I don’t agree. There is no conspiracy between institutions and the myriad of successful traders to screw the majority of all the wonderful traders on ET. It is not like they are sitting around saying “uh oh here come the ET’ers. Lets screw them out of their little trading accounts.” Traders lose because they have not yet honed their skills enough to recognize where the winning pressure is, in the markets, and they have not developed strategies and tactics to exploit those pressures. GS isn’t sitting around say “here come the MA crossover traders..let’s nail their hides to the wall.” In reality GS is probably trying to screw some other institution. They are after the big bucks not the little does. There is no wide overarching conspiracy designed to screw retail traders unless it be by HTF’s and one can trade out of their zone. I would add one can control risk, but also ones assessment of probabilities, reward, risk as a trade unfolds. The problem is traders make an initial assessment and since they are looking for certainty in the markets (and there is none and never will be) they tend to stick hard and fast to their initial trade structure REGARDLESS of what pressures subsequently are screaming at the trader. No sir...it is “damn the torpedos full speed ahead. I am sticking to my SL and my PT and I don’t give a toot what the market is saying after I structure my trade and take a position.” After all they have been taught.. “never move your SL”. This sounds good on the surface but is IMO pure unadulterated The market is flexible..uncertain..and changes...thus, should i be, as a trader, if I wish to extract $ from the market. Rarely do I enter a trade that after entry I am not assessing constantly reward/risk/PT AND changing them as the trade develops. If I have to walk away from the computer I’ll leave things as they are structured because I am not there to observe and see the changes in pressures. Therefore, I can control my risk..probabilities...reward.. to some degree, by continual assessment. Gentlemen..we have been taught wrong by the many gurus who want to sell certainty to us.......
Wait, most professionals and experts here told me I should stick to my plan, not second guess and keep changing the parameters: Plan your trade and trade your plan. Instead, you are saying plan your trade and change your plan?
Thats not the traders dream or ethos, we all trade for cocaine and hookers have you not watched any trading films or shows. * * Even if we don't thsts what we say, never done drugs personally at all.
Good write up volpri, I trade intrday markets as well. I agree with you are saying. From experience, I have notice just because I set my profit target at a price, market may not get to that price and I have to management the trade and make decisions. Here are 2 examples today related to what are you saying. Red arrow is entry Black arrow is stop loss light blue arrow is profit target Purple arrow is actual profit taking Both trades had decent R:R in beginning, butttttttt after trade is placed market does it what it wants to do. Of course, in my sheriff hindsight mind "damn if only I had more patience intial profit target would have gotten hit"
A couple of weeks ago, I had the privilege of meeting again and having dinner with a great friend and former boss of mine. At the end of dinner, he asked me what had been the greatest teaching of my greatest adversities. Clearly, I replied that humility. And he replied: "Without a doubt, humility is very profitable."