Biggest Trading Mistakes

Quote from bwolinsky:

This is exactly what backtesting is for. Spend about two years programming strategies, automating them, and then you'll be able to know when you're strategies have positive expectancy....but only then after you put in years of programming time, not screen time. You can always see what the market did, but finding the right filters to predict and spot market inefficiencies takes a good long while. If any prop firm ever approaches you about being profitable prior to your first two years as a trader, it's a scam.
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You obviously know what you are talking about and I tend to agree in most part but you don't need to automate your systems to know if they have a positive expectancy.

Automation will just give you extra efficiency in terms of decreased screen time, less mistakes and quicker execution.
 
Quote from mark04:

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
Mark
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not on your list - large position size or overleveraging. Best examples of victims .... USA and UK. Like Cher, neither has a last name. :D
 
Quote from bwolinsky:

If any prop firm ever approaches you about being profitable prior to your first two years as a trader, it's a scam.
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Have you ever traded prop? If not, you have no clue. It does not take someone in a prop shop 2+ years to get profitable.

Maybe trading retail and doing 1 or 2 trades a day. Not in a prop shop where you're constantly in and out of positions. That greatly accelerates the learning curve.
 
*buying a program for a couple of thousand dollars at a flash seminar from a slick looking bloke who says he made his millions daytrading......and when your losses start mounting, paying the same slick bloke more thousands to attend the advanced course. C'mon, don't play dumb now.....you know who you are. Give yourself an uppercut.:confused:
 
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