The 11 Most Common Mistakes of a Trader are...

[EricTheTrader]

What's the worst mistake a trader could do?

1. Not Having a Trade Plan...

2. Not Having Money Management...

3. Not Using Protective Stop Loss Orders...

4. Taking Small Profits and Letting Your Losses Run...

5. Overstaying Your Position...

6. Averaging a Loss...

7. Increasing Your Commitment with Success...

8. Over Trading Your Account...

9. Failure to Take Profits from Your Account...

10. Changing the Trade Plan Mid-Trade...

11. Not Having Patience

 

[nunrgguy]

What's the worst mistake a trader could do?

1. Not Having a Trade Plan...

2. Not Having Money Management...

3. Not Using Protective Stop Loss Orders...

4. Taking Small Profits and Letting Your Losses Run...

5. Overstaying Your Position...

6. Averaging a Loss...

7. Increasing Your Commitment with Success...

8. Over Trading Your Account...

9. Failure to Take Profits from Your Account...

10. Changing the Trade Plan Mid-Trade...

11. Not Having Patience

1. Following a plan rigidly that doesn't work
2. Having money management based on a popular book
3. Having protective stop orders which are in the wrong place, placed at the wrong time and moved at the wrong time
4. See 3
5. No one knows where the market will go within thenext tick never mind the next day/week month but we want to hold as long as we can. The aim is to overstay the position but reduce risk as time increases.
6. Averaging losses without understanding average price can be dealy. Averaging while understanding what you are doing can help minimise losses and increase profits.
7. Many successful traders add to successful positions, which, understanding 6, is increasing risk.
8. To a position trader, day trading is overtrading, how do we defiune over trading?
9. If the plan is no good, change it.
10. We should have patience when entering but sometimes no patience when exiting.

Sorry but where do this lists of *you must* come from? And usually taken totally out of context.

 

[DionysusToast]

7. Increasing Your Commitment with Success...

Isn't this the odd one out ?

 

[SanMiguel]

What's the worst mistake a trader could do?

1. Not Having a Trade Plan...

2. Not Having Money Management...

3. Not Using Protective Stop Loss Orders...

4. Taking Small Profits and Letting Your Losses Run...

5. Overstaying Your Position...

6. Averaging a Loss...

7. Increasing Your Commitment with Success...

8. Over Trading Your Account...

9. Failure to Take Profits from Your Account...

10. Changing the Trade Plan Mid-Trade...

11. Not Having Patience

all good in theory but you will have to make those mistakes over and over again before you get rid of them.

 

[Hoggums]

1. Hubris
2. followed by Denial
3. followed by Blame on market conditions.

 

[perosi]

all good in theory but you will have to make those mistakes over and over again before you get rid of them.

Agree! You need to touch the fire to be sure that it is HOT!

 

[EricTheTrader]

Isn't this the odd one out ?

Increasing of your risk exposure because you think you are on a winning or losing streak. Just by being successful on a few trades, you will risk more dollars per trade because you have more money. But, because you have more money (and confidence) when successful, you are also likely to take larger percentage risks. Not surprisingly, this ruins more Forex traders than a series of small losses.