The most expensive bad habits
- Thread starter HungryMind1200
- Start date
My mistakes are cutting losses too fast since they tend to go in the right direction after they stop me out
Yes for the thousand times that I cut my losses too soon only watching them turning right around to my original direction to become winners, this one time that I decided to wait and see with a loss instead of cutting it right away, it ended up to be so big that it took out an entire month of profits.
From that time on, I decided to always cut my losses too soon. Because when the losses are small, they can always be earned back.
One hundred percent of first entries in Long term commodities is catching falling knife as market making new/nearby contract extremes, but even in add on trades again catching falling knife. In day trading 80% is waiting for price to come to my zone to enter. So it just comes down to your back testing and rules you develop.
What I stopped doing in 1994 is trading on what I think I know as I am 95% of the time wrong, but am very good signal trader. I have recorded every time I had an opinion and what I think I should do and of 10,000 plus opinions, 95% were wrong in 21 years, so if you want to make a fortune, ask my opinion, ROFLMAO
I can't stand to lose, work hard to keeping losing percentages low, feel I have been at this long enough I should seldom lose. I learn very little from losses and concentrate on winners, and why they are winners.
Another mistake I stopped doing, don't listen to many on how they trade unless they been in the game longer than ten years, too many one year wonders.
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Good ones i960 !
Difference between Bull-UP- trend + Bear DOWN- Trend;
+ ignoring 200 day moving average. Pretending to predict market; pretending a [one] correct call is a prediction, on a ten year chart.
Some truth there.
Try another product and/or approach.
I bet he's probably doing crazy stuff in some volatile craps shoot like CL or FX. Spreading or a short maturity rate product may be the answer as it gives one more time to think and less likely to be subjected to emotional gambles as seems to be the case here?
1) Impatience that results in early exits
2) Not taking profits when profit target is reached in choppy price action
3) Trying to be robotic in my trading as a discretionary trader.
I still make them but its much more manageable as in I don't make them as frequent and I'm less emotional when they do occur...resulting in them having less (minimum) impact on my next trades.
Realizing how one bad trade impacts other trades and how to limit such was a big turning point in my trading. Don't misunderstand, losses are ok. I'm talking about bad trades via the either of the 3 above.
Well CL and FX are the most active futures contracts out there with most volume. Otherwise how else are we going to make money?
There's a website that list every month the most active trading products. Based upon volume and liquidity...CL and FX are in the top 10 but not the most active.
Every year (for the past 7 years) it consistently has been Emini ES futures, Treasury futures, Euro BUND, Brent Oil, Eurodollar and 3 month Euribor. Sometimes DJ EuroStoxx sneaks in there but I haven't looked at the lists in a few months.
I wouldn't be surprise if we see a few new names in the top 10 by end of year due to the fiasco in Greece and China.
Every year (for the past 7 years) it consistently has been Emini ES futures, Treasury futures, Euro BUND, Brent Oil, Eurodollar and 3 month Euribor. Sometimes DJ EuroStoxx sneaks in there but I haven't looked at the lists in a few months.
I wouldn't be surprise if we see a few new names in the top 10 by end of year due to the fiasco in Greece and China.