We need a thread about the biggest errors we make, and the outcoming result...
I give you, the House of Errors.
This is intended for three reasons:
I wish to help other traders by exposing my stupidity in ignoring thumb rules, and hope they interiorize and learn from my mistakes, to prevent from trying them themselves!
I want to expose both my errors, and other people's errors i havent made yet, for discussion in the forum, to understand why i made them, and how to prevent from repeating them!
I want to know that other people also make similar and dumb mistakes, so that i dont feel as bad as i feel now....
Please post your most stupid actions while trading, and the outcoming result! Remember this is helping other traders and YOURSELF as well!!
You can also add how you managed to stop doing it..
I'll start off, to break the ice, as today I am the undefeated title-holder KING of thumb-rule's breaking:
The past week, Ive been cool, unstoppable, earning either 1,5 , 2 or 3 points everyday, trading 1 ES contract.
Yesterday, I had a car crash... as a dumb f*ck almost killed me when i was stopped at a red light... Both our cars were ruined.. And im pointing that my car has no recovery, so i'll end up paying myself for most part of a new one...
RESULT: Even tough im trading a small account (ie: around 6000$ to 7000$), ive decided to scale up to 4 contracts...
Cant say what i was thinking, but i guess i felt i had to make money quickly today... and that things were working out with one contract....so..same for 4...WRONG!
Loosing only $1k with, 4-6 cars and $7k account, this is a good result, it should have been really worst.
If you were really the KING, you'll have end the day with a margin call and and much smaller account.
Sorry, no funny or expensive mistakes for me, just double some positions instead of closing them (not always easy with options spreads), or testing a famous trading room calls with real money. But no big mistakes for few years now.
Let's see now who can have the crown .
Usually in trading, those who know don't talk, and those who talk don't know. (Al Brooks)
success requires no deodorant! (Sun Tzu)
I was also thinking about trading the calls from a trading room with real money.... bad idea i see! not going there then...
well... yeah i guess it could be worst....but still hate to see me falling for such a gambler's vice...
Either way, Im Portuguese, and portuguese people are always lucky:
If a portuguese guys breaks an arm, he's lucky he didnt break both.
If he broke both, lucky he didnt die.
If he died, lucky he didnt suffer anymore...