Don't listen to the "pros" here. @deaddog said it the best: I find the most important thing is having a plan. A plan that allows you to be consistently profitable in the face of many different scenarios and under many different market conditions. and then have the discipline to follow the plan. It's the most important for a trader to do so but is also the easiest for a trader to do once the plan has been proven to be profitable through many different market conditions and scenarios. Forget about finding the "holy grail" or "edge". You won't know really know whether you have an edge or not as losing is part of trading. What's important is how you lost (did you lose because of broker's unscrupulousness and dishonesty or unfair dealing or flaws in laws and regulations that put trading in a particular asset at a disadvantage or failure to follow the trading plan or human error and etc.) and what you do to recover and prevent the same loss from happening in the future. Does it require you to go back to the drawing board and revise the plan or train oneself to have more discipline or change the broker to one that is more honest and engages in fair dealing or revise strategy to deal with the flawed rules/regulations or perhaps avoid trading in this particular asset altogether? These are all possible solutions to improve trading. Bottom line: Trade as it is. Take it as they come. Win or lose, do it better the next time. There is ALWAYS room for improvement. Never borrow for trading capital. Work for it or earn it from profit. Those would be my advice for new traders.
Your plan didn’t prevent you from getting pummeled. Perhaps your plan, like infinite gamma, was shit. Maybe acting within the plan was responsible for you getting punched. Maybe your plan is garbage.
My plan might be garbage but that doesn't mean all plans are garbage. Having a plan is still better than having no plan and trading blindly looking for some "holy grail" or "edge". Maybe having no plan is the reason why you are bankrupt and can only stay on ET to bully others in order to continue to feed your pathetic ego. LOL
You operate in a market blindly. You don’t understand the most basic concepts and your plan is there to compensate for a lack of intellect and critical thinking. Dunning Kruger is a thing.
This is a worry - if Des is bankrupt, from Trading? I thought he was one of the best here ... well from @Overnight s bro love for him I assumed. Maybe Soy is the only one making Money here atm? Sheet!
Yeah, Bro. I followed you and your boys Minervini and Cramer to my downfall. Who knew that TV and YT trader-personalities were FOS?
Clearly. Due to infinite gamma. https://www.elitetrader.com/et/threads/dests-everything-journal.332136/page-11#post-4859112 ‘Not even my biggest day that month. Posted in RT with my account number showing. I’ll never repeat my 2019 gains but I take less risk as I get older and act as source of funds for my kid’s fund.
Best of luck Des. I wasn't being a prick. Just concerned, if someone as experienced as you had trading dramas, how are the rest of us supposed to go
Oh please. I made a mil that day while sitting in the restaurant of the Four Seasons while on goto.com with my wife in the hospital after getting t-boned (no jokes) by a drunk running a red light. On a laptop. With 10Mbps WiFi. While trying to book the earliest flight back home. Yeah. I made nearly $3MM that month and lost it all on micro ES contracts and loss of oppos due to the SPX trading under the 200-day EMA.