop to b/e dilemma again, how much more can I take lol.

Lol... I had no idea this was a very recurrent dilemma around here.. hehehe
anyways it was only and example of doing something to "avoid the fear"
the move to be thing depends on the individual and his/her trading strategy.... no right or wrong imho, it depends....

And when did you realise this and how did you manage to change the way of thinking?

I did realize it by keeping a record of my trades and more importantly, by reviewing it frequently and realize that most of the Be's I had taken reached to the original target point planned before hand..... so I was really missing a lot of money by doing that....

 

[Jeff - Axiory]

to be remain safe there is need of proper homework...
make market analysis, understand market trends. make rational and reality based decision. through this way you can be remain safe from losses.

And how are you getting on Stephan?

 

[brewski1984]

Even though I just keep losing money I still have the delusion that trading is easy and what I'm doing is right and that I'll get into a profit one day.

Even after writing the above statement, I won't bother to do anything about it.

 

[Jeff - Axiory]

I think my biggest mistake is thinking that trading is an escape from being unhappy with my day job.

I get into trades that are more just hope or due to impatience. I feel that because i have made the time to trade, i have to trade whether its a good setup or not because tomorrow i have no time to devote to trading!

Sorry, I know you wanted answers from successful traders..

So why do you think you are not being successful? Apart from loosing money!!

 

[NVP]

he probably needs to cut out the clutter and noise generated from Vendors and marketing companies and focus on core principles and diligent research and experimentation for 6 months or so ....

N

 

[DeadlyGhost]

My mistake was not being patient.

 

[Jeff - Axiory]

My mistake was not being patient.

How you getting on now? Or was this a recent mistake?

 

[DeadlyGhost]

Not a recent one but I think I have learnt now.

 

[wanabe1]

Hoping it's not!:?:
Just ordered VantagePoint for $1500. Looks like I found this forum belatedly.