what are the two worst things a trader can do?

[MattZ]

Before you are a trader, the two worst things you can do is:
1) Learn from someone who does not trade
2) Get into trading for the wrong reasons

When you are a trader the two worst things you can do:
1) Not understanding the Risk Management side of trading
2) jump from one method to another hoping you will hit "the one"

 

[lovethetrade]

2) jump from one method to another hoping you will hit "the one"

Yes, that's a good one. During live trading you have to commit to a method and forget about improving your system or search for new methods. This is not easy to do when one spends most their time trying to improve their edge.

 

[themickey]

Yes, that's a good one. During live trading you have to commit to a method and forget about improving your system or search for new methods. This is not easy to do when one spends most their time trying to improve their edge.

I'm always improving my system. It has to be done. Improving is in our genes.
Searching for new methods - this happens subtly without even awareness at times, like evolution, slowly your system can morph into a new creature over a long period of time.
The more we trade and communicate trading as such as ET, we take on new ideas and build on what we have.
Nothing stays the same.

 

[MattZ]

Yes, that's a good one. During live trading you have to commit to a method and forget about improving your system or search for new methods. This is not easy to do when one spends most their time trying to improve their edge.

Methods and systems can evolve over time, and you may find that down the road that your method evolved to something much simpler than what you started with. This is a natural process of refining your theory.

I have addressed something a bit more drastic where a trader, for example, may move from one method to another because it did not "behave" inline with earning expectations. It takes years to refine even the simplest of systems and methods and sadly most beginners want instant results.

 

[DAYMSTR]

the answer is:1. chase a woman
2. chase a stock

they both result in the end in a loss.

1. GET THE FASTEST INTERNET, ROUTER, CAT6 CABLES, COMPUTER AND LOWEST LATENCY POSSIBLE!!! How did NO one mention this???
2. Use hotkeys and get 15 cent options like I do through neotiation

 

[lawrence-lugar]

1. GET THE FASTEST INTERNET, ROUTER, CAT6 CABLES, COMPUTER AND LOWEST LATENCY POSSIBLE!!!
How did NO one mention this???

Even an excellent trader with a Dial-Up connection can astronomically surpass someone with fiber optic space age futuristic HFT blah blah connections...all that stuff is only beneficial for scalping fractions of pennies of pennies orders.

Trading kind of has nothing to do with technology and technicality -- but Much more on the mindset and philosophy and skillset and foresight of the trader.

 

[yiehom]

Yes, but no more than 12 24 inch screens...

1. GET THE FASTEST INTERNET, ROUTER, CAT6 CABLES, COMPUTER AND LOWEST LATENCY POSSIBLE!!! How did NO one mention this???
2. Use hotkeys and get 15 cent options like I do through neotiation

 

[Pekelo]

1. GET THE FASTEST

Dude, not everyone is a scalper.... People traded profitably 20 years ago too.

 

[smallStops]

When a trader get "lucky" or "skilled" :

1) not keeping quiet.
2) not taking security/safety measures early on.

 

[ironchef]

1. Believes everything he/she read in an anonymous internet forum.

2. Borrows to start day trading, with a credit card, paying 20% interest.