I have made every single mistake mentioned so far (except maybe the pennystocks in HS). And many more. Nitro's NYSE vs. Nasdaq is probably my most recent blunder, but long since corrected. Pretty interesting. I think so much of trading is kind of contrary to human nature. It is almost totally counter intuitive. Everybody makes essentially all the same mistakes eventually. I am sure there are exceptions, but for the most part, I think we all go through the same experiences.
Newer traders should start making a list of what they see here.
I have a bad mistake I will embarrass myself with.
I don't trade my own money. I get a percentage of what I trade for the entity I trade with.
I had been "investing long term" with money I had left after I paid my bills. Like most people my age.
I had a lot of profit in a lot of stock that I had a pretty long time. When the market turned, instead of going with the obvious downtrend at my job as a trader, the thought of my personal long time holdings hindered my ability to be objective. This turned into a double error. If I had gotten shorter sooner, I would have easily more than made up for whatever I could have lost (in profits) because the buying power I could have used was so much greater than what my personal assets were worth.
But my first reaction was to hope that it was just another dip in a bull market, so I continued to try and play with an upside bias.
So it cost me there as well as in my personal account. I had a great opportunity and I blew it because I had a bias. I let my emotions get the best of me.
Lesson.....Don't have a bias if you are a daytrader. Or have a bias, but keep the time frame about 6 1/2 hours at most
PS:
Newer traders should start making a list of what they see here.
I have a bad mistake I will embarrass myself with.
I don't trade my own money. I get a percentage of what I trade for the entity I trade with.
I had been "investing long term" with money I had left after I paid my bills. Like most people my age.
I had a lot of profit in a lot of stock that I had a pretty long time. When the market turned, instead of going with the obvious downtrend at my job as a trader, the thought of my personal long time holdings hindered my ability to be objective. This turned into a double error. If I had gotten shorter sooner, I would have easily more than made up for whatever I could have lost (in profits) because the buying power I could have used was so much greater than what my personal assets were worth.
But my first reaction was to hope that it was just another dip in a bull market, so I continued to try and play with an upside bias.
So it cost me there as well as in my personal account. I had a great opportunity and I blew it because I had a bias. I let my emotions get the best of me.
Lesson.....Don't have a bias if you are a daytrader. Or have a bias, but keep the time frame about 6 1/2 hours at most
PS:
Not so sure. I am beginning to think it is the instrument in that case. But I still can't resist those four letter words. But WAY more listed now!Originally posted by nitro
Trading NASDAQ. NYSE rules.
[Sorry, I know this is a statement more about me than the instruments...]
nitro
