Top Ten Trading Mistakes

I'm the guy that's made every mistake in the book. If Dr. Steenbarger were to write another book, the whole book could indeed be about me and all of my mistakes posted on this blog. Today, I'm going to review my top ten trading mistakes.

10. Getting up late and missing the morning open.

9. Trading the afternoon dull drums and churning all my morning profits.

8. Trading counter trend, especially when market internals are heavily favored in one direction (Advance/Decline has strong bias and market up/down volume has strong bias)

7. Trading from open to close without a break or lunch, causing mental exhaustion and poor trading performance in the afternoon.

6. Letting a scalp trade turn into a short term trade or overnight trade.

5. Letting a winning trade turn into a loser.

4. Taking impulsive trades that are not part of the system I've designed.

3. Widening my stop or using no stop at all.

2. Adding to losing positions.

1. Trading too large of a position for the account size, causing emotion to control the trade instead of the system I've designed in advance.

Exrta Mistakes regarded to trading-

1.Not taking profits at the end of the month and waiting for a bad day to come around so I can lose all of the gains for the month in one day.

2.Trading before I have to leave for work or an appointment causing added pressure on open losing positions.

3.Having an open position before an economic # is released or before FOMC makes interest rate announcements.

4. Trading OPEX Friday and the day after OPEX Friday. (Seriously, take Trader Mikes advice on this one.

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