Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
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.
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.
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.
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
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.
