What was your biggest misconception? - Psychology and Money Management | futures io social trading
futures io futures trading


What was your biggest misconception?
Updated: Views / Replies:7,402 / 74
Created: by tturner86 Attachments:0

Welcome to futures io.

Welcome, Guest!

This forum was established to help traders (especially futures traders) by openly sharing indicators, strategies, methods, trading journals and discussing the psychology of trading.

We are fundamentally different than most other trading forums:
  • We work extremely hard to keep things positive on our forums.
  • We do not tolerate rude behavior, trolling, or vendor advertising in posts.
  • We firmly believe in openness and encourage sharing. The holy grail is within you, it is not something tangible you can download.
  • We expect our members to participate and become a part of the community. Help yourself by helping others.


You'll need to register in order to view the content of the threads and start contributing to our community. It's free and simple, and we will never resell your private information.

-- Big Mike

Reply
 
Thread Tools Search this Thread
 

What was your biggest misconception?

  #41 (permalink)
Trading Apprentice
Novosibirsk + Siberia/Russia
 
Futures Experience: Advanced
Platform: ThinkorSwim, TWS.
Broker/Data: IB, TOS.
Favorite Futures: ETF, Stocks, Futures, Options
 
Cornix's Avatar
 
Posts: 21 since Oct 2012
Thanks: 1 given, 22 received


sledmt View Post
Do you believe some of these misconceptions could have been eliminated by good back testing or is it some thing that has to be learned in the market?

Not sure about back testing, guess it depends on quality of testing itself. Say purely mechanical system tested by computer has fewer chances of being curve fitted.

Probably the best would be forward testing on the minimal live size. It would demonstrate the true results most accurately.

Reply With Quote
The following 2 users say Thank You to Cornix for this post:
 
  #42 (permalink)
Market Wizard
Birmingham UK
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: IG/eSignal
Favorite Futures: Dax
 
ratfink's Avatar
 
Posts: 3,039 since Dec 2012
Thanks: 10,104 given, 6,203 received
Forum Reputation: Legendary


tturner86 View Post
So what about you, what is/was your biggest misconception when you first started trading?

I can actually remember the conversation - 15 years ago with my best software buddy of the time. I attempted to convince him that I was sick of working so hard at software, having to get 50-100 decisions a day right, whereas I would only need to get one or two right each day as a trader.



Travel Well
Reply With Quote
The following 8 users say Thank You to ratfink for this post:
 
  #43 (permalink)
Market Wizard
Sarasota FL
 
Futures Experience: Intermediate
Platform: NinjaTrader, Sierra Chart
Favorite Futures: ES
 
Posts: 3,604 since Jan 2013
Thanks: 26,329 given, 10,988 received
Forum Reputation: Legendary



ratfink View Post
I can actually remember the conversation - 15 years ago with my best software buddy of the time. I attempted to convince him that I was sick of working so hard at software, having to get 50-100 decisions a day right, whereas I would only need to get one or two right each day as a trader.



Hard to beat that one.

Bob.


Last edited by bobwest; March 24th, 2015 at 12:08 PM.
Reply With Quote
The following 5 users say Thank You to bobwest for this post:
 
  #44 (permalink)
Elite Member
houston, tx
 
Futures Experience: Intermediate
Platform: Sierra Chart
Favorite Futures: The Crude
 
Posts: 5 since Dec 2012
Thanks: 34 given, 10 received

I always thought the more I begin to understand the essence of why the market fluctuates that I would become a successful trader. I felt I had an advantage in that I naturally looked at and considered ideas and perspectives most people didn't. I thought my creativity would give me an upper hand with trading, and most of all, I thought my understanding of the ego, spirituality and emotions would give me a psychological edge.

My eyes were focused outward and my problem solving done inward. I was able to toss out the irrelevant and hone in on the most relevant techniques pretty rapidly. I am good at that sort of thing... slicing through layers to arrive at the essence of things. I thought the techniques I utilized were sophisticated yet elegant. That appealed to the scientist in me. It gave me confidence I was on the right track. I sure did put in the work to study them. It turns out I was right about the techniques being sophisticated and elegant.

What I was wrong about was just how inelegant and unsophisticated my understanding of my own flaws was. I had so many things right, but I had the most basic thing wrong. My eyes should have been focused inward, while only looking outward.


Last edited by reasondeep; March 29th, 2015 at 02:49 AM.
Reply With Quote
The following 6 users say Thank You to reasondeep for this post:
 
  #45 (permalink)
Elite Member
Erie,Pa
 
Futures Experience: Beginner
Platform: Ninja, Oanda
Broker/Data: Oanda-practice demo
Favorite Futures: GBP/AUD...wild ride
 
missionatsea's Avatar
 
Posts: 45 since Apr 2014
Thanks: 95 given, 34 received


sptrader View Post
...now I know that when big money is involved, anything that they can get away with, is acceptable !

