6 replies to this topic

[calmcookie]

I'm a late bloomer on the financial scene. Frankly, for most of my life I could barely balance my check book. Now the game is fun and fascinating and I'm having some modest success. Love the whole world of trading, investing and business ... but, I'd rather avoid as many mistakes as possible. If you've been observing the market and / or investing for over 25 years ... are you willing to share a few, BRIEF pearls of wisdom ... would love to hear about your BIGGEST mistake or the one or two things you wish you'd done differently. I have a belief that anyone who succeeds HAS to have made a lot of mistakes / errors ... think it's just part of the process ... so hope you're able to share your badges of honor! Also - am considering whether or not to buy a house right now (a tax foreclosure deal) .... seems a bad time, but not sure. Thanks in advance, C.C.

Edited by calmcookie, 22 February 2007 - 01:23 PM.

[hiker]

99% preparation, work and study 1% execution and trade management this is work..no wisdom or ideas of others can save a trader from doing the required work and study -------- some look for any trade....the highest cost in this trading biz is "opportunity" cost which is relevant to choice of what to trade.... opporunity cost of having $10M in the QQQQ's last 30 days vs. that position in JADE or OATS or WFMI....easy example....why not have those trading $'s in index futures or in trading corn commodity futures which reached an 11-year high? time + opportunity is what we have to prepare and study for full advantage in our choices //// my last word on this subject

Edited by hiker, 22 February 2007 - 01:33 PM.

[Frac_Man]

Yes, you need a system and stick with it !

Hank


From the road of hard knocks etc ......

I'm a late bloomer on the financial scene. Frankly, for most of my life I could barely balance my check book.

Now the game is fun and fascinating and I'm having some modest success. Love the whole world of trading, investing and business ... but, I'd rather avoid as many mistakes as possible.

If you've been observing the market and / or investing for over 25 years ... are you willing to share a few, BRIEF pearls of wisdom ... would love to hear about your BIGGEST mistake or the one or two things you wish you'd done differently.

I have a belief that anyone who succeeds HAS to have made a lot of mistakes / errors ... think it's just part of the process ... so hope you're able to share your badges of honor!

Also - am considering whether or not to buy a house right now (a tax foreclosure deal) .... seems a bad time, but not sure.


Thanks in advance,

C.C.

[selecto]

Its an art. You can either make pictures or you can't. Genetic.

[OEXCHAOS]

I dunno, Mike, if you make the same mistakes for long enough, you'll learn. I mean, even a CARP will learn after enough repeitions. My pearls? Always plan on being wrong on your call. Know EXACTLY what you will do in any adverse event. That includes losing your internet connection, and/or your phone line. Obviously stops and money management too, but the key is, don't worry about perfectionism. Ignore how much money you're "going to make" and figure out how to limit what you'll lose if EVERYTHING goes wrong. Mark

[Frac_Man]

those were good words of wisdom !

I dunno, Mike, if you make the same mistakes for long enough, you'll learn. I mean, even a CARP will learn after enough repeitions.

My pearls?

Always plan on being wrong on your call. Know EXACTLY what you will do in any adverse event. That includes losing your internet connection, and/or your phone line. Obviously stops and money management too, but the key is, don't worry about perfectionism. Ignore how much money you're "going to make" and figure out how to limit what you'll lose if EVERYTHING goes wrong.

Mark

[nimblebear]

I wouldn't buy a foreclosure unless you really KNOW the local market. I have been hearing lately about people getting burned. just my 2 cents