Bad Trading Habits That Are Costing You Money

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2021.12.08 21:38 HSeldon2020 Bad Trading Habits That Are Costing You Money

****Updated and Reposted for the Wiki****
Every trader has bad habits.
And I am not talking about the over-stressed, nicotine/alcohol/junk food lifestyle many find themselves living. I am referring to actual trading habits.
Some of these stem from individual personality traits, while others are due to a combination of arrogance and simply being stubborn. I interact with hundreds of new traders a week, and without fail almost all of them have some, if not all, of the issues listed below.
While I try to discourage them from repeatedly making the same mistakes, it is also without fail that most do not listen. Some do, and I have watched them become consistently profitable traders over time, but others prefer to argue despite their lack of monetary reward.
As a professional Day Trader (i.e. consistently profitable to the point I can support myself/family off the revenue) I know how hard it is to do this. I am also know that it is very doable, and those that watch me trade everyday can see the results. Given how difficult this is to master, it is made even more so when people continue to commit the same mistakes over and over again.
So without further adieu - compiled from my countless conversations - are the biggest mistakes I see being made on a regular basis:
Trading Without Knowledge - Time and again traders will enter into a trade because they read a post or followed a trade live, and they have no idea what they are doing. You would think it should be common sense that someone should know how an option spread works before committing your money towards one, but apparently not. On Friday a trader asked me what "assignment" meant after they just bought a Call Option that expired on that same day. I do not hold out much hope for that trader.
Rushing Into A Trade - Perhaps a stock is moving up quickly, or someone just posted they shorted a position, and instead of taking the time to look at the charts, looking at the best entry and exit points, deciding on position size, etc - they just jump into the trade without thinking. Again, you might think this advice is obvious, but it is not.
Relying on Others - As someone who publicly posts their trades I know full well the pressure of having many traders follow you into a trade. And while I am posting the trades for educational purposes, I also realize that some people just want to grab quick trades that someone more experienced has chosen. This is an unfortunate practice. Not only are the constant questions annoying as hell (e.g. "Are you still in?", "It's dropping, should we exit?"), but it doesn't help a trader to just blindly follow someone, in fact it can hurt them quite a bit. Because if you are relying on someone for a trade that also generally means you are relying on them to exit as well.
Position Sizing - This is a common refrain and no list of mistakes would be complete without it. No matter how often you tell traders to work on their win rate, start slowly, find your strategy first - it doesn't matter. Someone with a $15K account is buying 30 $1 calls on a stock and using 20% of their account on one trade. Hit singles, stop swinging for the fences.
OTM Options - This warning always gets an argument, but arguments do not change facts and the facts are - OTM options are generally not a good idea. Sure, if you are doing Friday lottos, or an OTM Bullish Put Spread they are fine, but overall one should not be gambling with OTM options. Yes, they are cheaper, and they are cheaper for a reason - you are paying no intrinsic value. In fact, they aren't really cheaper, because you are actually paying all premium. Traders lose more money on OTM options than almost any other type of trade.
Anticipating - One of the absolute worst trading habits there is and it is done by both new and experienced traders. Nobody wants to miss a move, so people jump into trades before confirmation. This would be all of the people that went long on SPY a week ago (most likely using OTM options) thinking it was going to bounce back, only to see it drop even further. Traders love to try and guess tops and bottoms of charts, a practice that they continue no matter how often it loses them money. Another version of this is trying to predict the market based on external factors - i.e. "The infrastructure bill should help stocks like CAT, I am going long!" Always confirm first - let the chart tell you what is happening - Institutions move prices, so let them go first and then follow the money.
Overthinking - Trading is hard, there is no doubt about that. It can takes years to get good at it. But that does not mean it is complicated. I see traders all the time with so many indicators on their charts that you can't even see the candles. Many of them are looking at esoteric studies and rarely used analysis to help them make decisions. Remember, Technical Analysis works insomuch as other traders also are following the same guides, and trust me, not many people are looking at the 73 SMA on the 4 hour chart.
Rethinking the Wheel - So you been trading all of three months and you think you've cracked it with your new method? You haven't. Trust me, there isn't anything you can try that hasn't been tried already. Now if you have been trading for many years, have had consistent success and then come up with a new method of trading - great, that should be of interest to everyone. But way too many new traders think they can find a surefire system that can beat the market.
Decision-Making Bias - There are several that impact traders, especially newer ones - whether it is Anchoring which would have someone looking back at that first successful trade as an example of how to move forward, or Survivorship where people tend to only look at the winners and ignore all the losers (GME is an example of this), this type of thinking gives a shortcut to correct decision-making. And in trading, there are no short-cuts.
Trading P&L - Really hard to break-free of this. So many traders will set their stops based on a preset amount of money, or exit a trade because they are "down too much". You should be basing you exits on the charts, not your P&L. Time and again I see people jump out of trades they should have stayed in because they were afraid of "losing too much" (see - Position Sizing) only to have those trades turn into winners. Exit a trade when your thesis for entering no longer applies.
Believing in Losers/Scared of Winners - Unless you were born rich, you have experienced financial struggle in your life. When things go right we are always expecting "the other shoe to drop", and when things go wrong we are always hoping they turn around soon. Unfortunately we bring this mentality to trading. It is why we take profits too early and let our losers run too long. When we are in profit many times we are so afraid of losing our gains we exit the trade even though it is going our way. And when we are down, way past the point of the stock violating a technical level, we constantly believe it is just about to turn around. Because of this our losers can tend to be bigger than our winners on average - and that is not way to make a living.
Ignoring the Market - Successful Day Traders know that if you get the Market right and the Stock right, you will make money. But many traders ignore the market. Are you shorting a stock on a day the market is really strong? How is the stock performing relative to the market? One should always have the SPY 5 minute chart up and running in the background and constantly checking it.

