Collection of the most stupid trading advice ever

[J_Smith]

"Let your profits run" - see where that can get you - right back where you started and now thinking that maybe I will move my stop a little lower just this once to give it more time to go back up to where I should have taken my profit off the table in the first place

If you don't know WHERE and WHEN to take your profit, then odds are you don't really know what you are doing, and it is just a matter of time!

J_S

Charts are there for a reason, and can help you explain what you are trying to convey to others - I don't see that many of them posted with all the words of wisdom!

 

[J_Smith]

So in your "mind".....it is not possible.....why?.....why do you write the word "IF".....do you think successful traders have such thinking?.....you are aware that successful traders "CAN DO IT".....why is that?.....because they can do this BLASH.....not only that, they can do it consistently.....time after time......WHY is it YOU cannot?.....why?

.....you can throw away that ego bit on the sales literature.....not good for you.....what goes around comes around!

You sound a bit like me reading that - I hope you didn't steal my pet quote "what goes around comes around!"

BLASH & SHABL - the wise old budda was not telling a lie!

BHASH & SLABL - the wise old budda has not mentioned them yet!

BHRABL & SLRASH - the wise old budda might never mention them!

J_S

 

[Pigsky]

Worst advice ever? How about these....

* Trading for a living is actually pretty easy, it's the trader who makes it so difficult.

* You want to trade futures in a 5k account? Yes it can definitely work! Just keep your stops really tight, around 8-10 ticks max.

* Trading for a living is no different than running a pizza shop or lawn mowing business for a living.

* Traders often lose money due to self-sabotage and repressed emotions. Psychotherapy, regression therapy, and hypnosis can often remove these mental blockages and improve performance.

 

[J_Smith]

Worst advice ever? How about these....

* Trading for a living is actually pretty easy, it's the trader who makes it so difficult.

* You want to trade futures in a 5k account? Yes it can definitely work! Just keep your stops really tight, around 8-10 ticks max.

* Trading for a living is no different than running a pizza shop or lawn mowing business for a living.

* Traders often lose money due to self-sabotage and repressed emotions. Psychotherapy, regression therapy, and hypnosis can often remove these mental blockages and improve performance.

I dare you to post a link to the muppets who said same..cudn't stop laughing for a min

First one though might need some clarification - as - small bit of truth in that one I think, especially in the second part!

J_S

 

[Visaria]

* Traders often lose money due to self-sabotage and repressed emotions. Psychotherapy, regression therapy, and hypnosis can often remove these mental blockages and improve performance.

i would disagree that this is bad advice. I'm unsure of what regression therapy is, but certainly 'mental' therapy of some sort has been used by many notable traders to improve performance. PTJ used to have a full time psychologist in his firm (might still do) to help traders.

 

[marketsurfer]

i would disagree that this is bad advice. I'm unsure of what regression therapy is, but certainly 'mental' therapy of some sort has been used by many notable traders to improve performance. PTJ used to have a full time psychologist in his firm (might still do) to help traders.

Yes, but PTJ etc were ALREADY extremely successful prior to reaching out to pyschology--- a coach can make a great trader better, but can't help a losing or average trader. surf

 

[Mtrader]

a coach can make a great trader better, but can't help a losing or average trader

I don't agree. Depends of what the problem exactly is. And also how susceptible the person is for therapy. Mental blocks like fear for losses, or lack of confidence can be treated.
So it can even turn a losing trader in a successful one.

 

[marketsurfer]

I don't agree. Depends of what the problem exactly is. And also how susceptible the person is for therapy. Mental blocks like fear for losses, or lack of confidence can be treated.
So it can even turn a losing trader in a successful one.

The issue is that it takes far more than "beating fear of loss" or "having confidence" to be a great trader. This is the primary issue with losing traders-- they don't seem to get that STRATEGY and EDGE are what are needed NOT lack of fear or confidence- --- if you have a real edge, you don't fear loss or lack confidence-- but fear and confidence are not an edge.

There are plenty of fearless confident folks at the horse track and casino--- all lack of fear and confidence does is CAUSE the LOSERs to lose more money thus satisfying the never ending hunger of the market itself. WAKE UP

 

[Mtrader]

if you have a real edge, you don't fear loss or lack confidence

I am the living proof that this statement from you is wrong. Years ago I had an edge, but after huge losses, and a wiped out account, I was afraid to trade again. My broker called me several times a day to ask me what the market would do. I told him what I should do but I was unable to push the button. Every day after the close my broker called me and calculated how much profit I missed. Even then I was unable to trade again. A psychiater helped me to overcome this problem. So psychology can make a HUGE difference and CAN turn losers in winners.

Of course you need certain abilities to be a good trader, but depending from your personality you can be too emotional, miss confidence, or fear losses. And these problems can be treated.
But psychological help alone can not make a good trader, that's clear for everybody I suppose.

 

[marketsurfer]

I am the living proof that this statement from you is wrong. Years ago I had an edge, but after huge losses, and a wiped out account, I was afraid to trade again. My broker called me several times a day to ask me what the market would do. I told him what I should do but I was unable to push the button. Every day after the close my broker called me and calculated how much profit I missed. Even then I was unable to trade again. A psychiater helped me to overcome this problem. So psychology can make a HUGE difference and CAN turn losers in winners.

Of course you need certain abilities to be a good trader, but depending from your personality you can be too emotional, miss confidence, or fear losses. And these problems can be treated.
But psychological help alone can not make a good trader, that's clear for everybody I suppose.

Sounds to me that you were a good trader with an edge to begin with-- that's the key here. Sure, when good or great traders run into mental blocks, psych can help--

However, it can not help a trader who never had an edge or never was a consistent winner.

surf