36. Two Trading Mistakes Which Will Destroy Your Account

[xsoroton]

second so true so true

[fadethetrade]

If you look at the markets in a month to month,you are certain to lose but it prolongs the agony waiting months to lose your account??? RIDICULOUS.I find my mistakes by 9:50 every morning.I go home with closed out positions and profits every day! Only way to trade.the rest is a bunch of SHIT!

[scott1506]

@fadethetrade sharing is caring. share your knowledge please

[fadethetrade]

Contracts,not commissions.

[fadethetrade]

ONly one way to trade.Scalp the candle chart 20 second chart.The rest is a trap to make numerous mistakes.bouces,reversals,fibo­nacci.Its all BULLSHIT.the top 1% earners scalp the market for a few ticks and mount commissions to make up for the short profits.

[usta4070]

That head and shoulders is staring you in the face even before the support line is drawn.

[amanbaniya46]

Oh hai! Have you thought about the British Box Breakout (search on google)? Ive heard some awesome things about it and my mate got crazy amounts of money.

[Erennin]

Question: between analysis, feeling, experience, etc. how much does luck plays a role percentage wise ?

[girlie347]

"still loose", this bad spelling is really becoming a cancer.

[wwwuraRetard]

It's a typo,It is bound to happen so deal with it.In case you didn't know Dave is a human and just like everyone else on the planet eventually we are going to make mistakes. Dave works very hard to put out many great informative videos and you let your crusty panties hit the fan over one spelling error? What have you done to make the world a better place for others. GET OVER IT and YOURSELF!!!!

Your hypocrisy is spreading like a wildfire soon everyone will have a hateful critical attitude.

[lynxlea]

ur voice is tooo small

[FXCommissionRebates]

Dukascopy are one of the most reliable brokers. Open a Dukascopy account through FX Commission Rebates and get 44% commission discounts.

[BigWetFart]

Great video. Great advice. But one thing that irks me, and it's not trading related, it has to do with the word, "lose." Lots and lots of people do this. On the video where it says, "When you are right and still loose?' How loose are you? What needs to be tightened up? Just think of somebody who doesn't follow your great advice, they would be called a loser. Drop the R from loser and you have lose. Enough of my rant, time to go check how many PIPS I've made since typing this out. Thanks.

[agarg1402]

David Great work I wish I could have known this stuff b4...

Keep it up Cheers

[redjebn]

wow,great stuff

[sankarvet2009]

The best place to learn options trading is here.

[onkar2510]

okadvisors.blogspot. try this for real results!!!!!!!!!!!!

[onkar2510]

hhh

[slingmoe94]

people just invest in precouis mtals.. gold!! silver!!!

[DiamondClassFx]

First 50 Persons who will Contact me will get A Special Prizes

Valued of Over $ 1000 & Special Forex Services

more

.

[1990iceboy]

thanks a lot >>  i have got it clear >>

[cliftut]

Many thanks for this video. I'm new to this stuff and I've been practicing with some stock simulations. I've noticed the sort of behaviors you describe causing me (theoretical) losses, and it's good to hear you put things into words so that I can see what's going on more clearly.

[tigpips]

Best Forex Rebates, earn free additional money as you trade. Works with all types of strategies or systems. If you think you can only earn from money from just profits on your account, well you're wrong.

With forex rebates, you earn money whether you win a trade or lose a trade. Thereby giving you 2 income streams, one from the profits on your account and one from your rebates.

Sounds unreal?

Check it out ----> freeforexrebates.info

[jambu95951]

Very useFull & Non Profitable Education presented by Mr.David.

Pls keep it up. JambuLingam, India.

[KoalaBearWarrior]

The people who say that indicators are useless simply do not understand them. They are not meant to be a cure-all, but instead, are meant to give cues as to what direction the stock will take. Quantitative Finance and High Frequency Hedge Funds run on indicators and make money. They know what they are doing.

[noetherianring]

excellent video!

[freeSCALPINGindicato]

I got SCALPING metatrader4 indicator - believe or not never loss.

