The 30 most costly trading errors

Inattention to order defaults ...

This is a bonehead mistake I made today causing my stop to be $1 away from where I really wanted it. (Happened because I don't usually trade stocks and didn't pay close attention when entering my stop.)

Another one - messing around on E.T. (or elsewhere) when you should be paying attention to the market. :D
 
Quote from Cutten:


4. Trying to average down on a losing position.
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Re: #4, my CME source tells me many of the huge traders average down all the time ... however they have deep deep pockets, which makes all the difference.
 
Quote from tomahawk:

Re: #4, my CME source tells me many of the huge traders average down all the time ... however they have deep deep pockets, which makes all the difference.
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if you love it at 20 why not buy double the amount when it hits 10...:D you are getting a discount...lol
 
" Re: #4, my CME source tells me many of the huge traders average down all the time ... however they have deep deep pockets, which makes all the difference."

Their time horizon may also be different.
 
"27. Trading a deliverable contract without having delivery capacity"

This one could be interesting... specially when you get a call regarding when you're gonna go by to pick up your 12,000 heads of live cattle...
 
Quote from trader#21:

What about posting a list of things to DO rather than those not to do ?
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Hey 21, long time no talk to! (Thanks so much for the L2 convo a while back, what a difference it's made for me.)

I have a #1 thing to DO (and I still fail miserably at it most days): Take ALL your setups!

Now, it's important that you have a proven edge and absolute risk management rules in place.

Trading is a probability game and if you take all your setups without hesitation, you'll make a lot more profit. I'm not sure how to stop thinking and just trade every setup. A couple times a month I'll be in the zone and actually pull it off, but most of the time I take a fraction of the trades I should.

IMPT! If a setup is forming and you need to take a snack or bathroom break, get someone to fill in for you and put on the trade. If not, you will miss the best trade of the day, guaranteed.
 
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