Hi there,the following is a bad trader, one who goes against his trading plan, one who always trade even when it is unnecessary, one don't want to learn who thinks he knows it all.
I don't get it either-- sounds like hindsight trading because how else would you know? - trading is like fishing, you never know what you may catch-- -and the only way to guarantee not catching is not fishing-- surf
well..simple example would be some spontaneous trade,'cause i feel like it'. news for example. you have system, that you use during regular hours,then in premarket news comes out-market jumps up(or down) and you also jump in,cause you feel that you going to' miss the train' and then stuck with losses and don't know what to do. but it kind of same category like trade without plan
I agree about the plan-- but the reverse could also be true when trading on news-- you could win and win HUGE.
And here we come to the conclusion.All these instances,'I entered a trade,even though it wasn't necessary';'I saw the spike and jumped in',etc simply means,you just entered a 'suboptimal' trade-the middle of nowhere.Every instrument has its very determined 'parking lot',from where it can go in the particular direction with the high probability.You just need to learn how to spot that 'parking lots'
My biggest foolish error was being drawn to futures. Simply put, trading futures is too hard. I should have started with stock trading where you can disperse your plan over many many stocks simultaneously with smaller share size. Kids, dont even bother with futures. Also, another colossal mistake was spending way too much time and believing in some cockamamie implausible trading method (al brooks). That belief cost me time and precious resources. Stay away from brooks also.