There is no shortage of good advice on this forum. But sometimes even the most well intentioned counsel can do more damage than good. Yesterday I read a post on here that talked about taking low probability trades. I tried entering one today and even though I exited as quick as I could when the trade reversed on me, I still ended up with a 3% loss which is my first loss in a long time. Lesson learnt and I will stick to my high probability setups going forward. What is the wrong advice that you have received that you suffered the consequences of? Either from this forum or from other sources. Wrong advice in your opinion and experience.
Fundamentals are the only thing that matters. T/A rules. "Price Action" rules. My broker is the best out there. "Trade small; trade often." but perhaps my favorite is.... No need[!] to watch the news cuz, the market is random. Now -- a confession: you opened the thread with "What is the wrong advice that you have received that you suffered the consequences of?" and that's just not me. I started with a healthy skepticism on pretty much all fronts. So, pretty much, I have invented and re-invented and re-re-invented THE frikken WHEEL, for the past 10 years. Everything I do, I do because I pondered it, tried to operationalize it, tested it, templated it, put it into practice, and sometime *way* down the line, actually relied upon it. Any FUs were mine-all-mine. And that's a good way to summarize my second-favorite piece of trading advice: "invent it yourself: know the calculations, the intuitions, the forwards/backwards on anything you do. {Or else, give your trading capital right to charity, and at least take the tax deduction, WTH.}"
A major problem with 'advice' is that it's rarely given in a comprehensive manner so you know exactly what time frame is being discussed and how it forms part of overall strategy with money management etc. Regarding the OP it's OK to take low probability trades if the risk reward makes sense and you take many of them so the occasional one that works covers the loss on the others. Just taking one without much of a plan and deciding it's bad advice well......
No thank you! You take those low probability trades and find your safety in large number of trades. I strive to place every single trade with excellence and not a single trade that is of low quality and will stick to my high probability trades. It has worked for me so far. I realize many people on here that offer advice don't actually trade. What sounds good in theory doesn't always work in practice.
I learned to stop listening to advice from this forum a long time ago. Some advice are good and universal. But most advice need context. You're not going to get that from one liner. I'm sure some advice work for the giver because they are using a specific type of trading system that doesn't always mean it'll be compatible with your own. That being said one piece of sage advice that has cost me money is "Letting your winner run". In context this advice works when it's a bull market. It fails in a choppy market.