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Non-Tech : MB TRADING
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To: funk who wrote (3507)1/23/1999 4:27:00 PM
From: wmwmw  Read Replies (1) of 7382
 
<There is no such thing as a bad trade. What we all call bad trades are truly the most important trades of our careers.>

I think a bad trade is more beneficial to a trader.
A good trade gives you some money and some mental satisfaction. But a bad trade teaches you the most important things that will help you in the future.
People often judge their trades by whether they make or lose money.
But more important thing is your money comes from what you have learned from the market, not from luck. People learn more from losing trades than from winning trades.

Other things I have noticed:
Entry and exit points:
People pay more attention to entry, to pick a stock that will rise to long, or that will drop to short. But the exit point is not less important, and really requires more market knowledge. Failure to choose a good exit point may make you far less profits or even make your winning trades into a losing one.
Risk and reward ratio:
Usually higher reward comes with higher risk. But there are many situations that higher rewards comes with lower risk. Also to different people this ratio is different, depending on different levels of market knowledge. Often people tend to enter a trade with higher profits potential but fail to recognize what level of risk it involves and whether it pays off. When considering higher profit potential and higher profit possibility, the later factor is always more important.
Disciplines:
Traders do need disciplines but different disciplines apply to people of different levels of market knowledge. People need disciplines because they need to protect themselves from something beyond their knowledge. Once they know those things they no longer need those disciplines in those situations.

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