TickerHeads
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Trading Profitably Despite Frequent Mistakes
Anyone new to trading will frequently get advice that they need to contain their emotions and eliminate mental blunders to succeed at trading. Well after almost 15 years of trading everything from stock options to forex, I'm living proof that you'll never entirely eliminate all mistakes. Well that is unless you are a robot!
But that doesn't mean you cannot still trade profitably. I make mistakes everyday, yet have still managed to stay profitable everyday this year except for 5 days.
Sometimes I develop a bias to one side or another. And that's not part of my trading strategy. I can make money regardless of which way the market moves. But consider Inauguration Day when I was looking for any reason to get long and fought the tape all day long ultimately printing a loss for the day. Or as recently as today after the market printed a bullish reversal bar on Friday. After some heavy short covering late in Friday's session, I came into today with a bullish bias. My first trade of the day was a long that I let run too far.
My point is we're all going to make mistakes. It's the pros that recognize their mistakes and take action to correct them before they destroy their trading accounts.
Anyone new to trading will frequently get advice that they need to contain their emotions and eliminate mental blunders to succeed at trading. Well after almost 15 years of trading everything from stock options to forex, I'm living proof that you'll never entirely eliminate all mistakes. Well that is unless you are a robot!
But that doesn't mean you cannot still trade profitably. I make mistakes everyday, yet have still managed to stay profitable everyday this year except for 5 days.
Sometimes I develop a bias to one side or another. And that's not part of my trading strategy. I can make money regardless of which way the market moves. But consider Inauguration Day when I was looking for any reason to get long and fought the tape all day long ultimately printing a loss for the day. Or as recently as today after the market printed a bullish reversal bar on Friday. After some heavy short covering late in Friday's session, I came into today with a bullish bias. My first trade of the day was a long that I let run too far.
My point is we're all going to make mistakes. It's the pros that recognize their mistakes and take action to correct them before they destroy their trading accounts.
