The Goal of any business or money making venture is to become the best in his specific field. May it be cleaning office buildings not just for your city but worldwide or creating the largest franchise of beef pattie burgers or becoming the biggest high frequency scalper who automates thousands of scalps a day or just having the most information flow and capital to invest in 40 wall street for only 1-6 million dollars and coming out with $500 million 10 years later. The idea is to become not just another tool in the whole cog machine. But to become the main part of the machine. Do you consider yourself one of the best in your field? What field are you in? I'll start first. 1) I consider myself one of the best in risk management. And reward hunting. While most people are always running some mathematical bullshit modles in risk management, I just try to minimize risk to a throwaway piss money mininum using price action provens and max size when the risk is mininum. I also consider myself very highly skilled in automation and people management, I know how to manage people better then they know how to manage themselves . I can immediately find out their strengths and weakness within a few sessions of talking to them and parlay it to see if they can help me make me more money. Put together hefty risk management and automation + capital + Waiting = Massive profits on sight. What field are you the best in and what makes you think you are the best in it? Is the question of the day for all my players. Haters/loser can go sit in the corner. We know what your best is already. No need to post.
"I'll start first. 1) I consider myself one of the best in risk management. And reward hunting." Thanks for the laugh. You suck as a trader, but if you ever get a job as a comedy writer, boy look out!!! Another place you could be a great success is writing dialogue for "World Wide Wrestling" characters. That is until your abrasive personality kicks in and one of them stuffs your ass into a mailbox By the way, your RAI trade was a fake. I checked the time & sales against your post time. You faked it. You found a short trade that had already moved and told us you were on board. So basically you're a con artist and a poser, but you have a little more talent than Walther and you know how to fill a page with double spaced bullshit. Yeah you're "one of the best" at risk management alright. I would say you are THE BEST, because you can't lose if you dont take the trade. Again thanks for the Christmas comedy. I think the rest of us know how to regard your future posts. Steve Edit: I am going out to see a movie. I don't want you to go anywhere. Just sit there in your mother's basement and plan your multi-page reply. I will be back to bitchslap you around the internet in a couple of hours.
You know, Just before leaving I have had a change of heart. It seems to me that I was wrong. After all, who could doubt you when you post trades for us all to benefit from. I do apologize, and just to show that I am sincere, please do share more of your wisdom about risk management. I really mean it. I can't wait to hear how you manage risk. This is an area (and there are so many) where I really could benefit from your generosity. I don't want to be a hater. Please fogive me and continue to "cast your pearls of wisdom". I will be right here writing down everything you say. God bless you and your family, Steve
I have to second ifinitis' opinion. I don't care if I am #998 among a thousand traders, as long as I make a decent living out of it. Remember, there can be only ONE best, and the second guy is just the first loser....
Risk management is either on or off. Either you learn to manage risk, or you never amount to anything as a trader. The "Who's the best" crap doesnt mean anything. You want to really talk risk management (I doubt), but what the hell. Real effective risk management is programatic. That means you need to know your market in a comprehensive way. Specifically; After your market opens, what is the average length of line of the first move? When (at what time during the session) does your market usually correct or consolidate? What is the size of the average consolidation? How do you differentiate between a retrace and the next leg or swing move? At what time during the day is your market likely to move more than 2 points. How do calculate your max stoploss? Do you always keep your discipline and stop out, or do you use discretion and hold from time to time? You want to talk risk management. I am guessing that you (all) don't know the answers to these kinds of questions. I am guessing that for your markets (those who actually trade) you havent done the statistical studies to verify when to pull the trigger and when to hit the eject button. Take a moment to read what the "player" says about these issues Notice anything. Somebody aint got no game, "play-ah". Guarantee you this, without real risk management in place, it is just a matter of time till you are out of the game. This is why casinos make money. Cause the average Joe doesnt have (this) game, and they know it. Don't get mad now. Its all good. Steve
wow....i believe coolweb may be the best in the field at attracting arguments...or should i say, "player-haters" I agree with the other posters. People are in business to make money. Period. (although that is what I have been taught, so that might not count haha) People are not in business to be the best. If they were, then there wouldnt be many. RT
"After your market opens, what is the average length of line of the first move? When (at what time during the session) does your market usually correct or consolidate? What is the size of the average consolidation? How do you differentiate between a retrace and the next leg or swing move? At what time during the day is your market likely to move more than 2 points. How do calculate your max stoploss? Do you always keep your discipline and stop out, or do you use discretion and hold from time to time?" because someone doesnt know the answers to these questions (i dont) doesnt mean they suck at risk management. personally, i think these questions are pretty useless...
Yeah, actually it does. If you daytrade, it matters a lot. If you swing trade, not so much, and if you are a long term investor, then you need a different focus. One way or another you need to know how to manage risk. Good luck, Steve
1. I'm very sorry to hear that. 2. I'm pretty sure you will never hear any of my ideas written in any books. 3. Most people's idea of success, is <b>my nightmare of mediocrity. </b> Merry Christmas to you too, Think about that.