{"id":8936,"date":"2021-05-18T12:03:22","date_gmt":"2021-05-18T16:03:22","guid":{"rendered":"https:\/\/optimusfutures.com\/tradeblog\/?p=8936"},"modified":"2021-05-18T12:03:22","modified_gmt":"2021-05-18T16:03:22","slug":"bad-trading-habits","status":"publish","type":"post","link":"https:\/\/optimusfutures.com\/blog\/bad-trading-habits\/","title":{"rendered":"7 Habits of Highly Ineffective Traders &#038; How to Break Them"},"content":{"rendered":"<p>This article on bad trading habits is the opinion of Optimus Futures.<\/p>\n<p><a href=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/05\/Bad-Trading-Habits-1.png\"><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-8941\" src=\"https:\/\/optimusfutures.com\/tradeblog\/wp-content\/uploads\/2021\/05\/Bad-Trading-Habits-1.png\" alt=\"Bad Trading Habits\" width=\"2240\" height=\"1260\" \/><\/a><\/p>\n<ul>\n<li>Bad trading habits can quickly deplete your trading account.<\/li>\n<li>Identifying your bad habits is half the battle, as many traders can\u2019t easily recognize them.<\/li>\n<li>Although the futures market is inherently risky, traders are often their own biggest risks.<\/li>\n<\/ul>\n<div class=\"su-spacer\" style=\"height:7.5px\"><\/div>When risking a large amount of capital in an inherently risky market using high leverage, bad habits can be debilitating if not deadly, figuratively speaking. That\u2019s because you may be unaware of your own bad habits. The problem is that we may be the sum of our actions, and if our bad habits have more of an impact than our good actions, then YOU are your own biggest risk in the markets&#8211;and you may not even realize it.<\/p>\n<p>Every trader has his or her own weaknesses, inefficiencies, and quirks. It is your job to get to <a href=\"https:\/\/optimusfutures.com\/blog\/trading-mentor\" target=\"_blank\" rel=\"noopener\">know yourself <\/a>a little better to understand, in detail, how you operate, consciously or subconsciously. Fortunately, the bad habits that many traders possess are rather common and fall into groupable categories: risk management, common sense knowledge, and discipline.<\/p>\n<p>Here are seven major self-driven hurdles that may be holding you back from trading success.<\/p>\n<h2>Bad Trading Habits 1 &#8211; Failing to Manage Your Trading Risks<\/h2>\n<p>Maybe the problem is that you\u2019re constantly holding on to trades gone bad. Or maybe it\u2019s that you don\u2019t know at what point a trade turns \u201cbad,\u201d regardless of whether it reverses or not.<\/p>\n<p>Remember that a \u201cbad trade\u201d isn\u2019t always a trade that loses money. That\u2019s the outcome of a trade. A bad trade is one that you didn\u2019t <em>strategically<\/em> envision or control from start to finish.<\/p>\n<p>It sounds tricky, but here it is:<\/p>\n<ul>\n<li>A bad trade that ends up with a profit is called \u201cluck.\u201d<\/li>\n<li>A bad trade that ends up losing money is just a bad trade realized.<\/li>\n<li>A good trade that ends up in profit is well-executed.<\/li>\n<li>A good trade that ends up losing money is a statistically expected drawdown.<\/li>\n<\/ul>\n<div class=\"su-spacer\" style=\"height:7.5px\"><\/div>Profits and losses are all part of the trading enterprise. You need to expect both but in relation to a statistically favorable model (whether real or hypothetical).<\/p>\n<p>No trader in the right mind would ever adopt a system or methodology that\u2019s proven to fail from the get-go. Yet many traders hold on to systems that consistently drain their capital.<\/p>\n<p>So if your trading approach is consistently losing, then either a) you didn\u2019t vet the approach thoroughly beforehand, b) you don\u2019t know how to assess a given approach (which is crucial), or c) your approach doesn\u2019t come with a solid risk management strategy.<\/p>\n<p><strong>How to Fix It: <\/strong>Before you adopt any trading method or system, be sure you evaluate what you\u2019re about to adopt. Make sure the data sample is large enough to sufficiently represent how it has performed over time. If you don\u2019t know how to evaluate a system (and there are numerous ways to do this), spend a lot of time learning how to do it.<\/p>\n<p>When you place a trade, you have to know not only the odds of the system you\u2019re using but, on a tactical level, where your entry and exit points are, the size of your position, and the impact the trade might have on your overall capital should it turn out to be a losing trade.<\/p>\n<h2>Bad Trading Habits 2 &#8211; Not Distinguishing Win Rate from Size of Payoff<\/h2>\n<p>A trader boasts that his trades end up profitable 80% of the time. For every winning trade, he makes an average of $100. But for every losing trade, which is rare, he averages a loss of $400.<\/p>\n<p>In the end, he nets zero market profits, but with trading commissions, fees, and other expenses, he nets a small loss, and plenty of time wasted.<\/p>\n<p>Another trader has a dismal win rate of 20% wins. So 80% of the time, he loses money&#8211;in his case, an average of $100. But when he does have winning trades, he profits by an average of $500.<\/p>\n<p>Ultimately, he comes out a net winner.<\/p>\n<p>You&#8217;re probably wondering, how can the first person be so unprofitable when he\u2019s winning so frequently, and how can the other trader come out a winner when he barely has profitable trades?