[freeSCALPINGindicato]

@freeSCALPINGindicato new version is even better

[bvn2000]

Perfectly right. This same thing was happening to me in my early days. The problem with me was, I shorted or went long from the levels, instead now I set an alert at the level where I want to enter the trade. Then I watch price action along with indicators and charts with higher time degree very carefully. This is very helpful. But stops are required in any conditions. Wait, watch and enter, don't worry of not catching the perfect bottom. We small traders don't need to form the bottom.

[Ravel87]

"LOOSE"

[gengarjetty]

basically the guy should have put a stop at a point well below support and not exactly at support.

[freeSCALPINGindicato]

I prefer SCALPING!

[ZOPPAGEdotCOM]

best indictators to use in forex is daily pivots, 5 day high/low, 50,200 and 350 day moving average and rsi, mac d or cci only to find divergence. price action rules.

[gengarjetty]

@ZOPPAGEdotCOM :

what about longer term macd's? I find out that all signals given by them lead me to do the same things that I would do if I would go by price action..

[fuckmania07]

burn forever in hell or believe in Jesus

[Muddest]

my problem in trading is that i get anxious when i dont find a setup and then i trade a market without a setup and i loose or when i made a good trade i try to make that kind of trade again and i get anxious i cant wait to make a good trade again and then i peek the wrong setup again and again and again, the worse is that i realize what i do wrong but i cant avoid it

[FreeFOREXautoROBOT]

Free Forex Ea - works perfectly fine for me and for you too.

[gomety]

lose.

[pierneus]

What this guy in this video says it's true, but obvious! A trader who makes this mistake doesn't even deserve to be called so. Don't jump to conclusions guys, because what you can learn from these videos it's less than 5 % of what you really need to know to make money. Unfortunately, nobody will ever explain the 95 %.

This is the reality, so dig it! But for those of you who have just begun...good luck!

[HonestyInMedicine]

I thought you'd like to know about a glaring mistake you made so you could fix it or not do it in the future. The word you meant to use is "lose" (not loose). Teenagers wear pants that are loose. People lose money.

Otherwise, you have great trading info!

[HonestyInMedicine]

I thought you might want to know that you meant to use the word "LOSE". You lose money. Teenagers wear pants that are too loose that they alsmost fall down. You used the wrong word.

[FreeFOREXautoROBOT]

Great video!Thanks.

100% Free Forex EA works fine for me and profitable

[KeshaWW]

The account in the market - here the basic mistake.

[KeshaWW]

Think, how many money will be, if except you anybody does not trade in the market. Only reflect.

[leighmackenzie1]

I really appreciate your lessons, I thank you.

[TheVerum]

Excellent video !

[premmonica]

Dear

May I know if u mean to say after have support three times it may fall

[pauleast100]

Very helpful, especially to new traders, thank you.

Rose East

[blackvodka07]

great vid dave. no hype just real facts

[joewoo127]

did exactly as you cited w/ Lucent Technologies , the broker ( crook ) loved it , the commissions , I averaged down ( real brilliant ) as many as 6 times . Excellent site , Thank You

[FreeFOREXautoROBOT]

there is one 100% Free Robot if anybody want.

[jaggernat]

although i know a combination of studies needs to be used, which one is more reliable, MACD, RSI or Schocastic ?

thx.

[inurt203]

Its very true you know why cause i use to do it and i still do it sometimes but my account got devastated in the past so i learned now but there are certain times when it works.But anyway Best trading lessons.There are some even paid not as good.Thanks David for sharing with us.

[majestik143]

Make sense is the name of this guy. Thanks for the great stuff you share.

[herbs814]

(0:50) This is why you don't initiate a short until you have a confirmed head-and-shoulders reversal (or climax top) with a breakdown below the neckline and failed rallies. You don't short when the bulls are overeager; you short when the bulls are throwing in the towel.

[wtgsdfes]

I'm writing to tell you that your system is definitely the best system for Forex traders that I've ever used. I tried various programs with little effect but the signal method is what I always wanted. This way I can do other things instead of worrying about market analysis and other complicated stuff. I'm absolutely satisfied with this system. Learn how to make easy money at [ MakeMoney8Xcom ](replace X with a dot

[laton2010]

stay away from forex it is the biggest scam business in the world. the 5% winners are the market seller in agreements with brokers. stay way from this devil business. go to another markets

[joshuademoraes]

@laton2010 man..its bullshit..I know a strategy that works very well, even if the market seller is a devil or not...follow them, and you'll get lots of pips...

