Daily FATAL Newbie Mistake

Discussion in 'Psychology' started by Spectra, Apr 19, 2007.

  1. Here's an example of how one of our traders 'blew it' today. You must not let anger and frustration get the best of you in this game...

    We have a very hard working trader by the name of Matt. This morning he took a personal trade, got stopped out, and then left the room due to frustration.
    A large chunk of his account was gone. After he left, we had four more calls on the e-mini dow. A few of our 'newbies' made over 60 points by sticking with their plan for the rest of the day. We had one of our best 'top 4' trading days ever. Matt sits with a loss because he let his stop out enrage him. Seeing this type of behavor frustrates me because I've done it too. I try to think of stops as a business expense. You were wrong, get out. Move on to the next setup.

    As usual, I like to recomend traders read Trading in the Zone by Mark Douglas before they even start day trading. I put off reading that book for months. It would of helped me a great deal had I just read it first.

    CajunSniper / Puretick.com Administrator-Trader
  2. Hmm... Don't you think that one of the first things to teach newbies to would be to never risk a "large chunk" of an account per one trade, no matter how good it looks?
  3. gongish


    (and trading in the zone blows)
  4. Qwerty


    Here's an example of how one of our traders 'blew it' today. You must not let anger and frustration get the best of you in this game...


    Ah' let me guess, he was selling?
    Is that what contributed to his loss to begin with? The dominant theme pointed up because the bulls were pushing the market above support(12,770) while the bears were countering against it, until the bears regrouped just below yesterday's highs(12,890).
  5. He probably would have had a better psychology if were actually trading a system that had positive expectation and didn't have an inverted risk:reward ratio.

    Please see above. Actually, this was being written about months ago, I'm not surprised that one of your so-called students, as you say "blew his account".

    Um, if "a large chunk of his account was gone" he could not have continued trading with anything even remotely resembling good money management ... your post is garbage.

    Thanks for yet another self-serving thread that protects your room from any bad propaganda, in this aforementioned "hard working trader who blew his account" comes on here and starts talking about "how I blew my account out at Puretick".

    BTW, while you're making recommendations, look up a little phrase known as Black Swan.


    Jimmy Jam
  6. what a ridiculous post. stop pumping your company.

  7. Cajun, your statement here is confusing to me. In your methodology at Puretick don't you stress to your students to use prudent position sizing and strategic money management ??

    Because if he lost a large chunk of his account on just ONE trade , its evident your Organization is NOT properly stressing and engraining this important principle into its pupils' heads !!
  8. Allaces


    This sickening self promotion by Purepost should be saved for the back of magazines where the other whores advertise
  9. hughb


    Quit baggin on this guy. He is trying to tiech acnd coach people. All tha tmamtters is that yiou make an honest living. i f you teach people and coach people it doesnt; mean you are a scam. why does everybody have to be such a cynical bastard. always always always give soeone the benifit of the doubt first. All he is doing is trying to teach lesons. dont be so fucking mean. don't ve so cynical. some people trade for a iving. some people shuck corn for aliving. some people sew clothes for a livnig. All that ameatters is that you are making ahonest living. you don't have to assume that everyone who is b eing a teacher or a coach is a rippoff. let people try to do the best thaey can do at whatever it is tey love to do.
  10. johnk49


    Is there something wrong with your keyboard?
    #10     Apr 21, 2007