Plug in win/loss 0.5 and pfactor 1.6 That is the worst system I would trade. The edge must be strong enough to clearly over come bad random streaks or im not interested. 55% win, and pfactor 1.3 aint bad, assuming the sample set is large enough. A system must have at least a few hundred trades in it for it to have a decent confidence value.
Makes sense, of course my results are like that because I'm scalping for a few cents. It also doesn't include commissions and ecn fee's though. If there was a way to factor that in and plot it, it would be interesting to see the results.
You guys are assuming that the guy's account represents his total risk capital. He can size to his overall risk tolerance rather than just the margin money in his account if he wants. Traveler
Quote from OP in first post.... "It's been some ride and I only have about $10,000 more to fund my account with before I'll have to call it quits."
That was a great post. Thanks. I suppose part of the reason why I am not that bummed out is that I do believe that I can make it back. I can relate completely with Linda Rasche. Thanks
I can devise mathematical models that work well on paper too. Guess what? If you don't have the balls to pull the trigger, YOU DON"T BELONG IN THIS GAME. Just something to think about for Mowery and his buddy TraderDragon.
Balls belong to the experienced, the wise, the skilled. It doesn't take balls to pull the trigger, It takes know-how. People who make money in this business are the people who know whats going on, not the ones with the biggest balls / gunslingers/ cowboys. unfortunately you have a completely wrong mindset.
CW hit it right on the head... but like I've explained to truth.... He just thinks it is simple to trade. It takes time, and experience. With that comes knowledge and confidence in your system. This guy is a gunslinger... a gambler, just as I have said this whole post.... he just doesn't believe it.... he is lying to himself. It's sad but true
I don't normally respond to brokerboys but I'll make an exception here. I am as smart and capable as any other person out there. I'm not saying I'll be big because I lost. I'm saying I'll be big because I will not give up; ever!!! Being able to take a loss and still continue is a very important characteristic of any trader. I wonder how many of the people on here who criticize me would simply give up if they had lost $30,000. I'd bet all of them (some might even give up on life....suicide?). lol I move on. I will survive even if I lose my remaining capital. Whereas someone like you would throw in the towel and give up, I will persist until I am successful. That's really the bottom line. The intent of my question on this forum was to ascertain the extent to which a blowup of an account would preclude me from securing a trading position with a proprietary trading firm. I'm not asking whether I will be successful as a trader; this is a given yes! Thanks for your reply
This topic is debatable. You can know everything you can about the markets but if you don't have the balls to pull the trigger, then you are useless. George soros, in an interview, once characterized his partner, Jim Rogers, as the idea guy and himself as the trigger puller. After he separated from his partner Jim Rogers, Soros went on to become a multibillionaire while Rogers basically lived off the success he had while he was Soros' Partner. Balls are a very important part of this business. Know-how can be taught through meticulous observation of the markets. How in the world do you teach someone to have balls? lol. the latter task is the harder of the two things to teach. I am perfectly capable of understanding how the bond market works and I know that one day I will be an expert in my field despite my current deficiencies. I can learn know-how but I don't think you can teach someone how to have thick skin and how to put money on the line to supprot one's ideas. We can debate this all day but let me tell you how many traders I've dealt with who were fired because they just sat there all day not being able to click the buy or sell box on their DOM windows. Scared shitless and paralyzed. Or, traders I know who were fired because they were too scared to let their profits ride. They satisfy themselves with a half a tick yet wind up losing, on average, four or five ticks. Such people, do not belong in our business; of that I am absolutely certain!