[showlifemang111]

@laton2010 hey man whats a good legit place i can buy and sell gold or trade stocks thanks

[addy75d]

Thanks for the information , but If you trade in stock market you may make a profit trading stocks is risky you may loose money one trade always gives you profit your Knowledge . build up your knowledge bucket at eZdia and earn money. Try eZdia if not done yet

[Boogers4dinner]

You can never have too much knowledge. This is powerful information. Thanks for sharing that with all of us. :)

[raybonent]

OMG! This just happened to me on the aus/usd. I saw that it was exhausted and put in a buy order; however, it ran 15 pips below and took me out. Of course it could have been interbank "seeing" my stop loss and taking me out of the trade. I need to change brokers. Thank you for the post.

[burhan999]

@raybonent is this true!!!

[mmikhaiel]

You are the best. I learned alot from your short videos. Thank you and keep up the good work.

Mike

[Jeronym0]

put the stop loss too tight is not a good strategy neither..In a channel you can easily trade buy half/sell half and you still better off making money whilst the market get a new trend...the graph you chose is only a good fit for our comment, not a true reflection of the market though

[Marron714]

Hi Dave. I just watch your video #39, 30% expectation... If you can raise millions & can handle the stress to trade/manage other people money, you can make a good living. However, if you trade only your own $, 30% will make a good living ?! THanks.

[Marron714]

Hi Dave. Good to have stop loss order/alert but what if there is gap down/gapup ( for swing/position traders) or price move dramastically fast& your stop loss limit orders being skipped (for day traders) ?!!

[95Farzad]

Dave I am an option trader. And if I am not mistaken you guys trade money. but these videos helped me alot and I still watch them at least once every two months. God bless you for all the hard work man.

[amitfor]

thanx........is all i can give u in return.............it's amazing to have so much powerful information at one place.....

[laton0]

yeah my friend, the best thing is price action, because the indicators give the information so late. I trade price action on gbp/usd. i make 200pips/wk. But i do not sell my strategy.

[InformedTrades]

Hey Laton, I know some people who successfully trade with indicators, but I think they rely heavily on price action and just use the indicators as a supplement. I agree though no need for them for my trading style.

-Brendan

[1yakko1]

@InformedTrades 200 pips a week is nothing!

[golpyz]

@1yakko1 200 pips a week consistently is fantastic, who knows, could have 10 lots on those 200 pips...

[charismapowerdotcom]

@InformedTrades Yes you are right ... Even I have seen some Institutional strategies using moving averages and RSI. There are EXTREMES on both side... One say All indicators are useless ... Second say Only Indicators are the hope ... So it depends .. both are usefull and both are useless ... Jack Schwager in his book the new market wizards says: There are million ways to make money but the irony is that its very very difficult to find....

[BillHicks420]

@laton0 Can you give it for free ? xD

[pierneus]

@laton0 Really? Ha haha ha!! Are you kidding me? Perhaps you make 200 pips one week, then you lose 700 the second week, am I right? After one year you can confess! :)

[laton0]

all the indicators are useless. i do not use them.

[InformedTrades]

Hey laton, I also don't trade with indicators. Some people like them for longer time frame trading however.

-Brendan

[ef6854]

@laton0 Their meant to give an idea, so I guess you just throw your money anywhere

[badboyardiedem]

great stuff !

[InformedTrades]

Thanks I'm glad you enjoy it!

-Brendan

[AmericanValues321]

KEYNES WAS A FOOOOL

[cherylish1]

I wouldn't have considered the resistance line up there due to that gap on the left before it began...the gap shows instability in the new or false support line -& I think that is where traders get a false sense of security for that type of move-GOOD JOB on videos!

[jaydating]

If you spend hundreds of hours and thousands of dollars designing a website, you will "loose" out if you don't bother to check your spelling.

