Why not have another account somewhere? This way, at least the broker issue is resolved. I currently have two brokers accounts open (I use to have three.) I also have two computers on stand by in case one crashes. I have battery backup for both for a half an hour in case of an power outage, and I have two DSL lines in case one goes down. The two things that would hose me is if 1) the exchange itself went down, like Globex or something, but even then, I could always contain the damage by understanding the correct options position that would allow me to at least either lock in profits, or contain the loss. 2) Since both of my connections to the Internet are DSL, it is possible that the DSLAM at the CO may go down, and that would affect BOTH DSL's. I have thought about this and I am considering replacing one of the DSL's with either cable, or satellite. Both of those have their issues as well, but one CAN get too carried away with this stuff... nitro
Nice risk management, Nitro! Yes, I've got backups in all cases -- even a backup in case I become incapacitated (my wife is trained how to close out any open positions). In no technical glitch has it taken more than a half hour to get a trade done.
Hmmmmmmmm, I didn't think about what would happen if _I_ got hosed! Hmmmmmmmm, I am gonna have to train my wife as well it looks like.... nitro
I would have included overtrading on the list. For a long time this was my biggest problem. I would take anything that faintly resembled a setup just because I couldnt stand to be on the sidelines for any length of time. I am an action junkie and slowing down is like pulling teeth but the less I trade the better I do.
Tossing too many or not enough chicken bones could have been included too. Damn slappy, I'm suprised at you giving us such an incomplete list of possible screw-ups. Plum Next time try for the 77 deadly sins...LOL
that was 1999...That is not now...That was back when I was still a beginner...Just my observation and experience regarding how that stuff affects the psyche
Admittedly I have been guilty of all of them at one time or another - this is how I made the list... There was no qualifier as to whether it was about emotion or methodology. These are simply the things that have cost me dearly that I have had to conquer and for the most part have succeeded. Because I have conquered these sins I have since turned profitable. Before that I was not. The reason I put too much size in as a mistake? This is something that for me would occur when trying to make up losses before the same days end - then the obvious would happen - with too much size I find it even harder to stick to stops and let winners run long - not comfortable with the risk. Or, the reverse. I would have a few nice winning days and then (out of greed) up my size to a level that creates the same problems as above - risk level too high = bad decisions. Both of these could be lumped under "trading outside of the plan". As far as counter-trend goes, this is something that can happen as a result of jumping the gun and chasing - often I would find myself counter-trend involuntarily... As I can only speak for myself, I'm sure that I have missed some errors and may not have grouped them perfectly but as the solution threads unfold I will make sure to touch on the ideas you listed. Thanks for your input. Paul
I've made too many mistakes to list, these are just the particular ones that haunt me personally and repeatedly - they require the most vigilance for me to avoid. Paul