your worst mistake

[vanzandt]

It wan't worth it?

She's all yours brutha. You tell me.

 

[themickey]

She's all yours brutha. You tell me.

I prefer listening to stories

 

[vanzandt]

I prefer listening to stories

Then buy a "book on tape" you friggin Aussie kangaroo.

 

[zdreg]

"your worst mistake"

Easy.
Bumming a smoke from that pretty blond.
I wish there was a tax loss carry-forward for that one.

I guess that you managed to find plenty of tax loss-carry forwards over the years.

 

[vanzandt]

I guess that you managed to find plenty of tax loss-carry forwards over the years.

Give that man a cigar.
You guess right.

 

[bitgooods]

Hoping.

Which translates to not having a stop, or removing my stop. And then holding on, because I "know" the move will move in my direction. It's best to set your stop when you buy. Then don't touch it. You don't revisit your decision on why you put your stop where you put it, unless it's to tighten it up. It's there. That's your trade.

I held onto ZB long, while it fell, and fell, and fell. Over the course of weeks. It had to turn, right? Nope. Not until i was close to washed out. I would have been out of the position weeks before had I not removed my stop (and for a 1% loss). I was then running on hope. My macro analysis had to be correct! My ego was arguing with the tape. The tape didn't care what I thought though.

The lesson - Stop thinking you're smart and trade the chart in front of you. Your opinion is likely wrong anyhow.

No one cares what you think, especially the market. You're not brilliant, so follow the rules.

wow, sounds like a good advice

 

[Axon]

Overemphasizing the effect of taxes on a trade. I've missed some good trades and made some less than stellar ones, including the single worst of my career, second guessing myself over taxes. Now I just do the best I can and let my CPA worry over the details.

 

[TripleJs]

got into trading and didn't study more to get into Harvard.

 

[Handle123]

There were so many actually. Early 1990's when large S&P was $500 a point in futures, went long on 3 lot 5 seconds before government report, lost over 10 grand cause huge slippage when I was risking $750 total. I laugh now with all the stupid mistakes, but back then was suicidal most days...

Stay in the game long enough, the parts that are the most boring of trading should be learned first, when you become expert level at risk management, one finds that perfect entry not needed.

 

[SimpleMeLike]

Trading without an Edge.