You are truly a piece of work Majority of all traders who try it fail Of the remaining â only a very few make really good money And you believe everyone can become a master â of their universe World donât work that way â some folks just donât have, and will never have â the psychological make up to trade That's why they are teachers, police / fire fighters, military, mechanics... etc..etc...and the list goes on And I never said anything about madoff Iâm talking about John Q, and Jane Q â Public â just normal everyday folks, who do the work⦠so we can sit here and trade.. They invest their money so theyâll have something to retire on â and now itâs pretty much down the drain Curious how one goes from marketâs upward bias to getting information from books And the truth never hurts â itâs just the truth
Please have a look at the following thread, might help you: http://www.elitetrader.com/vb/showthread.php?s=&threadid=119308
I agree with Redneck Trader 100%. Your trading method must produce certain results but money management keep you in the game when even placing "correct" trades go wrong for you. I guess it all boils down to let your winners runs and keep your loses small.
Nah, Not a piece of work, just young, under 35. Just as young teen aged men think they are physically indestructable, those too young to have lived through a complete business cycle think they are fiscally indestructable. Definition of living through a complete business cycle: the trader has traded through at least one recession and one bubble. Hint: Does the dow chart show a depression right now? Are we making higher highs/lows or lower highs/lows? Timely action this year might make some careers.
You are making assumptions based on your experiences! Any person with a half brain can make money trading, if they but know how to do it correctly! As for teaching, and all that goes with it, you have actually answered the reason as to why so many fail! The truth always hurts!
More assumptions! Investing is a mugs game, daytrading is a gamblers game. Learn how to gamble correctly and you will make money, it really is that simple, but yet so hard for all the highly "educated" people in the world. It makes you think, does it not!
100% correct. All the MM in the world is of no use unless you can make money. Ever heard of the drip dry theory?
And what assupmtions would that be pray tell BTW - You assume the truth always hurts Mine is the truth is always the truth - period
Before I begin I think RedNeck Trader deserves kudos for politeness. If only my words were so tame in addressing others⦠Money management is not the âHoly Grailâ but rather a business tool. However, I use money management like the âHoley Grailâ. This sounds contradictory but it is not. I will explain why. When I wrote my first trading plan about 12 years ago it turned out to be a failure. I could not adhere to all of the articles in the plan that was copied from numerous authors of time. This included many authorâs recommendations of the time about money management. When I finally achieved a working plan about 6 year later I discovered most of the trading mantras from these authors had been discarded. Many of the classic methods I implement had failed me. This is when the light bulb went on. A traders plan is an individual business plan. I may include or discard what works for me. In most cases this means writing in my own words what a âmoney managementâ concept means. If money management does not work for me and I can trade with a fixed dollar stop of $827 a trade why not use it. As long as I accept the risks and I make a profit than this is satisfactory. If my plan fails me then I go back to the gurus concepts as models to rebuild my plan. But now I build it my way since I accept more readily the consequences.