<\/p>\n<p>Win rate can\u2019t determine profitability alone, and neither can the size of your (positive and negative) payoff. You have to combine the two. And this is something that many beginning or just plain \u201cbad,\u201d traders don\u2019t understand.<\/p>\n<p><strong>How to Fix It:<\/strong> There\u2019s a simple expectation-driven formula to help you analyze performance or evaluate the potential of a given method.<\/p>\n<blockquote>\n<h3>(Win% * average win) &#8211; (Lose% * average loss) = Expectation<\/h3>\n<\/blockquote>\n<p>If the expectation is above zero, then it\u2019s potentially profitable; if below zero, then it&#8217;s potentially unprofitable. Zero means breakeven.<\/p>\n<p>If you\u2019ve been trading without knowing the above formula, then you might have been trading half blind. Apply it to your own trades and see how well you\u2019ve fared.<\/p>\n<h2>Bad Trading Habits 3 &#8211; Revenge Trading After Taking a Loss<\/h2>\n<p>If you\u2019ve ever read Sun Tzu\u2019s <em>The Art of War<\/em>, then you understand the general principle of not rushing into battle. As he carefully states (and we paraphrase), you can\u2019t ever force a win, but <a href=\"https:\/\/optimusfutures.com\/blog\/trading-routine\">you can always be prepared<\/a> to seize the advantage <em>when it presents itself<\/em>.<\/p>\n<p>Revenge trading, particularly after taking a loss, is an emotionally driven attempt to force a win. It\u2019s anti-productive, anti-strategic, luck-seeking, foolish, and all too common among undisciplined traders.<\/p>\n<p>There is no system that incorporates revenge trading into its strategy. So, if you catch yourself revenge trading, either you\u2019re trading without a strategy, or you\u2019re going against your strategy.<\/p>\n<p><strong>How to Fix It:<\/strong> Follow your strategy. If an opportunity presents itself, then take it. If it doesn\u2019t, move on. The \u201cfix\u201d is to tame your impulses.<\/p>\n<p>If you can\u2019t do it, then you might want to call it quits on trading or change your trading approach to something that might better suit you, whether it&#8217;s day trading, swing trading, position trading, investing, trying your hand at a different asset class, or hiring a professional to manage your portfolio.<\/p>\n<h2>Bad Trading Habits 4 &#8211; Jumping From One System to Another<\/h2>\n<p>Believe it or not, some people just can\u2019t handle drawdowns, even in favorable (or winning) systems that provide historical drawdown stats.<\/p>\n<p>If a system has an \u201caverage\u201d drawdown of -30% and a worst-historical drawdown of -50%, then you shouldn\u2019t be worried unless the current drawdown exceeds the worst-historical drawdown.<\/p>\n<p>If it does, then you have to consider whether the current drawdown is the \u201cnew\u201d worst-historical drawdown and will recover, or if the system is really just beginning to fail. But nevertheless, some people will panic even if the drawdown hovers around average.<\/p>\n<p>Some traders will \u201cditch\u201d a system to jump on another one that\u2019s performing well&#8211;but only to catch its drawdown.\u00a0 They will ditch that system and jump into another one again, catching that system\u2019s drawdown.<\/p>\n<p>In the end, some traders will have caught the worst performance of several systems that ultimately performed well. If this is you, then you\u2019re in trouble, and your depleted trading account is proof of it.<\/p>\n<p><strong>How to Fix It:<\/strong> Pay attention to the average and worst drawdown of your system\u2019s stats. Don\u2019t panic if your drawdown hovers around the average. If it plunges below the worst historical drawdown, then you\u2019ll have to re-evaluate the strategy.<\/p>\n<p>Either it\u2019s established a new worst historical drawdown, or the system is beginning to get outdated and might no longer be effective.<\/p>\n<h2>Bad Trading Habits 5 &#8211; Not Sticking to Your Trading Plan<\/h2>\n<p>Why deviate from your trading plan if you\u2019ve fully analyzed it and have decided that you have full confidence in its performance?<\/p>\n<p>If you\u2019ve deviated from your system for no reasons concerning the \u201ctweaking\u201d of its mechanisms for improvement&#8211;meaning, you\u2019ve thoroughly studied the impact of your alterations beforehand&#8211;then you\u2019re simply being undisciplined.<\/p>\n<p>This bad habit is a matter of personal impulse and distraction. In many cases, however, it reflects a lack of confidence in the system. And it&#8217;s your job to figure out whether your lack of confidence is justified or not.<\/p>\n<p><strong>How to Fix It:<\/strong> If you deviate from your system because you\u2019re not entirely convinced that it can work even if you\u2019ve thoroughly evaluated it, then developing greater discipline is the only solution. If you deviate from your system because you don\u2019t have sufficient capital to trade, then stop and come back when you have sufficient capital.<\/p>\n<p>But if you deviate from your system because you haven\u2019t fully thoroughly evaluated your system, then stop trading and evaluate it (and don\u2019t do that again).<\/p>\n<h2>Bad Trading Habits 6 &#8211; Sticking to Your Trading Plan When It\u2019s Proving a Failure<\/h2>\n<p>There was EUR\/CHF hedge trade that once worked before the Swiss National Bank pegged the Franc to the Euro in 2011. That trade proved a failure afterward.<\/p>\n<p>There was another EUR-CHF trading system that worked while the peg was in place, that is until the SNB dropped the peg in 2015.