Hi twalker, You have highlighted a key point in your message ie good money management. I believe that most trading systems whether they have, for example, a 47/53 trade success ratio or a 75/25 success ratio will be profitable so long as good money management is applied and adhered This goes hand in hand with 100% discipline. For example, a strategy with only 40 winning trades vs 60 loosing trades might well prove profitable in the long term provided losses are cut short and winners are allowed to run. Regards, Dave Keep winning.
This is not much different than wondering if you could join a roster in an NBA franchise by learning how to play basketball in your spare time, not necessarily a championship team or even a division leader but would "settle" for any squad that at least had a winning record on average for the last 5 seasons. Also must be located within 50 miles of a coastal metropolitan area . . .
Hi Illiquid, Hint of sarcasm there I believe. In fact, with the 'help' of one or two constructive messages on this forum and my own research, I have now in place a strategy that will do just that ('In my spare time'). ie scalp 10-20 pips in one 1-2 hours after work. This is what I was looking for. I'm afraid the basket ball team will have to wait Regards
hi dave ... I thought this thread had to do with trading the DOW ? or are you now trading FX ? - I have now in place a strategy that will do just that ('In my spare time'). ie scalp 10-20 pips in one 1-2 hours after work-
But seriously, why not ask for a system (simple or not) that nets 20, 30, 50 pts a day -- why not go for the best? You are "settling" for 10 pts/day based on what criteria? The amount of effort you plan on putting into this? Just curious, good luck!
Hi SethArb, Jargon mix up :eek: Yes, I trade FX. illiquid, not to put too serious a note on it I look at 10-20 pips as my target per 1-2 hours trading time, and see this as definetly achievable in the time I have. Considering I have not traded the Dow before and need to get a feel for this market, I would be content with 10+ pips for the moment. Anything above and beyond acceptable. I will be totally focused when trading and that involves effort. (At least for an hour or so before the market closes) Basically, when I gain confidence trading this market and have achieved what I have set out to do (ie consistantly hit 10+ pips over a period of time), then I will set my target higher with confidence. I am relatively new to this and don't have that much experience compared to some of you guys, so for me at this moment, getting to know my new strategy, patience, discipline, and achievable goal setting is the order of the day. And who knows, success may follow Regards
Which translates into...I have not lost almost everything I own trying to learn this damn profession. Let's see..I pay about 30,000 per year for my son to go to college. 4 years x $30k is 120,000. There you go, it will cost you $120k before you can get a degree that says. I have arrived, I am a now a beginner. Ahhhh, life is good.