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Showing results for tags 'trading myths'.
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Seeing as though we all seem to enjoy a really good old rant, here's one for you to get stuck into. There are many forms of bs in this industry nearly everywhere you look. It's important to know what it looks like so you can avoid it, but also embrace the er, anti-bs. You know what I mean! Feel free to discuss the points, prove them wrong or add more to the list. 1- The Get Rich Quick Scheme. Oh dear. Not a good start really if you come into the business with the attitude that you want to make loads of money. Almost a sure-fire way to lose it all. Trade to trade well, not to make money. Money is a by-product of being a good trader. 2- The Magic Indicator. Next! Come on really? The point is that indicators are based on historical data and lag current activity. Yes there are lots to choose from in a plethora of multicoloured kaleidoscopic fantastical forms, but really at the end of it all still remains your biggest hurdle- you. 3- Vendor Selling Techniques. This includes baiting, false guarantees, poor rehashing of outdated tools and indicators. Blah, blah, blah. If someone said to you they'll teach you the secrets of alchemy for a couple of thousand bucks, what would you think? Go figure. 4- The Predictor We all do it at times. But some people live it. Predicting what the markets will do rather than what they might do. Seriously, do yourself a favour right now if you think it's possible to be right all the time- quit while your ahead. Because the market loves to teach these people a lesson! 5- Self-denial Self-denial is such a pile of crap in trading. It really stinks. There was a thread a while back by Ingot on this very topic. Get a grip. If you do things you know are bad, deal with them and take ownership of your business. Otherwise you only have yourself to blame. 6- Blanket pseudo psychology. Trader has problem. Trader talks to trading buddies, forum members, shrinks or even their broker(:doh:) for advice. Yeah well maybe you should do this, maybe you should do that. HEY WAKE UP! :helloooo: It's you. You live your life. You DO know what your problems are. 7- The Big Swinging Dick Perhaps the stinkiest pile of bs about is the BIG SWINGING DICK. This is the guy who tells(or lets people believe) everyone just how brilliant all of their trades are. Let me tell you right now. Guys who really are trading like this generally DON'T shout about it. They don't need to. I assure you. Ask the question, "is this actually for real?". and to all of this, all I have to say is: