Exactly, I know my possible loss before the trade, so no big deal. Yes that is the hardest for real. Knowing when to exit trades is my biggest challenge
SimpleMeLike, Agree with you 100% on there being no right or wrong style of trading, Trend or RTM. Ultimately the only thing that matters is P&L. But there is a big difference in being a Vendor of hopes and dreams trading 1 minute breakouts and trying to entertain the members and a humble trader. I think your ability to learn from a losing trade is infinitely greater than Andrews who has tens of thousands of dollars flowing in each month to gamble with. Come on, a 1 minute ORB (Opening Range Breakout) where $38K was gambled and lost because of a feeling? Why? That shit can be tested with numerous target and stop combinations to see if there is a positive expectancy - edge. Here is my "feeling", I'd believe you a thousand times over the confession of a vendor gambling monthly member's funny money. Gambling membership money in a bull market is not an edge. Confessions of such a vendor is just marketing damage control. Godspeed to your profits
LMAO hahah I agree They. Here is a true story. They, you and I already know whats going with this story here. I use to be in a similar paid chat room when I first start trading. Man, that teacher in that chat room, had me sooooo messed up, I was scared to take short trades for about 6 months trading the ES. Trying to catch the falling knife, to get the big RR, and then brag about the big big winner. One day, a FOMC day, I tried to follow him catching the strong bear move down. That ES kept on going down and we kept on trying to buy. I think I lost about $2000 that day. The guy was saying the same thing this teacher is saying about the worst day ever. The really really sad part, was on that day I had a college buddy join the room too who was new to trading. He never traded before, maybe a few times. He took those trades too, and he lost about $6000 because he refuse to sell and held the trade for about 2 days. I thought about that $2000 lost all weekend. I came to conclusion, there is noway this trading where I sit around waiting for price to fall all week, and then just buy, lose, buy again, lose, buy again, lose buy again......and hope I get a big 20 point gain and then feel happy. Logic prevailed. I started asking, why this person no short while the price is falling. I asked why, and the response was "Dummy money, sell when the price is already falling". That room pushed my trading back by about 1-2 years cause all I knew was "ok catch the ES when its alllll the way down, and buy and hold for the big money" After joining ET and talk to a few experienced traders, I left that room. The point I am saying is, people have to be careful who they are paying money to to teach them, cause that learning can push your trading skills back far and cause other damage.
Typical mistake many make in the beginning. SOES bandits is the only public record of a very lucrative strategy been taught to public. They needed humans to execute it back in the day. In all other cases, no one and I mean no one will ever show anything that has an edge and charge you for it. It is really this simple. Some might show/teach for free for specific reasons, but it is very rare.
Thank you RedDuke, I never know about SOES. Nice. You make good sense and I always like reading your posts. You keep it simple.
%% IF risk or ruin is 95-97%/ quaili may have a fighting chance. NOT sure I would call a bottom on a 1 minute chart, actually I would not; but 50 day moving average uptrend still looks fine. One young trader asked ''WHY does the market always reverse when I get in??'' Another elite trader said ''STOP trading to big.'' Funny but great quote.
%% I see what you mean; I would not define a long bias with a 1 minute chart. but 50 dma trend still looks good......................................................................................half hour to close/still going up.SQQQ had a good run early today.Thanks
Amazing that a gambler like this actually has paying subscribers! No exit plan - piling onto a loser, it does not get any more novice than that. He claims he lost only 3% of his capital, if that was true he should not have gotten mentally wrecked from it.
qlai, I have had plenty plenty of bad days of losing money. For example, Was on nearly a 9 day winning streak, then blew it on one day overtrading. But it was my fault for not following my stop trading rules. Just have to keep on going and now I am back on winning streak. Trying to get better at holding my trades and managing the trade, instead of scalping out. Crude Oil in June and July was brutal and got my ass tore up. I start changing the method, then now realizing, I was just going through drawdown. Like I said before, I think the trader did a awesome job. He just had a losing day for trading stupid not following his own rules. Not a big deal to me.