Hello 777, Yes, correct, the pro shops have people hired to strictly program and test robust algos 40 to 60 hours a week. The one human trader with family and 9 to 5 job is at a pure disadvantage with very low reward for all the effort.
Not sure how that helps. Stop outs are a normal part of trading. You didn't do anything wrong being stopped out, nor should you consider it a bad trade. If you followed your plan and got stopped out, that should be considered a good trade with a bad outcome. If you ignored your stop because of what ever emotion, that should re regarded a bad trade regardless of the result.
All very true. My purpose in printing out charts was to help develop the rules to use. Such as differences in patterns that work best vs stop out. Following rules takes discipline. For example I bought UVXY eod yesterday bc one of my rules for trading it is to buy when it closes down >5% as it did.
Do you have a checklist you run through before you enter a trade? Is it written or just in your head? On your UVXY trade, what is your exit strategy? The last couple times it closed down it just kept going down.
I’m not sure what the point of your story is. Are you saying that no one can make money trading IC’s? Because Ken Calhoun essentially did. Are you saying that you are awesome at trading IC’s and your friend sucks at it?
If you can survive, you can make money in the long run. It is a marathon rather than a get rich quick scheme (although there's a real possibility to make a fortune quickly but dont treat it as such). Don't kill yourself by YOLOing all in. But then again, dont risk too little that it is insignificant.
Agreed. Having good risk management along with money management is a must. They allow you to make a good decision, rather than jumping all in and wiping out your account in just a second.
the main thing that I understood is that you should never give up, even in the worst case scenario, but take it as an experience
Totally agree with this. A bad trade is one that doesn't align with your trading strategy. Sometimes a bad trade is a winning trade and a good trade a winning one. But take more good trades and you will be better off long term. Variance isn't something we can avoid though. Why people that ask how to avoid losses are missing the point.
I wish I could have told myself to slow down at the beginning. The non linear path to becoming a trader is exactly that. There’s no step by step for many of us and you have to learn what’s useful and not through a lot of trial and error. DEMO accounts exist for a reason!