What is the wrong advice that you have received?

[Jzwu2017]

I agree to 75% (3 out of 4) of your points. It's obvious which point I don't agree unless you never lose in all your trades.

 

[rin4et]

I agree to 75% (3 out of 4) of your points. It's obvious which point I don't agree unless you never lose in all your trades.

What is your valid reason for having a losing trade? For me there are only two valid reasons. Either your strategy is not good or you didn't stick to it. One of the two. There can't be any other reason.
For me personally when I have a losing trade it is because I didn't stick to my strategy.

 

[henry76]

You cant get pregnant the first time .

 

[slugar]

What is your valid reason for having a losing trade? For me there are only two valid reasons. Either your strategy is not good or you didn't stick to it. One of the two. There can't be any other reason.
For me personally when I have a losing trade it is because I didn't stick to my strategy.

It's very possible to have a solid strategy and you follow it perfectly and still have losing trades 50% of the time!

 

[lovethetrade]

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.

I disagree, you have to have a rare combination of attributes to be a successful discretionary trader. You also have to have a high aptitude to develop logic and build an edge.

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.

If you stick to your technicals, whales are irrelevant, it's nothing to do with advantages of being a smaller player. Its when you start taking risky trades I.e try to pick tops/bottoms without a reversal, continue holding onto positions after receiving an exit signal and divert from your trading plan, that whales become an issue.

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.

Lol, you're kidding yourself if you think you can avoid losses. I think I understand what you mean though, you don't spend the bulk of your time dealing with losses if you have a good method which is contrary to what many imply. Some suggest that the bulk of your time is dealing with losses and if you let your profits run and have a positive expectancy you'll somehow get into the green.

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.

Good luck, there's very few top traders in the world that haven't blown-up an account. Blowing up teaches you the level of prudence and discipline required to survive and that's before we delve into logic and building an edge which takes 5-10 years minimum.

I smell a lot of BS in your posts.

 

[viruscore1]

technical analysis

 

[lovethetrade]

technical analysis

Does that include price and volume or are you referring to your typical indicators?

 

[OddTrader]

I learned to stop listening to advice from this forum a long time ago. Some advice are good and universal. But most advice need context. You're not going to get that from one liner. I'm sure some advice work for the giver because they are using a specific type of trading system that doesn't always mean it'll be compatible with your own.

imo, correct observation. Long time ago, I learned it from ACray that in trading other people are actually your opponents.

Trading is just a zero-sum based game theory.

 

[CaptainObvious]

Just buy on the green arrow, and sell on the red. Com'on, be honest, you bought that "system" too. Okay, I'm the only one.
My new favorite, Click this link. What can possibly go wrong with that advice?

 

[rin4et]

Here is another one:
You need 5-10 years to develop an edge. Wrong - It took me 6 months to a year to develop an edge. The key is to observe the market live, keep things as simple as possible, stay away from complex indicators etc and adopt the KISS approach. Once again to be successful at trading is not rocket science. These are just statements to scare newbies away or sore losers who couldn't make it so they want to discourage others from succeeding.