"own stupitidy" sounds so sad... but yes( it's really the most frequent reason of my losses. And unpatience is the other one
- #22
- Aug 31, 2016 9:01pm Aug 31, 2016 9:01pm
- Joined Nov 2006 | Status: Trader | 4,417 Posts
to trade and code, keep both simple... no call to impress....h
- #23
- Sep 1, 2016 3:57am Sep 1, 2016 3:57am
- Joined Feb 2008 | Status: Trader | 6,736 Posts
Time hides Nothing
- #24
- Last Post: Sep 2, 2016 7:35am Sep 2, 2016 7:35am
- Joined May 2012 | Status: ... | 1,925 Posts
Hi CindyXXXX,
I honestly believe most mistakes are the result of not having a sound trading method.
The three main mistakes I used to make were:
1. Believing trading was a get rich quick pastime.
2. Not taking every setup I see.
3. Not holding onto winners.
Believing trading is a get rich quick pastime will filter out a very high percentage of people within 6 - 12 months I think. Not taking every setup I was seeing is something that in retrospect I now understand to have been a consequence of not having a sound trading method, which as I've often said elsewhere on these forums relates back to not yet fully understanding how the market moves. Same situation applies to not holding onto winners.
Some thoughts about "the 3", and about "Method"...
In my view there are three elements to trading:
1. Method.
2. Method.
3. Method.
It's not possible, to build and follow a method in my opinion until a trader has spent the time understanding how the market moves. And that is where the real training time is spent. Although there is guidance out there, unfortunately (or fortunately depending on your point of view) that's a journey he must ultimately make by himself.
So many people come into trading wanting to earn money straight away and just have the rights to the entry signals, "When this line crosses that line...", or "When this candle closes above this one..." etc etc etc. Sadly, these are the ones who are consigned to making the same mistakes over and over and over again and never fully understanding why.
The so-called 5% are the ones who I believe have ceased to think about "the money" and have committed themselves instead to understanding how the market moves. Although there's no guarantees, for these guys at least, I think hopefully the mistakes - whether it's three of them; five; ten, whatever the number is that rookies make will, over time, become a thing of the past.
I honestly believe most mistakes are the result of not having a sound trading method.
The three main mistakes I used to make were:
1. Believing trading was a get rich quick pastime.
2. Not taking every setup I see.
3. Not holding onto winners.
Believing trading is a get rich quick pastime will filter out a very high percentage of people within 6 - 12 months I think. Not taking every setup I was seeing is something that in retrospect I now understand to have been a consequence of not having a sound trading method, which as I've often said elsewhere on these forums relates back to not yet fully understanding how the market moves. Same situation applies to not holding onto winners.
Some thoughts about "the 3", and about "Method"...
In my view there are three elements to trading:
1. Method.
2. Method.
3. Method.
It's not possible, to build and follow a method in my opinion until a trader has spent the time understanding how the market moves. And that is where the real training time is spent. Although there is guidance out there, unfortunately (or fortunately depending on your point of view) that's a journey he must ultimately make by himself.
So many people come into trading wanting to earn money straight away and just have the rights to the entry signals, "When this line crosses that line...", or "When this candle closes above this one..." etc etc etc. Sadly, these are the ones who are consigned to making the same mistakes over and over and over again and never fully understanding why.
The so-called 5% are the ones who I believe have ceased to think about "the money" and have committed themselves instead to understanding how the market moves. Although there's no guarantees, for these guys at least, I think hopefully the mistakes - whether it's three of them; five; ten, whatever the number is that rookies make will, over time, become a thing of the past.