Mistakes can be a good thing on VT
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Mistakes can be a good thing on VT Cool Dude quote: "The only way to become a craftsman is through doing and doing and doing and learning from your own experiences. If you are afraid to start because you might make a mistake then I encourage to quit right now. Success only comes through making lots and lots of mistakes." The Cool Dude hit the nail on the head (craftsman reference not intended but happy coincidence :) I am VERY grateful for all my mistakes on the Virtual Trader - which may sound odd - but I have learned much more from those mistakes than from my successes. Some of my mistakes: - Not paying close attention and placed a Buy to Open instead of Sell to Open. Fixing mistake (Sell to Close) cost $890 virtual dollars. - Not paying close attention and placed 2 contracts on aapl when only intended to do 1. Big Lesson: Slow down and double/triple check order before placing. - Not understanding what "bid" & "ask" actually mean. I'm not completely sure but I think I finally, after researching, have a better grasp. - Getting upset when a stock has been PUT to me and then stock price drops off. I realize now that it's only a paper loss until I sell. I just have to wait for opportunities to sell calls & till the price comes back around. - For stocks especially, I NEED to do all the fundamental analysis. - Sometimes it's just better to buy or sell a stock outright rather than place an option. - Don't let greed outweigh logic. These are just a few of my mistakes. Please share your own challenges - it would be of great help to learn from everyone. Theresa Theresa I've made most of those mistakes and some of them have cost me real money( I tend not to forget those), but I think the hardest one to correct is the last one you mentioned Don't let greed outweigh logic CHUCK B From: Theresa H <breezytreeshome@gmail.com> To: cool_club@bivio.com Sent: Wednesday, September 12, 2012 12:02 PM Subject: [cool_club] Mistakes can be a good thing on VT Cool Dude quote: "The only way to become a craftsman is through doing and doing and doing and learning from your own experiences. If you are afraid to start because you might make a mistake then I encourage to quit right now. Success only comes through making lots and lots of mistakes." The Cool Dude hit the nail on the head (craftsman reference not intended but happy coincidence :) I am VERY grateful for all my mistakes on the Virtual Trader - which may sound odd - but I have learned much more from those mistakes than from my successes. Some of my mistakes: - Not paying close attention and placed a Buy to Open instead of Sell to Open. Fixing mistake (Sell to Close) cost $890 virtual dollars. - Not paying close attention and placed 2 contracts on aapl when only intended to do 1. Big Lesson: Slow down and double/triple check order before placing. - Not understanding what "bid" & "ask" actually mean. I'm not completely sure but I think I finally, after researching, have a better grasp. - Getting upset when a stock has been PUT to me and then stock price drops off. I realize now that it's only a paper loss until I sell. I just have to wait for opportunities to sell calls & till the price comes back around. - For stocks especially, I NEED to do all the fundamental analysis. - Sometimes it's just better to buy or sell a stock outright rather than place an option. - Don't let greed outweigh logic. These are just a few of my mistakes. Please share your own challenges - it would be of great help to learn from everyone. Theresa |
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