Looks like my "bull market" call of yesterday was actually a call of a top in the bonds.....seems like they are trading below resistance which seems impenetrable......I guess it's time to start selling....
I guess we need to re-evaluate on a tick by tick basis? The resistance I spoke of earlier at 107 13/32 has been broken!!! I still think its coming down though. Now it's just below another resistance point 107 26/32 We'll see what happens...
hello sorry I have not read the whole thread but have you found some sort of edge yet that works in your timeframe or hours that you trade ? have you gotten a better control of your position size yet relative to account size? have you ever traded anything else besides bonds ? good luck to you sir
I've traded stocks. That's about it. I'm finding that money management is more important than being right on market direction. I'm cutting my losses really short (in general....yesterday being the exception of course...) and letting my winners run far....I'm probably only right 40% of the time...but that doesn't seem to matter.... I trade 7-lots....i'm sticking with 7-lots until I reach 40,000 USD. At that point I'll start trading 9-lots...
hey truth, please continue to post your progress. I'm really glad you're recovering this quick and learning your lessons.
Statistically, what you've done is near impossible. That said, i'm not a big fan of statistics anyhow.... Congratulations. But remember one thing: a fool and his money are easily parted... Don't let the markets catch you sleeping again...
statistics tell me that Truth has not completely learned all his lessons yet and that it will be only a matter of time until he is another statistic. Truth, let us know when you have blown out again, will you? And mowery was right - this is a thread to be cherised of how not to do things. vital statistics
I was hoping Truth would change, but he just keeps pushing harder and harder, already up to 7 lots, he is money hungry, and he is trying so hard to make his money goals. What happens when he doesn't hit his goal one month, does he add another lot to the mix, or what happens when his account drops to 10k, does it go "all-in" like he did initially. I wish I was wrong, but he just hasn't proven he learned anything. Plus, he has blocked be because he was sick of hearing my criticism of his trading, yet all I was doing was trying to be completely honest and objective as to what I have seen from other newbies as that is who I study to learn what not to do in the markets to make myself better. He is just so impatient to stick with minimal lots to prove to him for a few months that his system was solid. He has 7 lots now, and he is probably thinking he is doing great, until he has a run of bad luck that is going to destroy him, where'as if he was at 1 lot, it wouldn't affect him that much and he could learn from it. This is classic, again, I'd print this stuff out as things not to do as a trader, as this is a huge reason why I believe many fail, although I'm not sure, I can just see so many just taking on bigger risk just because they think they are doing well. I was at 100 shares, then 200, then 300, then I went up to 500, and stayed there , and that is where I'm hovering around now. Just taking it slow. Now I don't know anything about the t-bonds, sorry for not knowing, and I don't know how much a tick value is on the t-bond exactly, but I know that 7 lots on the YM would be a pretty good amount of risk for a single trade, so I know he is taking a lot of risk. If he makes it out for a few more months, he is getting lucky, which in the market, sometimes luck does have an effect, but the long term effects of luck can be downright horrible. Just some food for thought for you newbies, trade the smallest size possible, you'll be able to survive a lot longer and learn a lot more, and you'll probably be doing better than at least %30 - %40 of all traders, that I think at least might be a good percentage of those that fail because they take on too much risk and blow their money before they can learn anything valuable with it. "I trade 7-lots....i'm sticking with 7-lots until I reach 40,000 USD. At that point I'll start trading 9-lots..." We have a solid goal, we are sticking to 7 lots until I reach 40,000 USD. What an idiotic plan. He is planning his actions, on how much money he has. Then not only that, he is skipping up by 2 lots this time. It's amazing how people can't recognize the greed and the determination to earn back all his losses. Just not the ways to do it newbies, even if truth does pull it off, trust me, statistically, it should not happen and you would prefer statistics to be on your side, and once in awhile there is something that happens that defies statistics, but I believe this is only a question of time, not money.
Give'em a few more years. Eventually he'll wise up, he'll change. He has the strength and determination to stick with it, so eventually, it will sink it. It's just that everything takes time. Later, Jimmy
Good advice m8. I think the tick value for tbonds is somewhere around $15.625 per bond {((1/64)/100) of face value, 100k} that $109 on the 7 contracts. This is about the same risk as trading 11,000 share lots... on an vehicle that moves in a range of several bucks, {the total range for the day is several thousand $ per contract...} Trading that kind of risk doesn´t make any sense, unless you have serious profits... I doubt this is the case. I think that 500 shares is a good size to trade while you´re learining. You have a tick value of $5... that´s enough to take home around $30-70 per day, if you play it right, is big enough to get profits after commision and small enough to avoid getting killed on a bad day.