Thanks you guys for your advise. For me, it's still a new game to me. However, I still find that my risk limit (something like speed limit) is still very much capped. I wonder how do you guys slowly increase your risk tolerant.
Warlad: I am also fairly new. I believe that a trader should focus on consistency. I like to relate trading as a high-risk activity as in an individual sport. If I were to use a team analogy, I would be susceptible to team influence. LOL(I am impressionable, and thatâs when I make mistakes; many chat rooms are not for me for this reason) So what ever game your playing, the goal is to score points in the allotted amount of time. You should know that it is natural to always go for the best odds. If your not going for the best odds, youâre gambling. Keep records so you know how many attempts it took to reach that score giving you a percentage, or probability, to predict future games. After your records show a consistency, use this trading account as your bread and butter to pay yourself, and therefore, your standard of living. If you want to temp your fate with added risk, paper trade/open another account, but donât change your bread and butter after establishing one. Iâm sure risk tolerance will develop on its own with experience.(time) Personally, I am working to increase my standard of living, and eventually be able to trade no more than two weeks per month. My thought process has never thought about the need for taking on more risk, but I have/do because of the human element. For me, I believe it is best to always concentrate on the best odds, to maintain a range of consistent probability, as to scoring, and then increasing the amount of shares per trade. I consider increasing the amount of shares used has a safe way to increasing risk.(When backed by proven performance records) Note: I donât scalp, or try to. Jeffrey
Although the object of the project is to ultimately take as muh money as possible out of the market, I feel it is a big mistake for beginning and experienced traders to measure their success by how much money they make, especialy on a daily basis...... For me my ultimate goal is to be a successful trader.... Once you become a consistently successful trader the money follows....its simple logistics... There are many elements of my trading that have to be evaluated on a constant basis in order to determine my success, money being the smallest one...... My advice would to work on creating a steadily rising equity curve with only minor drawdowns that are the reasult of the distribution between winners and losers that any edge encounters...... PEACE, Commisso