Momentum Trading - I saved the biggest one for last. This is also the most argued and most difficult to get people to stop doing. The entire field of Day Trading has been corrupted by YouTube videos promising people they can get rich quick using very simple methods. All of these videos are doing minor alterations to Gap n Go strategies, where one plays the momentum of morning gappers (most are found earlier in the day). Ironically, this is actually one of the most difficult types of trades to do with consistent success. Most professional Day Traders actively avoid them, except in rare circumstances. Yet, many new traders believe that Day Trading is Momentum Trading - it is not.
I can absolutely assure anyone reading this that if you stop doing these mistakes your odds of success would increase dramatically. However, I also get that it is difficult to change. Overcoming these issues is part of the reason it takes time to be a successful trader. Learning how to trade isn't that difficult, but learning how to be a successful trader can seem impossible to some.
Look through this list, try to figure out which of these causes you the most trouble and focus yourself on working on the issue(s).
Best, H.S.
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2021.12.08 21:38 clairethecartier 2 free tickets to Pouya show tonite in Az

I’m giving away 2 tickets to the Phoenix show tonite since I won’t be able to make it. Don’t want nothing in exchange, I just don’t want them to go to waste.
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2021.12.08 21:38 Upstairs-Lab8148 Good evening skiers, how you all doing?

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2021.12.08 21:38 mia1897 Why would his brother need to follow me? We don’t know one another.

Guy A (Arab/religion - 25) and I (Arab - 24) were good friends and were getting to know one another however timing and healing/figuring things out regarding a previous relationship kept us from continuing. He had said he “would love to continue on the path we were going but he needed some time to figure things out”. We stopped communication and a short time later he reached out to see how I was doing and I answered back simply and didn’t pay much mind to it.
Recently, his oldest and MARRIED brother (29) sent me a follow request and has been starting to engage with my posts.
My gut is saying my name must have gotten brought up because we don’t know each other and have no reason to. I feel like he is testing the waters to see where I stand with his brother (25) or if maybe his brother (25) put him up to it to see how I feel about picking things back up again. I say this because he has been making himself known on my socials in a low key kind of way.
What do I make of this and what’s the point?
Thanks in advance.
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2021.12.08 21:38 30fyllos_O_Mpapas_ Just saw that Lil Baby Lazy Lions launched on Opensea

If the prpject is good i think they gonna sell out fast, like all lil babies project. just saying...
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2021.12.08 21:38 JStratton121 Sebastian Inlet Beach Florida

Sebastian Inlet Beach Florida submitted by JStratton121 to HondaCB [link] [comments]


2021.12.08 21:38 SmartPoint5145 Come see where all the Scammers get their methods. SwipeClub (Groupchat + Vendor)

https://t.me/joinchat/0AX3dyKAiERkNWFh
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2021.12.08 21:38 misterjip Scene of the crime (murdering the Time)

Scene of the crime (murdering the Time) submitted by misterjip to gangweed [link] [comments]


2021.12.08 21:38 FigSea5289 Chances of John Mayer headlining?