Big boys with big money have always moved the markets...we don't. Only logical thought is to think like a big boy and do the best I can to ride the moves with them. I look for clues on how they accomplish these feats. If I have a negative bias against these guys, I will never join their party.

Tim

Supply & Demand ... Core Strategy Plan.
Reply With Quote
The following 4 users say Thank You to missionatsea for this post:
 
  #46 (permalink)
Trading for Profit
Kansas City, MO U.S.
 
Futures Experience: Intermediate
Platform: ToS, Ninja
Favorite Futures: ES, Currency, Tacos
 
DrewDown's Avatar
 
Posts: 211 since Mar 2015
Thanks: 301 given, 117 received

I look forward to the day that I can answer this question for myself.

Reply With Quote
The following 2 users say Thank You to DrewDown for this post:
 
  #47 (permalink)
Trading for Fun
Kalispell montana
 
Futures Experience: Beginner
Platform: ninjatrader
Favorite Futures: es
 
Posts: 158 since Jan 2015
Thanks: 157 given, 23 received


reasondeep View Post
I always thought the more I begin to understand the essence of why the market fluctuates that I would become a successful trader. I felt I had an advantage in that I naturally looked at and considered ideas and perspectives most people didn't. I thought my creativity would give me an upper hand with trading, and most of all, I thought my understanding of the ego, spirituality and emotions would give me a psychological edge.

My eyes were focused outward and my problem solving done inward. I was able to toss out the irrelevant and hone in on the most relevant techniques pretty rapidly. I am good at that sort of thing... slicing through layers to arrive at the essence of things. I thought the techniques I utilized were sophisticated yet elegant. That appealed to the scientist in me. It gave me confidence I was on the right track. I sure did put in the work to study them. It turns out I was right about the techniques being sophisticated and elegant.

What I was wrong about was just how inelegant and unsophisticated my understanding of my own flaws was. I had so many things right, but I had the most basic thing wrong. My eyes should have been focused inward, while only looking outward.

Interesting post. Do you believe that once one is able to remove the veil from the inward self, that the keys will reveal themselves that enable solutions to be seen for positive trades?

Reply With Quote
 
  #48 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,084 since Nov 2014
Thanks: 2,090 given, 1,577 received

You need to have more than 50% win rate to become a profitable and professional trader.

Reply With Quote
The following 4 users say Thank You to Narcissus for this post:
 
  #49 (permalink)
Elite Member
Vancouver Canada
 
Futures Experience: Beginner
Platform: Investor RT & Ninja
Broker/Data: IB & IQ DTN
Favorite Futures: ES
 
Posts: 1,084 since Nov 2014
Thanks: 2,090 given, 1,577 received

My biggest misconception....

MARKET IS RIGGED




...

Reply With Quote
The following user says Thank You to Narcissus for this post:
 
  #50 (permalink)
 Vendor: www.probabletrades.com 
OC, California, USA
 
Futures Experience: Advanced
Platform: IB/TWS, NinjaTrader, thinkorswim
Favorite Futures: stocks, options, futures, VIX
 
shodson's Avatar
 
Posts: 1,845 since Jun 2009
Thanks: 473 given, 3,222 received


For me, probably that I had to always be right, or predict the future direction of the market correctly to make money.

Reply With Quote
The following 2 users say Thank You to shodson for this post:

Reply



futures io > > > What was your biggest misconception?

Thread Tools Search this Thread
Search this Thread:

Advanced Search



Upcoming Webinars and Events (4:30PM ET unless noted)

FIO Journal Challenge featuring NinjaTrader ($2,000+ of prizes)

May

Prototyping Python Strategies (part 2) w/Ran Aroussi

Elite only

Ask Me Anything w/Raymond Deux @ NinjaTrader

May 3

An Afternoon with FIO member Softsoap

Elite only
 

Machine Learning & Data Mining Bias w/Kris Longmore @ Robot Wealth

Elite only

Brannigan Barrett (TBA)

Elite only

FIO member Gomi (TBA)

Elite only

FuturesTrader71 (TBA)

Elite only

EasyLanguage Programming w/Chris @ ABC Trading Group

Elite only

Portfolio Diversification w/Brendon Delate

Elite only
     

Similar Threads
Thread Thread Starter Forum Replies Last Post
biggest misconception learning0101 Beginners and Introductions 2 October 10th, 2014 12:52 PM
What is your biggest trading challenge? Big Mike Traders Hideout 51 July 2nd, 2014 04:22 PM
What gives you the biggest edge in trading? Yuri57 The Elite Circle 1 June 28th, 2014 02:26 AM
The biggest threat to our nation.... RM99 Off-Topic 1 May 31st, 2011 07:42 PM


All times are GMT -4. The time now is 11:42 PM.

no new posts
Page generated 2017-04-28 in 0.13 seconds with 20 queries on phoenix via your IP 54.81.174.180