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Top 10 trading mistakes per Jim Wycoff
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Top 10 trading mistakes per Jim Wycoff

  #1 (permalink)
Dallas, TX
 
Trading Experience: Beginner
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Top 10 trading mistakes per Jim Wycoff

Read this article and thought it was very interesting how Wycoff's list re-iterates several of the threads on futures.io (formerly BMT).
Wycoff's list in no particular order:

1. Failure to have a trading plan in place before a trade is executed.

2. Inadequate trading assets or improper money management.

3. Expectations that are too high, too soon.

4. Failure to use protective stops.

5. Lack of patience and discipline.

6. Trading against the trend - trying to pick tops and bottoms.

7A. Rising losing positions too long
7B. Adding to a losing position.

8. Over trading.

9. Failure to accept complete responsibility for you own actions.

10. Not getting a bigger picture perspective on a market.

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  #2 (permalink)
Quick Summary
Quick Summary Post

http://www.futuresmag.com/Issues/2011/January-2011/Pages/Top-10-trading-mistakes.aspx


Last edited by gulabv; January 9th, 2011 at 04:00 PM. Reason: added link to article
 
  #3 (permalink)
Houston,Tx
 
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gulabv View Post
Read this article and thought it was very interesting how Wycoff's list re-iterates several of the threads on futures.io (formerly BMT).
Wycoff's list in no particular order:

1. Failure to have a trading plan in place before a trade is executed.

2. Inadequate trading assets or improper money management.

3. Expectations that are too high, too soon.

4. Failure to use protective stops.

5. Lack of patience and discipline.

6. Trading against the trend - trying to pick tops and bottoms.

7A. Rising losing positions too long
7B. Adding to a losing position.

8. Over trading.

9. Failure to accept complete responsibility for you own actions.

10. Not getting a bigger picture perspective on a market.

Sounds like my rookie years as a trader. Not only did I commit every one of those ... but I perfected several of them into an art form.

Good thing I ran out of money or I would have lost a lot more...

Maybe I should have posted that in the One Liner thread.

I'm just a simple man trading a simple plan.

My daddy always said, "Every day above ground is a good day!"
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  #4 (permalink)
Brisbane Australia
 
Trading Experience: Beginner
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Posts: 5 since Nov 2012
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Mistakes, mistakes and more mistakes

Just got back into trading ... joined the Elite thread in hope I learn ... how to get rid of my mistakes

Looked at these Wycoff rules and yes it is me ... I am still above water but I just keep making mistakes - I feel that I need to use a sledge-hammer over my head.

I have simple trading rules (S/R) and use the 10 period EMA. But in real time I go haywire.

Could some of the experts on the elite thread please suggest how to overcome this issue.

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