[deanmat]

The second you buy, you also have to have a sell strategy put in place. If you do not, your emotion will move you to react badly. Hope and fear will play into things.

[davedaddy101]

This guy is the best! 99% of everyone on youtube is just trying to turn a quick buck. Most of them provide zero content in their overpriced trading courses. Just a bunch of hype. This guy is providing a superhighway of free information. Keep it up David!!!

[Xakanis]

Could this hypothetical trader have used things like stochastics and the like to foresee the break of the support?

[elwalvador]

Perhaps the better way to fix the problem of getting stopped out just before the stock bounces off support would be to lower the stop a little bit, instead of eliminating it.

Maybe, put the stop at 1.5% to 2% below the support line.

[bripowered]

How can I avoid playing on support and resistance?...thats what I have been learning from other traders......

[heavyweather]

Well...

Uhhh...

I got the perfect trading strategie!!!!!

You set up a demo account with someone unemployed trailertrash....any time he enters a trade you enter the opposite side ;) any time he exits ant takes his losses you exit and take pfofit...

When one idiot is spent you set up the next...

Theres not one strategy more solid than this!

Please donate to support my trading habbit.

[dalesalsa]

Definately don't be afraid of losses if you have a rock solid system that you have tested and it has POSITIVE EXPECTANCY --- then what the heck is the problem. It no problem just take your small losses AND your wins.

If your system has positive expectancy then after 100 trades you will have a larger account balance. That is definition of positive expectancy -- that you have a positive result INCLUDING LOSSES after many trades.

[dalesalsa]

Yea- Lesson is always use stops -- and take that loss but then get right back in and go long after it really starts going up -- if that was your problem.

Don't fall in love with the support line. Sell from about the support line and then be accepting of the reality that it could go below the support line for a little bit before going back up. It's all good, its no problem. That just how the market does things sometimes.

[wojtek0000]

oh woe is me:0 don't remind me. this is exactly what happened to me on the 10/21-10/22 midnight EUR/USD freefall. aj chingau!

[jakuil]

very good point

thanks!

[aonutube]

Thanks dude

[valoney]

Hi Dave,

Thanks for remind us the basic mistakes we all do at the starting of our trading career. what do you think would be best way to handle this mind game! Say in Dow future how many points you think is enough not to be stopped out (hourly chart) after the resistance or Fibonacci number.

Thanks again for the good work.

[InformedTrades]

Hi Valoney, Glad to hear from you. I don't think there is one answer to this as it really depends on what is happening in the market at the time, support resistance levels, profit targets etc. I talk about some different methods of placing stops in the coming lessons however so be sure to check those out to help formulate your own answer in different situations. Best Regards, Dave

[jtking2504]

Hi Dave, thanks for your great videos. I recently had several situations where I exit a trade at a loss and it whipsaws. Emotionally it's very tough to have a loss & a lost profit. I'm interested to know how I should deal with this, is it better to continue with my stops and ignore the lost profit, is it a hazard of trading or am I doing something wrong? In my last trade I finally set too wide a stop, got a big loss & it whipsawed the next day. Ahhhr!

[Fullperson]

I can faintly see a head and shoulders at 4:56, Yet the value of the stock bounces off the support and continues to go up for a month before falling. Why is does this happen? I would expect a turn down with a week.

would the adx show continuing momentum?

[InformedTrades]

I think it is important to understand here that these patterns are pointed out because traders feel that they give them an edge on the probability for what will happen going forward. They are not however a crystal ball that work every time, which is why its important to consider multiple factors and always have an exit plan in place for when things inevitably do not work out as expected. Best Regards, Dave

[cgaxiola]

Lesson to share here is: even when you've lost more money than what your gameplan said because market moved too quickly beyond your stop-loss level, just take the loss soonest possible, cheers!

[InformedTrades]

Hi cgaxiola, Thanks for the comment this is definitely a good lesson to take away from this. Best Regards, Dave

[PFCAhammed]

hi dave thanks for these videos, am going through them all, but the prospect of information synthesis into winning trading is stilldaunting! i would just like to point out a typo, the title says 'distroy' instead of 'destroy'.