<\/p>\n<p>If you stuck with any of these methods, systems, or strategies <em>without fail<\/em>, then failure likely found you and drained you of your trading funds.<\/p>\n<p>Here\u2019s another example: someone begins trading a system that has a low average drawdown of 20% and a worst-historical drawdown of 35% (very low, by the way).<\/p>\n<p>If the system experiences a drawdown below 20% then this is where you have to pay close attention to it. If it drops below 35%&#8211;its worst historical level&#8211;then you have to decide whether this establishes a \u201cnew\u201d worst historical drawdown, or whether the system is fundamentally no longer viable (as in the examples above, for reasons concerning the larger market or economic environment).<\/p>\n<p>Failing to be agile, is another way of adjusting to accept failure.<\/p>\n<p><strong>How to Fix It:<\/strong> Distinguishing between bad luck and a dying system is difficult, if not impossible. What you rely on at this point is your own personal loss limits. If your realized losses prevent you from taking more potentially favorable opportunities, then why not take them?<\/p>\n<p>It\u2019s not your fault that a system is operating well below its expectations (even if it does turn around). Here\u2019s where you have to weigh potential losses against opportunity costs.<\/p>\n<p>Remaining faithful to a system that\u2019s clearly failing according to the \u201cevidence\u201d (or stats) at hand is not a testament to discipline. It just means you\u2019re a sucker, and someone else just raided your money.<\/p>\n<h2>Bad Trading Habits 7 &#8211;\u00a0 Getting Emotional and Impatient<\/h2>\n<p>There\u2019s a saying that \u201cgood trading is boring.\u201d If you\u2019ve experienced this, you probably understand it well. You\u2019ve already found a method that works. You see it lose sometimes, and you see it generate profits. At the end of a series of trades, you\u2019ve generated more capital than you\u2019ve spent or lost. That\u2019s all it is.<\/p>\n<p>If you have a method that works this effectively and you\u2019re still emotionally on edge, then that\u2019s a problem with your mindset. Maybe the system or the market doesn\u2019t match your personality. If you can\u2019t adjust to the trading environment, then why not try switching markets or methods?<\/p>\n<p>Now, if you\u2019re constantly on edge and your method isn\u2019t working, then perhaps you have a good reason to be on edge&#8211;namely, that for one reason or another, something\u2019s not working. Go back to square one. <a href=\"https:\/\/optimusfutures.com\/blog\/steps-to-evaluate-trading-strategy\" target=\"_blank\" rel=\"noopener\">Evaluate the strategy<\/a>. Go \u201cmeta,\u201d meaning evaluate your evaluation, or your capability to even make an evaluation. Discover your errors, make improvements, and go back to your method. Do you have enough capital to trade? If not, adjust your method or market so that you do have sufficient capital.<\/p>\n<p>If you have every reason not to feel emotional about your trades, if you have every reason to feel confident about your trades, and still you\u2019re plagued with fear or greed, then perhaps trading isn\u2019t for you.<\/p>\n<p><strong>How to Fix It:<\/strong> Anxiousness in trading is an important signal: there\u2019s either something wrong with your method, your adoption of that method, or just you (your level of capital, risk tolerance, experience, or mindset).<\/p>\n<p>Either the method doesn\u2019t match your trading preferences and risk tolerance, or you might not be fully convinced that your system is favorable enough to trade (which in many cases it might not be).<\/p>\n<p>This is something you have to figure out for yourself. There are many ways to correct this. But, there\u2019s only one indication that tells you something definitive: if you can\u2019t keep cool, no matter how effective the system, or no matter how much experience you\u2019ve accumulated, then perhaps trading isn\u2019t for you.<\/p>\n<p><strong>Disclaimer: There is a substantial risk of loss in futures trading. Past performance is not indicative of future results.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This article on bad trading habits is the opinion of Optimus Futures. Bad trading habits can quickly deplete your trading account. Identifying your bad habits is half the battle, as many traders can\u2019t easily recognize them. Although the futures market is inherently risky, traders are often their own biggest risks. When risking a large amount [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":14938,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[2,3],"tags":[],"class_list":["post-8936","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-online-futures-trading","category-trading-tips-and-strategies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.6 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Bad Trading Habits of Highly Ineffective Traders &amp; How to Break Them<\/title>\n<meta name=\"description\" content=\"Bad trading habits can quickly deplete your trading account. Here are 7 major self-driven hurdles that may be holding you back from trading success.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/optimusfutures.com\/blog\/bad-trading-habits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bad Trading Habits of Highly Ineffective Traders &amp; How to Break Them\" \/>\n<meta property=\"og:description\" content=\"Bad trading habits can quickly deplete your trading account. 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