Do you ever make mistakes?

[meanreversion]

Ok, of course you do. Most errors will cost money (sod's law) but if we're honest, some make money as well.

Most, if not all traders have some sort of system and are painfully aware when they SHOULD have done something but didn't, and it cost money.

Does anyone track these errors, i.e. keep a log of the situation and the monetary consequence? Furthermore, what is an acceptable error loss as percentage of total equity, I imagine anything over 10 pct would be fairly soul destroying .. ?

 

[SH-101]

I risk 5% of my account per trade (have enough faith in my approach to do so) and I recently took a hit on a GBP/USD trade when I completely miscalculated my entry level - had I calculated it correctly my order would never have triggered.

Bit of a pisser but every now and then you need something to stop complacency kicking in - that was it for me

 

[bbmac]

I tend to categorise any mistakes, asking the question is it a) a genuine slip because of lost concerntration or something -or- b) when my discipline has lapsed, ie being involved in a trade that doesn't meet my entry criteria/rules. Whatever the reason, a mistake is a mistake and you have to live with the consequences. I would say the total combined runs at less than 2% but the 2nd is a constant battle to maintain patience and discipline against the nagging forces of greed and fear etc..

 

[meanreversion]

2% sounds pretty good, I reckon I'm around 5% but it's my aim to get it down to 2 or below.

 

[meanreversion]

I risk 5% of my account per trade (have enough faith in my approach to do so) and I recently took a hit on a GBP/USD trade when I completely miscalculated my entry level - had I calculated it correctly my order would never have triggered.

Bit of a pisser but every now and then you need something to stop complacency kicking in - that was it for me

I think sometimes making the occasional mistakes helps in the long run, sharpens the mind.

 

[gooseman]

lift the offer rather than join is prob my most common. stupid sh1t like that. normally only a tick worst so no biggie.

 

[Trader333]

Do you ever make mistakes?

Yes constantly.


Paul

 

[luckyd1976]

Do you ever make mistakes?

Yep Absolutely

 

[BSD]

All da time !!!

By now I don't go against my rules any more, but I do fiddle da Ninja sumpin bad from time to time, eg it's a hassle, I've got some chart windows open and a Dom, sometimes I switch a chart but forget to switch da Dom, so I may see the Dax or € or whatever on the chart, but enter a buy in the Bund lol.

Silly really as Ninja has the option of entering off of charts themselves, but for some reason I just like having the Dom up.

Or forgetting to adapt the contract size when taking partial profits which I do sometimes, eg I enter with X, try to sell Y, but inadvertently close down the whole position because I didn't adapt the position size.

 

[Black Swan]

easy remedy there Marcus lad, don't drink Dom whilst trading...

 

[BSD]

haha

 

[Shakone]

All the time yeah. This week I was playing a breakout, and was supposed to wait for the bar to close above a level. Placed my order with about 2-3 seconds before bar close, and it reversed in that time and closed the wrong side. Knew I shouldn't be in it, then held it anyway to get out breakeven, and cost me 2% when it hit my hard stop. That is 2 mistakes in one. I think ideally as soon as you've realised a mistake has been made, you should probably exit immediately.

Most common mistake for me is missing signals.

 

[wackypete2]

Most of my mistakes come from anticipating the entry instead of waiting for the actual signal or entry level. A loss on an incorrect entry is always costly. Also, I am prone to hitting the wrong hot key or clicking the wrong BUY or SELL button, but those are easily and quickly corrected with only a very small loss.
tbh, I've never given any thought to track the mistakes and see how much it actually cost me over an X period of time. After reading this thread I am now itching to know. Very interesting!

Peter

 

[Hoggums]

I never make mistakes.

It's the rest of the world that is mistaken.

 

[robster970]

Yes, I made one earlier when I went short on ES when it hit yesterday's close instead of waiting for it to struggle at yesterday's high because I didn't wait for a price confirmation and I have an itchy trigger finger when I've not traded for a few days.

 

[tomorton]

Mistakes are helpful as long as you recognise that you definitely will make them and know when you have made one.

Being wrong isn't too bad, but staying wrong can kill you.

 

[MrGecko]

Joined T2W didn't I?

 

[bedsit]

Ok, of course you do. Most errors will cost money (sod's law) but if we're honest, some make money as well.
QUOTE]



I made a mistake and made money at the same time:

Against my rules before 2 very important US reports at 13:30 I traded USDJPY (short).
It dropped like a stone in a minute – I made a massive profit.
Never than less it was a big mistake – not sticking to my rules.
This time I was lucky – next time I'll try not to repeat it.

 

[wackypete2]

This time I was lucky – next time I'll try not to repeat it.

You'll try not to repeat the luck? or not repeat the mistake? Please clarify.

Peter

 

[bedsit]

You'll try not to repeat the luck? or not repeat the mistake? Please clarify.

Peter

Hi Pete.
The profit was more by luck than judgement.
IMO Trading around important reports can seriously push trader's luck, unless they know what they are doing.
Of course I've learned this hard way (paid for it before)