What are your favorite trading myths? - Page 2
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Thread: What are your favorite trading myths?

  1. #11
    Quote Originally Posted by ;
    quote Well, from everything I could see it's nothing you can't learn online for free.
    Quote Originally Posted by ;
    quote That is not true.... I heard Kama Sutra online for free.
    May be you guy's correct. As I'm new I'm trying to learn. By hook or crook I'd like to become a great trader. At this time I am trying to assemble knowledge. Plus it'stop help me so far

  2. #12
    The biggest and most dangerous myth:

    You can make a living out of trading the forex.

  3. #13
    Transferring your stoploss to breakeven.

    This basically means you put a buy order and a sell order in precisely the exact same location - when people do this, thinking they're right now, it strikes me as eccentric. Additionally, once you are in a trade the market (along with your account balance) does not give a shit where you got in, so that your breakeven level is immaterial.

    I understand the plogical allure of doing this though - I do it myself sometimes, though I know I am playing a mental trick on myself instead of improving my overall position.

  4. #14
    And yeah the fractal market thing, I Have argued about that here before

  5. #15
    I will close the commerce if my stop loss is hit which could be in a significant turning point/breakout.

    I will diversify my $10000 a/c.

    The 50/50 chance BS. Its not 50/50. It's over trading.

  6. #16
    Quote Originally Posted by ;
    The most important and most dangerous myth: You may create a living from trading the FX .
    I was about to post the opposite. You've got the stage.

  7. #17
    Quote Originally Posted by ;
    Moving your stoploss to breakeven. This basically means that you set a buy order and a sell order in exactly the same place - when individuals do so, thinking they are right now, it strikes me as bizarre. Also, once you are in a trade the market (and your account balance) doesn't give a shit where you got in, so your breakeven level is irrelevant. I understand the plogical attraction of doing this - I still do it sometimes, though I know I am playing a mental trick on myself instead of improving my general position.
    Absolutely .

  8. #18
    Quote Originally Posted by ;
    Moving your stoploss to breakeven. This basically means that you set a buy order and a sell order in exactly the exact same place - when people do this, believing they're right now, it strikes me as eccentric. Also, when you are in a trade the market (along with your account balance) doesn't give a shit where you got in, so that your breakeven level is irrelevant. I know the plogical allure of doing this though - I still do it myself occasionally, even though I know I am playing a psychological trick on myself rather than improving my overall position.
    You're probably Perfect! If you think of this in terms of probabilities, what you are doing when you BE is providing price less room to breathe, which means more opportunities your SL will be hit. It might nevertheless be sensible if this is just a case of tracking your stop, i.e. if you don't have a TP in any way, and you are just trailing to observe how much it will get you, and BE is just the first step of that.

  9. #19
    Quote Originally Posted by ;
    The biggest and most dangerous myth: You can create a living out of trading the FX currency.
    Our largest challenge really!

  10. #20
    Is right. But I must submit my own participation = the trend is your friend.

    It is a fair-weather friend as best, usually similar to the friend who always comes over wanting to borrow things.

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