your worst mistake

bitgooods said:
I am a newbie on this forum. My main focus is trading ( crypto) I have been trading for a couple years. Just curious to ask a question : what was your worst mistake ( in the very beginning, 1st year).
Would be happy to read about your experience !
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Withdrawing money early from an IRA; penny stocks/good thing i learn fairly quick
[2nd] biggest mistake, comparing bitcon to an $8,000 pineapple. Looks like W Buffet is right , bitcoin is rat poison/good thing for me i never buy , or rent $8,000 pineapples + i only need one rat trap.
 
Biggest mistakes:
- not closing positions at the catalyst
- not keeping a pipeline of ideas up to date
- not tracking what’s going on in the portfolio closely
 
zdreg said:
How does that advice motivate you to trade successfully?
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If you're +EV trade as big as humanly possible without blowing up.
The biggest risk in 1A+ setups is not trading large enough.

If you are making enough in premium situations it keeps you away from shitty coinflips.

So only pick the best trades you can find, trade size and stay away from trading mediocre stuff with small size that just ties up emotional capital.
 
my biggest mistake was thinking trading wouldn't be that difficult for me...after all most things come easy with a little effort...why should trading be any different. Taking money from people who are professionally trained and have devoted most of their lives towards winning trades shouldn't be a big deal right?
 
"your worst mistake"

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