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The Psychology of Trading Master yourself and you will master the markets.

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Old Oct 15, 2009, 09:07   #1
mark04
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Post Biggest Trading Mistakes
Dear Trader,

What do you think which is the most important mistake in trading that we should avoid among these.

1. Trading with money you can't afford to lose
2. The need to be "certain"
3. Words that will kill you! HOPE---WISH---PRAY
4. Not Acting on your plan
5. Not knowing how to get out of a losing trade
6. Having an ego
7. Falling in love with a sector or script

Regards
Mark
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Old Oct 15, 2009, 14:53   #2
lowem
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Certainly been guilty of a few of these myself earlier
But I'd say #1 is a real killer.

For some people I'd suppose, you could add a couple more factors :

- A gambling mentality
- A "get-rich-quick" mentality
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Old Oct 16, 2009, 00:24   #3
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6. Having an ego .. all the other problems come from it.
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Old Oct 19, 2009, 12:17   #4
Oratorio
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no. 4 for me
Lose a couple of trades and leave your plan!
guaranteed to lose your bankroll rapid from my personal experience
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Old Oct 22, 2009, 17:36   #5
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My vote goes to number 1, definately. I have heard horro stories about traders using their last dollars to try and cover their mortgage...not a good situation...
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Old Oct 23, 2009, 10:30   #6
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A little bit of all of these for me too... If I had to choose, number 3, usually when you're in a losing trade

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FXWizard
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Old Oct 30, 2009, 07:37   #7
freezeslip26
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Mistake number one: not having any knowledge of the simple visual indications for when to enter a trade based on market behavior and common sense.

Mistake number two: not being on the right time frame at the right time for the current trading opportunity.

Mistake number three: entering trades long AFTER the real entry occurred and exiting way BEFORE the exit occurs.

Mistake number four: no trading plan or direction for a consistent entry and exit strategy.

Mistake number five: following some scam Forex system they recently bought on the internet and using dozens of "proprietary" indicators.

Mistake number six: entering and exiting trades for reasons other than their own trading method. (fear, greed, etc)

---------------------------------------

got that from this

http://www.forextradingseminar.com/b...forex-trading/
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Old Nov 5, 2009, 14:56   #8
tomo1
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Number 1 is The Rule!
It is basically because when you detach your feelings from your trading you get apparently mre lucky and have more winning probabilities,
same in poker. Don t understand!!!
If you need that money and invest it yu would be more careful with it and trade in a conservative way! well then you have the greed & pride that come along , and that is why it may bias your trading...
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