The most expensive lesson you have learned in this business...

Discussion in 'Trading' started by earlybirdstango, May 21, 2006.

  1. NEVER add to a losing position.

    Please add your individual answer to this question on your own personal experience as a trader.
  2. Self deception will kill you.

    It has been a long time ago, but I remember the day I quit my job to start work in the markets. I thought the transition would be relatively easy. It was difficult and costly. It took several years of hard work, study and struggle. I was lucky to find my way finally. I was sure that I was on top of it. I was wrong.

  3. Daal


    Never sell your house to add to a losing position while your 12yo is a level 3 cancer pantient, you might regret later
  4. Thinking that trading at a firm where they put up the capital was a better route than putting up my own.
  5. Cheese


    I like this comment about self deception because it is central to so much in life and business. Its a word I use to assess the actions of others.

    Where people claim, as they often do, that they have been deceived or they have been improperly informed or that someone else is blameworthy, its simple. They passed up responsibility. They did not use the onboard computer snugly placed between their own 2 lugholes.

    The greatest and ubiquitous deception .. and its all around us and often in ET posts .. is self deception.
  6. olero


    Averaging into a loosing position and thinking that I could trade my way out.
  7. never use all your margin even in a bull market, because when all your trades made a u turn, you could lose all your hard profit + more
  8. FT79


    Never have an opinion about the market or the symbols you trade. Only trade your setups.
  9. man 1994 a stock called media vision. a tip from a friend. they competed against creative tech who sold the soundblaster. i bought 7 k shares averaging down for weeks. one day after a bad close they said they'd have a press release in the morning. the company ahd been defending the stock for weeks sayin g everything was great. that am they preannounced awful #'s it plunged 50% to $11and i sold it all on the open losing over 100k. 3 months later they went chapter 11 after admitting huge fraud. it taught me never ever to trust any company. fromt hen on if the price action is bad i'm gone. THE STOCK ACTION ALWAYS SPEAKS THE TRUTH
  10. Listening to some one else......
    #10     May 21, 2006