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What was your biggest misconception?
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What was your biggest misconception?

  #61 (permalink)
Elite Member
Winnipeg, Canada
Futures Experience: Intermediate
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That it was all about my entry strategy.

"if i could only find a way to enter profitable trades " - thats what i remember thinking when I first started out.

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  #62 (permalink)
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A few stick out

1. This other market over here is easier to trade.

2. Too little effort at first at clues to what type of day is playing out. Trend, range bound etc..

3. Spending too much time on indicators, setups and not just risk to reward.

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  #63 (permalink)
Elite Member
Leeds UK
Futures Experience: Intermediate
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Broker/Data: Interactive Brokers, CapitalSpreads, Oanda
Favorite Futures: GBP/USD
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Zwaen View Post
one of them was thinking trading was something which could be learned from books

One of my initial misconceptions was even worse than that: I thought it could be learned from forum information and input from people who were promoting various products and services.

I also failed (for an embarrassingly long time) to appreciate that an entry-method isn't a trading-method, and took a long time to learn that trade management and money management are far more important than entries.

But mostly, I imagined trading was about finding ways to maximize profit rather than about finding ways to minimize risk.

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  #64 (permalink)
Elite Member
Vancouver Canada
Futures Experience: Beginner
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My focus (and obsession) on win rate, seeking more than 50%.

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  #65 (permalink)
Elite Member
Cincinnati Ohio
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Recently learned: I thought day trading was more profitable than longer term trading simply because you could make more trades and have more opportunity to make trades. I was wrong.. In the world of trading: less is more.


nosce te ipsum

You make your own opportunities in life.
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  #66 (permalink)
Market Wizard
Medellin, Colombia
Futures Experience: Advanced
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Many from those posting before, but the disappointing one..

That I could freely move around the world while trading Futures.. I used to work I.T. contracts and bounced around customer sites, hotels, countries and never a beat skipped...

Now in order to function consistently I need my world very ordered and everything around me predictable & boring during the week. I feel like Indiana Jones turned into into Rainman sometimes.

No trading from exotic hotel lobbies for me.

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  #67 (permalink)
Trading Apprentice
Chandigarh, India
Futures Experience: Intermediate
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Broker/Data: Self
Favorite Futures: Crude Oil
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Posts: 5 since May 2016
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Believing in trading quotations & market wisdom from super star traders & taking them as valid at face value without understanding the context in which they were actually said.
I have lost the biggest amount of money on the most famous trading quote - Cut your losses short and let your winners run

Now wisdom is great but in context of day trades applying this wisdom probably makes one poorer rather than richer financially & psychologically

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  #68 (permalink)
Trading Apprentice
Futures Experience: Advanced
Platform: NinjaTrader
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Favorite Futures: 6B, 6C and YM
Posts: 8 since Sep 2011
Thanks: 9 given, 6 received

My biggest misconception? Hmm, so difficult to choose one!

If I had to choose one, it would be completely underestimating the effect of luck on short-term results. That no matter how hard you try (<- a waste of time and energy), you cannot escape the fact that the markets are way too efficient to blame yourself for losers, or congratulate yourself for individual losing/winning trades respectively.

"Bad" things happen in the short-term when executing a good plan and "Good" things happen in the short-term when executing a bad plan and everything in between.

Any edge that is available will be blasted away very quickly by untamed cognitive biases and any deviation from near 100% objectivity. Took me nearly a decade to fully accept this.

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  #69 (permalink)
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Omer עומר / Israel י
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Thinking that a system exists (can be bought), or can be build (it it does not exist) that does it all for you...

(Sit on the beach with a Pinacolada waiting for the profit to be added to the account...)

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  #70 (permalink)
Market Wizard
Futures Experience: Beginner
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Posts: 568 since Aug 2015
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Thinking that because I got 'mad' while on sim and managed to calm myself, psychology in live-trading would be easy.

Yesterday's excellence is today's standard and tomorrow's mediocrity
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