Try this: Flip a coin with a friend. Each toss is a $1 bet. you start with $4, your friend starts with a $1,000. Let us know how much money you end up with.
What Illiquid said... And to compound it People are their own worst enemy Classic examples Trader puts on a winning position â gets nervous and exits quickly Trader puts on a losing position â and for a myriad of reasons can not exit to save their life, or to preserve capital (which is really the same) I have met the enemy, and the enemy is me RN
How many times have you been stopped out on a trade that continued in your direction? Money management is key.
MANY TIMES. How do I fix this ? How do I work may way out of this ? Yes thats correct too, alot of times once I see green I take profits waaay too quickly, and when I have a loser I give it " more room" than I let the winner, only because I dont want my winner to turn into a loser...so I lower my Stop Loss rigorously to B/E then to minimum 1 tick... then to some s/r that gets taken out.. Any books that I can read to on the money management part and whatever else Im lacking ?
You know what you are doing wrong How do you propose to fix the problem. I'd suggest a set of rules that you can make yourself follow. If nothing else try and lose as little as possible.
Im gona start out by setting a profit target always 2 or 3 times more than my SL .. see how that turns out for the first week. This is really fun to "learN" and discover oneself....the books dont lie....
Neveral0ne You can take the next step in one of two ways Go External â and look for better setups, better money management, some sort of fix all answer⦠which ultimately youâll find doesnât work or Go Internal (where the real answer lies) â and basically figure out how to rewire yourself⦠You need to become more rigid/ disciplined is some aspects, more open and flexible in others How to do this â lots of objective introspection⦠lots of identify your shortcomings, lots of forgiving yourself, lots of communication with yourself, lots of trial and error, self discovery, growth, lots of stumbles AND getting back up â all with yourself No doubt it is a heck of a lot hard work â but itâs the only way I know of I describe this as a chasm all traders face â build a bridge and come across Successful Journey Sir RN
Read Market Wizards. I have found the enemy and he is me. Trading is hard, but not as hard as many pro port.
Well sometime,s you hold a trade preety long and it comes back and you say wtf i should have taken profit!!!! The market will try to scare you , weak hands against strong hand you need to read that article very nice
Gona read market wizards this weekend...just dled both versions. Cant wait. Thanks to all that replied, may market gods bless you !!