But look at the big blow ups in the big guys: Too much capital on one trade: Ego with Natural Gas Hiding losses from boss: Discipline Buying more as decreases: Bad money management Julian Robertson (Tiger Fund) went into "tech" right at the top of that market..... They make the same basic mistakes......over and over and over again.... Actually their mistakes should make us feel good.....they just have more money..... SteveD
CM69, At some point you are going to come right up next to the brink of beginning to learn about trading. Vis a vis your Q the two set of mistakes have little overlap. And it is important to turn to learning about trading where none of those mistakes come onto the table. As Don suggested people who are traders can only be guided as a matter of staying away from the subject of your prelearning effort presently going on. If you will, imagine for a moment that you do consider learning to trade and you actually start to do the work of the process of learning. What would this be like for you? Chess players play blindfolded and play 10 to 20 others simultaneously as a way to shape up. Think about this for a second. At the expo, a guy posted a chart with no symbol and no annotations and asked what it was saying. I gave the answer instinctively, immediately and to susequently evoke the greatest laugh of the session, all premeditated for my personal mental exercise. He said that I had seen the presentation before. We both laughed. What would it be like for you to decide to begin to learn about trading? More strongly, WTF would it be like for you to decide to begin to learn about trading? Try to get to the place where your computer is displaying the markets during the day in real time.
Well.... Mayor Newsom humped his best friend's wife a fellow employee. He should go far politically.... However in trading it doesn't work out that way unless you're an Enron trader.
umm..yea..ok..whatever. Do you plan on answering the question?..or is your intent to distract everyone from the title of this thread and bash me even more?... but I guess thats become somewhat of a hobby for Er'ers. I work my ass off trying to understand this shit, I dont need someone criticizing me for what they THINK they know about me. In fact, admin, close this thread...I can see where this is going. cm69
Were I bashing, which is not productive, I would be dealing with specific posts. The mistake thing is not productive for you at this time or mostly anytime. What is productive for anyone, including you is to be working at learning in a methodical way. For sure, there are many ways. Lets say you checked out Shannon and found out about low risk high profitability trades. What if you read Michael Kahn's Barron's Online postings and got down how the market ball park works? What if you looked at what makes up the components (4) of what whistler says is a good and comprehensive approach? What would it be like for you if you got the video John Carter ships every day to those who he feels are on their way. Would you check out Senter's daily video and get with it on internals? You are telling everyone that you haven't started a process for learning as yet. Working is not hard to define; it has results and performance associated with it. Maybe you ought to hit Don's boot camp and be in a structured environment. As for pro mistakes, the list is quite long and it has been around forever. If you are interested, knock out a 100 pager on the subject over the weekend and put it in your file cabinent. the financial industry history is a litany of how the pros make mistakes; most can't even beat the averages. Sit down and look at three things and then get on with the learning. Price change is where money is made. You have to be in the market to make money. You have to stay on the right side of the market at all times. Zillions of people do this more or less. Ultimately you can see on a chart price change and what the right side of the market is. You can take any chart and put a zig zag on it to crudely show the whole path on that chart to take all the money out. Do 100 of them this weekend after you write up the 100 pager. I attached a simple starter gizmo. It is not your cup of tea; we all know that. Make up your own and do the work. Don't keep postponing making a lot of money fast.
With all due respect "it ain't that easy." For instance how about when all the bids are pulled so the less prepared traders stops get blown out to then have bids fiercely and aggressively appear. What happens. Instantly on the WRONG side of the market. Now what? I am not trying to argue because what you say has merit but.....
I'm not and I appreciate these types of posts. Organization is my biggest weakness. I'm going to need to turn it into my biggest strength if I want to be successful in this industry.
what about brian hunter? you know the guy that deutsche bank hauled out of their offices cause he was losing so much money? then got them to recommend him to with that small time fund, I think it was called amerath? and proceeded to blow their 6 billion? How the hell could their uppers even let him get away with that? Risk management anyone? From what I am reading, newbies and pros have all of the same problems, except when the they win they win. neiderhoffer, longview, amerath, solomon bros, etc. all have the same problems as newbies, and its funny because you would think they know better. and I am no less guilty of making any of the same mistakes.