Just wanted to see if there was any possibility John Mayer
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2021.12.08 21:38 katastatik The Ecstatic Nothingness

This is an improvised track I did with a looper and a new guitar at the time that I think is coolthe ecstatic nothingness
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2021.12.08 21:38 Glass-Awareness-4170 Patiently waiting

Is it me or does anyone else here just patiently wait and yearn to here of people first coming here, telling their stories but also seeing if it’s maybe one of their loved ones?!
I do check for my family and 2 of my close best friends I met in this religion. 1 of which was raised catholic and his mom got a knock on the door at the age of him being 9 and he was baptized as a JW by 11. He’s a MS, super PIMI but anything’s possible, if you’re reading this and maybe put this together, just know I love you and will always forgive you for doing what you thought was best in shunning me. I have unconditional love for you 💓
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2021.12.08 21:38 CrustLoins Turnovers thwart Wolves' chances at the upset vs Clemson. 28-21 Final

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2021.12.08 21:38 AnthonyDavos What's the quickest way to get a replacement coolant reservoir like this one for my 2013 Focus? Tried some stores but didn't have them. Mine has a crack that's causing a leak.

What's the quickest way to get a replacement coolant reservoir like this one for my 2013 Focus? Tried some stores but didn't have them. Mine has a crack that's causing a leak. submitted by AnthonyDavos to FordFocus [link] [comments]


2021.12.08 21:38 J03__M4M4 Hello hello Upland! :)

As a local who has lived their whole life in Upland. I’m currently hoping to make a bid to become a moderator for this subreddit. I would love to clear the Upland subreddit of the trash that has plagued it. To fill it with informative information that contributes to the everyday lives of Upland citizens. Hopefully within three days, I can file a redditrequest that will allow me to take on a moderator position. I will continue to add news that provide information for the Upland locals. Until then, have a great day everyone! :)
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2021.12.08 21:38 jude565 IKEEEEEEE!

IKEEEEEEE! submitted by jude565 to MemePiece [link] [comments]


2021.12.08 21:38 Spiritual-Food-8474 2/3 Reshiram 1858 7938 4581

2nd one they are wather boosted btw!
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2021.12.08 21:38 AlBro666 Introducing the Google Classroom

Introducing the Google Classroom submitted by AlBro666 to JackSucksAtLife [link] [comments]


2021.12.08 21:38 CryptographicPanic $1.1B in Bitcoin options expire on Friday, but data points to a sub-$55K BTC price

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2021.12.08 21:38 jack-of-all-trades1 Ardx. Would keep this one on watch list tomorrow just in case volume picks up.

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2021.12.08 21:38 Puzzleheaded-Net-671 Should I divorce my husband ?

I (20 F) am very unhappy with my marriage and my husband (20M). We've been together for 4 years total and married for one. He's in the military and we recently moved to where he is currently stationed. Since i've moved here i've noticed a large change in him. He's angry,moody,and quite frankly rude 75% of the time. I know what happens all the time the military this tough "Macho" mentality is very forced and kinda necessary i guess to survive in that type of work environment. But its very much the opposite of who he use to be, not that he was a pussy or anything he was just so kind hearted and sweet to me and so thoughtful. it's been over 6 months of screaming, crying, and begging him to please get help or please be just nicer to me i guess and he says that he will change but it really never seems to happen. I'm literally at the end of my rope I've been trying to help on my end too: trying to be more patient and understanding and not so reactive to his asshole energy but after so many times it just feels like i'm being walked all over. Please help. I dont know what to do.
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2021.12.08 21:38 Otherwise-Attitude98 yo_elvr

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2021.12.08 21:38 KcBass434 Fender Paramount acoustic has come unglued...:-(

Looking to see if anyone has had a similar experience and what solutions might be possible without a major overhaul.
Pretty sure my Fender Paramount PM-1 Deluxe has suffered some severe temp distortion. Just relocated here to Canada and my acoustic has finally arrived after being (covid) isolated in Thailand for over a year. I suspect, due to the extended period without any AC, the frame has come unglued from the bracing behind the bridge.
The neck looked a bit bowed when I got her back and I tried adjusting the truss rod to pull it back, a little at a time, when I noticed that the bridge was "bending/leaning" over towards the headstock. I relieved the tension and the bridge looks a little better, but still not flat. I can also feel the framework behind the bridge flexing down toward the internal bracing.
I took the strings off and by reaching in the through the sound hole, I can feel that there's a gap between the outer frame of the guitar and the bracing just behind the bridge.
I'm thinking I might manage to get in there with some glue, but it would have to be quick working as the body flexes back as soon as I remove the downward pressure from outside....
submitted by KcBass434 to guitarrepair [link] [comments]


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