What is the wrong advice that you have received?

As far as I'm concerned...Every bit of (trading) advice and wisdom out there is wrong. o_O
Every so-called voice of reason out there is a false Prophet. (or a false profit.)

You truly have to go on this journey alone -- kind of like Indiana Jones, or Moses.
Be smart and resilient and inquisitive, -- Take it all in, but digest it very thoroughly with an open, independent, neutral mind,

Watch The Matrix 1999 movie over and over again.
and a movie about Moses. and various movies about trading too.
Watch all of that, take it all in...till your shit becomes puree.

I don't claim to be an expert at anything, but neither should you assume anyone here at ET or elsewhere is an expert as well.
And besides, being a so-called expert at anything...is an ever-revolving and changing process; it's not permanent...set in stone.
 
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jinxu said:
That being said one piece of sage advice that has cost me money is "Letting your winner run". In context this advice works when it's a bull market. It fails in a choppy market.
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This principle works in all market conditions, you just have to know how to apply it.
 
Every piece of advise or suggestion I think is reasonable, it is called back test it to make it yours or that you can see if it works for you. But to blindly take that trade or exits or whatever....,my days of being a newb are behind me....I hope, LOL
 
lawrence-lugar said:
...kind of like Indiana Jones, or Moses.
Be smart and resilient and inquisitive, -- Take it all in, but digest it very thoroughly with an open, independent, neutral mind,

...
and a movie about Moses. and various movies about trading too...
More...

Moses took it in, and then destroyed the mentorship he got from God by smashing the ten commandments in the same chapter of that stupid book. So what the hell good was he? Moses would not have been a good trader methinks.
 
Overnight said:
Moses took it in, and then destroyed the mentorship he got from God by smashing the ten commandments in the same chapter of that stupid book. So what the hell good was he? Moses would not have been a good trader methinks.
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When Moses approached the camp and saw the calf and the dancing, his anger burned and he threw the tablets out of his hands, breaking them to pieces at the foot of the mountain.​

Seems it was to prove a point.

Smashing the tables is what a trader could do, actually.
 
Overnight said:
Moses took it in, and then destroyed the mentorship he got from God by smashing the ten commandments in the same chapter of that stupid book. So what the hell good was he? Moses would not have been a good trader methinks.
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Jesus saves. And Moses invests. So I don't think either one of them would be good traders.

:cool:
 
rin4et said:
There is no shortage of good advice on this forum. But sometimes even the most well intentioned counsel can do more damage than good.
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imho the best advise is usually the one that is not given

but...

assuming the given advice is good, then often times the big problem is not with the advice but with the advisee :)

he (she) just immediately jump on it, instead of putting it on the shelf and wait till the time he/she will grow enough to appreciate the advice and to realize its limitations...

that is why even a good advice here is as a caviar to the general
 
Here are others:
95% of traders fail so you have to be a genius to succeed. - Wrong. Trading is not rocket science. You don't have to be the brightest bulb. If you take the time to learn and have the discipline and drive, it is not difficult to succeed at trading.

You have to blow up your account in order to succeed. Wrong. I never blew up my account. If you take the time to develop a strategy before going live. And start with a small position size and take the necessary precautions you should be able to succeed without blowing up your account.

Losses are part of the game - Wrong. If you have a good statergy and if you have the discipline to execute each trade as per your strategy you should not encounter losses. If you encounter losses you either don't have a good statergy or don't have the discipline to follow your strategy.

You cannot outperform the whales - Wrong. A retail trader has the advantage of a small size and therefore should be able to outperform the whales.
 
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