a Trader who is doomed to fail

Discussion in 'Professional Trading' started by NY_HOOD, May 28, 2008.

  1. just bored but i believe most can relate.
    a trader will fail if he does the following:
    average down on a bad trade with the hopes of a miraculous recovery. (never happens) instead of doing what he should have done and take a small loss.
    start making big bets just to break even for the day.scanning through stocks showing strength and then blindly "load up" with the hopes of them finishing at highs of the day even though you bought at highs.
    scanning through earnings and loading up at the closing bell on a stock you think will release strong earnings and raise guidence with the hope of selling for a big profit after hours. we all know what happen in reality..........
    buying a stock pre-market on news/earnings and ignoring the big gap only to see the stock sell off at the open. i remember buying stocks pre-market on upgrades or other news driven events and then watch my stock plummet at the open.invariably waiting for the open is the best policy.
    buying the open just because the futures are up and not waiting for a set up. or again,buying the open on a stock that is gapping up for some reason. if a stock gaps up 6 points,see if it holds the gap and wait about a half hour or so.
    well now that most of you guys are rolling on the floor laughing at my stupidity,i'm glad i provided some entertainment. unfortunately,i used to do all the above.
  2. I did most of the things you mentioned, again and again. I cannot stop myself, so I have decided to quit trading.