Wednesday, May 12, 2010

Newbies Mistakes

Here's my list of mistakes as newbie:
1. Angry and frustrated when taking loss because everytime the losses is bigger than the profit.
2. More frustated when taking losses and then second later the price went back to my "should be profit target"
3. Anxious when the price zig-zag around our initial entry. My heart like a roller coaster depending where the price go.
4. Letting losses run and hoping this is just a nightmare
5. Cut profit early because scared the profit will vapourize and I will feel depression
6. Over confidence after small winning streak and acted like I owned this world
7. Anxious when trading after one big losses that wiped out my profit if not more and crush my confidence. Put very tight stop loss and lengthen the losing streak.
8. Lazy and trade with complacency. Without realizing the market has change environment.

The holy grail is not about technique or indicator. It's about ourselves. And it's a lot of holy grails. One of my holy grail is accepting losses as it's part of me. It's so difficult that maybe some people may never got to these conditions. I got this enlightenment after 3 years of minus account.

Please share your mistakes so we can learn at each other. Best Wishes :)

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