The 7 Deadly Sins of Trading

[slapshot]

Sorry to bitch, but I really was hoping that this thread would help traders identify and correct some of their trading errors as I have had to learn how to do.

Part of learning to do anything well is avoiding the common errors - then one can look at uncommon errors later.

Please don't let this turn into another thread about Aphie - we've already had plenty of those and besides, he'll keep starting new ones. Nor do we need a bunch of lame sex jokes - OK, wait, maybe we do... hmm.

Thank You.

Paul

 

[chasinfla]

right, of course. shouldn't "breaking the keyboard" be on the list?

 

[Girlpower]

Many of these amount to lack of discipline and system, although even with discipline it's still possible to be suckered out of the big moves and suckered into trading things the wrong way...

Natalie

 

[slapshot]

Originally posted by Girlpower
Many of these amount to lack of discipline and system, although even with discipline it's still possible to be suckered out of the big moves and suckered into trading things the wrong way...

Natalie

.... for pointing out the obvious - anything of substance to add?

 

[max401]

Originally posted by aphexcoil
Since I am secure with my sexuality, I could care less about you putting my picture together like that.

Then why did you bother to respond?

 

[Girlpower]

Originally posted by slapshot



.... for pointing out the obvious - anything of substance to add?

I'll take that as the slap on the wrist that maybe I deserve....


I'll accept that at first glance the statement may seem very obvious and trite, however, having identified what the problems are, in order to find the solutions it is necessary to establish what causes these problems to arise in the first place before they can be irradicated.

So perhaps the next phase should be looking at why we all make those errors.

Natalie

 

[Aaron]

What causes me the most harm is technical glitches. Things like: the power going out, my DSL going out, the exchange having technical difficulties, the broker having technical difficulties (the most common problem!), my alarm not waking me up for the opening properly, and computer malfunction.

 

[BSAM]

Originally posted by Aaron
What causes me the most harm is technical glitches. Things like: the power going out, my DSL going out, the exchange having technical difficulties, the broker having technical difficulties (the most common problem!), my alarm not waking me up for the opening properly, and computer malfunction.

You braggin' or just statin' the facts?

BSAM

 

[slapshot]

Originally posted by Girlpower


I'll take that as the slap on the wrist that maybe I deserve....


I'll accept that at first glance the statement may seem very obvious and trite, however, having identified what the problems are, in order to find the solutions it is necessary to establish what causes these problems to arise in the first place before they can be irradicated.

So perhaps the next phase should be looking at why we all make those errors.

Natalie

Thank You for not getting too miffed at my mild sarcasm - I had second thoughts after I posted it - no disrespect intended.

Also, you have hit on exactly what the topic of my next threads and/or polls will be - THE SOLUTIONS - after this poll I will start solution-based threads for each of these errors - so people can share their experience, strength and hope for the good of all traders who wish to face the truth about their trading and improve.

By solutions I don't just mean some vague philosophical references, but tangible and practical tactics that traders have used to stay focused or disciplined and thereby avoiding chronic repetition of these errors.

We can share what actions and mindset we changed to bring about the desired results - in other words, HOW did you stop committing these trading sins? WHAT did you start doing differently? Under what circumstances are these errors committed - during the chop or during the open or close?

Questions and answers like these can help all traders but don't jeopardize personal strategy, IMHO.

Prior, however, I felt it necessary to take a sampling of traders to get a picture of the prevalence of these errors because as a fairly new trader I'm really not sure what other people experience - I didn't want to get off on a tangent about a trading error that only I or a few people battle with.

However all of the 7 topic choices listed have captured a substantial chunk of the vote so apparently I'm not the only one that has battled with most of these issues. In fact I'm still suprised at how evenly spead the voting is.

Thanks for your contibution, Natalie.

 

[Aaron]

Originally posted by BSAM


You braggin' or just statin' the facts?

BSAM

Just stating what causes me the most harm. When there is one of these glitches, by the time I get out of my trade or get into the one I intended, the market has more often than not, gone to a worse price.

I'm a 100% systematic trader. While the losses are totally painful and gutwrenching, I don't ever fail to pull the trigger when the system indicates it -- to the extent I am able to and free from technical glitches. ...then I go puke.

(No, seriously, while some losses, and especially strings of losses, make me nauseous, I haven't ever thrown up because of them.)