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What was your biggest misconception?
Started:October 9th, 2014 (06:08 PM) by tturner86 Views / Replies:6,060 / 69
Last Reply:October 15th, 2016 (05:23 PM) Attachments:0

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What was your biggest misconception?

Old March 13th, 2015, 12:01 PM   #21 (permalink)
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My biggest misconception was that when I finally figured out when and why the markets would make a move - that I'd then be able to make money from it.

Didn't realize it was just another layer of the onion....

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Old March 13th, 2015, 06:00 PM   #22 (permalink)
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SPYtrader View Post
My biggest misconception was that I need to move my stop to breakeven as soon as possible.

I believe that I know the answer to this, but I was wondering if you could give some more detail.

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Old March 13th, 2015, 06:01 PM   #23 (permalink)
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DionysusToast View Post
My biggest misconception was that when I finally figured out when and why the markets would make a move - that I'd then be able to make money from it.

Didn't realize it was just another layer of the onion....

Were you asking the wrong question?

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Old March 13th, 2015, 06:22 PM   #24 (permalink)
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sledmt View Post
Were you asking the wrong question?

I think he means that even though he knew how the markets worked, and how to trade, he still needed to face the psychological demands that face traders day in and out.


Last edited by Itchymoku; March 13th, 2015 at 06:55 PM.
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Old March 13th, 2015, 06:34 PM   #25 (permalink)
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My biggest misconception was that I thought I could avoid looking at different time frames and especially the big picture. I just wanted to trade the price action of my lower time frame chart without having to put in the work of understanding context or the big picture because it moved too slow and was therefore irrelevant.

I also thought I could make a living scalping ticks. I mean c'mon the ES moves around 10 points in a day, I just need to capture a couple ticks and then lever up my contracts to several hundred a clip and BOOM!

4 ticks x 100 lot = $5000 x several times a day = lifestyles of the rich and famous here I come!

Nothing in life is to be feared, it is only to be understood. Now is the time that we understand more, so that we may fear less. - Marie Curie

Last edited by fminus; March 13th, 2015 at 06:38 PM. Reason: i forgot the math that i used to do
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Old March 14th, 2015, 06:24 PM   #26 (permalink)
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it's easy as 1 2 3.....

once learning trading began, I really understood mental performance....i thought 'setup' was most important, not manage trade or manage MYSELF

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Old March 15th, 2015, 10:27 AM   #27 (permalink)
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Zwaen View Post
But one of them was thinking trading was something which could be learned from books ( or any other informational medium). While offcourse books/websites can give a lot good information, ultimately you have to trade the market, not books. As a result I made some beautiful comprehensions of a lot of trader books, instead of studying the market itself. I didn't realize then that I was more polishing my editorial skills than learning about the markets and instruments.


Thank you Zwaen. Before I studied how and why market price moves as it does, the charts made no sense in the world to me. I looked at a chart, would say get in here, get out here and bam...how hard can this be? Pretty damn hard when market replay was tearing me open a new one. Wow, what an awakening!

Tim

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Old March 15th, 2015, 01:02 PM   #28 (permalink)
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Itchymoku View Post
I think he means that even though he knew how the markets worked, and how to trade, he still needed to face the psychological demands that face traders day in and out.

Partly the psychological but also the actual approach at position sizing, fees etc....

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Old March 16th, 2015, 10:52 PM   #29 (permalink)
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DionysusToast View Post
My biggest misconception was that when I finally figured out when and why the markets would make a move - that I'd then be able to make money from it.

Didn't realize it was just another layer of the onion....

I think this is the difference between knowledge and execution. You can know something inside and out, but actually executing it is a different story.

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Old March 17th, 2015, 08:52 AM   #30 (permalink)
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My biggest misconception was to think that adding complexity would equate to greater profits. As a result I was focusing on increasingly complex products, increasingly complex valuation models and increasingly complex trade structures.

"Simplicity is the ultimate sophistication." Leonardo da Vinci

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