Dumbest thing you ever did in trading

[Wide Tailz]

Interesting thread, and got me thinking......

For me the biggest mistake was letting my curiosity lead me to the various books, gurus, blogs and backtests to satisfy my lust for knowledge. And I spent over ten years learning all the ways to lose!

There has been one way to take money out of the market since the very beginning that I discovered my first month, but refused to keep using because it wasn't the money I was after (not all of us want to be rich, buddy). And I'm having to force myself to use it now, because I hate it and there is no sport in it whatsoever.

Who was that one guy who made the famous quote: "everybody gets what they want out of the stock market"?

 

[Pricechange]

My biggest mistake was watching financial TV news...reading mainstream financial news....and then BELIEVEING THEM.

I never made any money until I firstly turn off financial TV and canceled my financial News. And then, i did even better learning contrarian thinking, fading the financial news.

It was also similar when believing the Fed knew what they were doing and trading accordingly. Once I realized the Fed was clueless, I began to take advantage of their blunders and bubbles.

 

[hilmy83]

The dumbest thing I've done is not withdrawing my profits. I've had multiple 6 fig runs, but instead of taking out half or something, I thought I could let it run more. And time and time again, I lost most of it

Always withdraw your profits consistently.

 

[ironchef]

Good Morning ironchef,

I do not bet my entire finical future on futures market buddy.

My long term investing strategies are simple.
Dollar Cost Average SP 500 Index every month.
Dollar Cost Average another ETF index every month.


My get rich with 5-10 strategies are
Futures trading
Forex trading
Options trading

Simple, just like my name.

Good for you.

We are waiting for you to join.

 

[SimpleMeLike]

Good for you.

We are waiting for you to join.

Hello ironchef,

Waiting for me to join what?

 

[EdgeHunter]

"""Dumbest thing you ever did in trading"""

To begin trading with the INSANE assumption that my many past successes at extremely difficult activities that i was involved in (sports, IT Training, coding, etc.) would allow me to easily master trading.

Not... Even... Close...

 

[Handle123]

What was the symbol? What was your avg price?

It was 30yr T-bonds, had three lot AND I was on vacation. Lol, so many reasons...it was so funny after years' time.

Had cat back then, he would play with my mouse after I took a break, I'd come back to the screen to hear "order filled", both times had made a small profit.

Stay in game long enough, everyone makes a mistake.

Lol, what happens when your internet/electric/broker goes out and you are scalping ES, you learn to have backup internet, generator and brokers.

 

[ironchef]

Hello ironchef,

Waiting for me to join what?

Million $ profit.

 

[SimpleMeLike]

Million $ profit.

Good Morning ironchef,

YES, The $1million profit club.

I am trying. I am trying my friend. I will join soon.

 

[ironchef]

Good Morning ironchef,

YES, The $1million profit club.

I am trying. I am trying my friend. I will join soon.

Looks like you are always up early.

Early bird gets the worms, and million $.