What kind of mistakes to pros make?

cashmoney69 · Feb 21, 2007

We all know, and focus on the mistakes newbies make. Things like not setting stops, impulse trading, poor MM...

I'm guilty of all these, and from time to time, still fall in the trap.

Do professional traders and newbies make the SAME mistakes, just not as often?, or are the types of mistakes they make totally different?..if so, how?

Just when I think I'll have a profitable month, the market teaches me something new, and yet again, at a loss. I'd like to fast-forward here and learn the mistakes that YOU, as a seasoned trader make, so that way I can turn my trading in the right direction even faster, and wont have to spend the next 2+ yrs finding out the hard way.

cm69

gnome · Feb 21, 2007

Quote from cashmoney69:

We all know, and focus on the mistakes newbies make. Things like not setting stops, impulse trading, poor MM...

I'm guilty of all these, and from time to time, still fall in the trap.

Do professional traders and newbies make the SAME mistakes, just not as often?, or are the types of mistakes they make totally different?..if so, how?

Just when I think I'll have a profitable month, the market teaches me something new, and yet again, at a loss. I'd like to fast-forward here and learn the mistakes that YOU, as a seasoned trader make, so that way I can turn my trading in the right direction even faster, and wont have to spend the next 2+ yrs finding out the hard way.

cm69

Same mistakes, just less often and smaller.

cashmoney69 · Feb 21, 2007

Quote from gnome:

Same mistakes, just less often and smaller.

Good. Now it's just a matter of me having the discipline to do the right thing

dac8555 · Feb 21, 2007

Quote from gnome:

Same mistakes, just less often and smaller.

i disagree...pros make mistakes, but not the same mistakes.

the mistakes newbies make are

1. lack of planning
2. lack of discipline
3. lack of knowledge
4. lack of experience
5. betting to big
6. not cutting losers short
etc.

pros...make very different mistakes

1. Letting their ego get in the way
2. forgetting the market is bigger than them
3. assuming they know what will happen next
4. become lazy.

mokwit · Feb 21, 2007

Forget what they know already and relearn it expensively

Steve Tvardek · Feb 21, 2007

Cash,

If you are still making newbie mistakes, shouldnt you just focus on those mistakes and fixing them? Who cares what the pros do, if and when you get there then you'll deal with new issues. Focus on dealing with whats in front of you right now. Baby steps, you'll get there.

Steve

Quote from cashmoney69:

We all know, and focus on the mistakes newbies make. Things like not setting stops, impulse trading, poor MM...

I'm guilty of all these, and from time to time, still fall in the trap.

Do professional traders and newbies make the SAME mistakes, just not as often?, or are the types of mistakes they make totally different?..if so, how?

Just when I think I'll have a profitable month, the market teaches me something new, and yet again, at a loss. I'd like to fast-forward here and learn the mistakes that YOU, as a seasoned trader make, so that way I can turn my trading in the right direction even faster, and wont have to spend the next 2+ yrs finding out the hard way.

cm69

gnome · Feb 21, 2007

Quote from dac8555:

i disagree...pros make mistakes, but not the same mistakes.

the mistakes newbies make are

1. lack of planning
2. lack of discipline
3. lack of knowledge
4. lack of experience
5. betting to big
6. not cutting losers short
etc.

pros...make very different mistakes

1. Letting their ego get in the way
2. forgetting the market is bigger than them
3. assuming they know what will happen next
4. become lazy.

Sheesh... I've been trading more than 20 years and I'm still not making the "Pro's" mistakes... 'cept maybe some on the "lazy". (Maybe I'm not really a Pro yet?)

cashmoney69 · Feb 21, 2007

Quote from Steve Tvardek:

Cash,

If you are still making newbie mistakes, shouldnt you just focus on those mistakes and fixing them?
Steve

You're right. Stops and Pt's are the ONE thing I've found a method to on ALL time frames, and set ups... of course no method is bullet proof, and so, sometimes it doesn't work.

Sometimes it just feels like I'm so close. If it's not an entry problem, its an exit problem. If it's not my emotions, it's a lack of patience.. It's almost like ONE little thing will determine if a trade is a winner or not.

cm69

qusix · Feb 21, 2007

Quote from dac8555:

pros...make very different mistakes

3. assuming they know what will happen next
[/B]

Doesn't everyone do this? That is why you either go long or short. I dont know if this is necessarily a mistake.

vikana · Feb 21, 2007

Quote from cashmoney69:

...

Sometimes it just feels like I'm so close. If it's not an entry problem, its an exit problem. If it's not my emotions, it's a lack of patience.. It's almost like ONE little thing will determine if a trade is a winner or not.

cm69

Here is my take on it: the "pro" understands (!) that it's a numbers game. Exploit a statistical edge as many times as possible. The pro does not worry about why his method "failed" on any particular stock or any particular day. He accepts that the edge takes time to work itself out.

The biggest mistake is to try and read too much into any ONE trade.