[InformedTrades]

my pleasure thank you for the comment and yes trading is a very difficult profession so it will take some time for things to come together. Thank you also for pointing out the typo which has now been fixed. Best Regards, Dave

[cgaxiola]

a friend trader did exactly what you explained here. He had made over 1myl usd in 2 weeks in a bull rally during June and was over-confident that market would continue to go up, never took profits, market started colapsing, he "hoped" it would turn back, he let profits disappear in 3 days, went from a 1.3myl gain to 1.5myl loss, I had always suggested him to put stop-losses, he was too arrogant to listen. thanks for sharing your videos!

[jerryg50]

Hi, Just to add a little to this. When trading in stocks I was taught that it is best to set a working policy, and stick to it. In a simple form it can be something like only work with up-trenders, don't buy a stock just because the price is low, and if it drops by more than a specific planned percentage get out and don't chance it. Always take the time to make sure that you understand and know the projected behavour before getting in. I use 5 ~ 10% as a stop loss depending on the type of stock.

[InformedTrades]

Hey Jerryg50,  Thanks for the comment and the insight its always interesting to see how others think about the market. Best Regards, Dave

[jerryg50]

I have been day trading for a fair number of years. I have been looking at many of these videos about the charts and the various indicators. He is right on the button with what he is saying. What is difficult is that a reversal can come too fast. And, there is no real way to know the future. I have been using very much the same approach. I am much more ahead than behind.

[InformedTrades]

hi jerryg50, Thanks for the comment I am glad you like the videos and agree no way to predict the future every time just to get a little edge is what people need to be looking for. Best Regards, Dave

[TEDDYRIGHT]

I only look for .08 cents to .12 cents profits on my trades, how many cents do you think my stop loss should be. THANK YOU!!

[InformedTrades]

Hi Teddyright, Only you can really answer that question about your strategy. A good place to start however would be to look at your win rate and then go from there. For example if you make money on 80% of your trades then generally your stops can be farther away than if you make money on 40% of your trades. Best Regards, Dave

[TEDDYRIGHT]

I did exactly what you said in this video and lost over 7,000, it is good thing that I had made over 10,000 during the same period or it would have killed my confidence. Thank you

[InformedTrades]

Hi Teddyright, Sorry to hear you took some losses but glad to hear you came out ahead. Have a good weekend. Best Regards, Dave

[scir91]

i prefer putting a stop at 2-3 points below the support level, depending on the volatility of the stock as well as its value in the market in other investors' eyes.

[InformedTrades]

Hi Scir91, thanks for the comment and for sharing your strategy I think thats what we are all here for. In general I agree it is best to try and put the stop outside of the support/resistance level so you are not clustered in with everyone else. Best Regaards, Dave

[preetamgawade]

I appreciate this video ... !

[InformedTrades]

Hi Preetamgawade, Thanks for the comment I am glad you like it. Best Regards, Dave

[hsidori]

destroy is spelled with an "e"

[InformedTrades]

looks like I need to take some spelling lessons. Will fix these in the next version thanks. Dave

[scir91]

leave it in this video. it gives your video title some personality!

[percy3687]

I really appreciate your efforts to bring this kind of useful video's or rather i will call life saving ones...

[InformedTrades]

HI Percy3687, Thanks for the comment I am glad you like the videos. Best Regards,

Dave

[stockwizard]

Not to be mean, but it is "LOSE" not "LOOSE". Your jeans are loose, and you lose money. thanks.

[kinghitz]

Loose jeans ... I wish :-(

[AirelonTrading]

Fantastic point. People's biggest problem and why they stop following basic money management principles is they don't know 'how' to be wrong. They get stopped out of a market in which their analysis was right in the end - but their timing was off. They can't accept that, and they start breaking every money management principle in the book.

[InformedTrades]

great points and thanks again for the comments. Dave

[kidmercury]

great video. thanks for sharing your knowledge.

[kidmercury]

thanks, i enjoyed the video. great advice.

[InformedTrades]

Hi Kidmercury, I am glad you liked it thanks for the comment. Best Regards, Dave