Well I postion trade a lot more so I get marked to market red a lot . Intraday trading is for offsetting a postional that I may have gotten into too early. Basically when the position breaks my way I am now able to ride it a lot longer. Anyway Good luck to all, its a rough ride. MS, I agree with some of your concepts very proactive approach leaving nothing to error.
regarding, "most successful traders are difficult people." the *best* traders i've met have been an intriguing mixture of relaxed, competitive and completely focused on whatever they're doing. i've met numerous average traders who like to pretend/live the bigshot trader lifestyle. obviously, i've met a few ass*holes along the way as well. the only thing i can say about the ass*holes is that none of them were popular or made the top grade financially/careerwise. related to this topic, someone on ET gave an IB newbie some advice - don't be cocky, be a decent guy. that is good advice for the real world, which bizarrely perhaps, includes ET. AM
Well the only reason I ever entered the latter part of this thread was due to the advice given to LondonUsTrader by Mschey and I quote. I personally felt that was so presumptious on his part to chastise someone for staying within their own risk tolerance. There are many ways to make money in this market but the key to good mental health is to stay within your risk tolerance. You cannot look at opportunity cost if you don't have the risk tolerance for certain strategies. One thing no one noticed or at least didn't comment on was this statement by Mschey. Please look at the above statement. Does anyone notice the word bet? Now would it be presumptious of me to assume Mschey's money management system is based on a gamblers betting system? Is it because he actually thinks certain trades are more likely to succeed than others? Well if that is the case why not just trade the optimal trades? Personally I don't really care, but I do want to see people trade within their risk tolerance, and not be chastised for it.
Personally, I don't care how you feel! I'm not here to make you or anyone else feel good. I'm here to put out some quality information on money managment, position sizing, and risk management. Second, I wasn't chastizing him for staying within his risk level....go back and read the post you moreon. I said he had some conflicting beliefs about trading and money management. If you believe you are playing a "net losers" game, there is very little chance that you are going to be successful. Second, if you believe that money management is to "keep you alive" as long as possible, the presupposition is that you are eventually going to die. Not a healthy mindset, especially if you want to become a successful trader. TRUTH HURTS.....BUT IN THE END....IF HE REVISITS HIS BELEIFS, HE WILL BE BETTER OFF. The pioneers of modern money management were not wall street traders, they were card counters. They figured out that money management would help them to maximize the growth in their account, given their edge over the casino. This is the origin of the word BET as it applies to money management. Due some homework before you embarass yourself again.
LMAO. Yes you tell him what is best for him. Let him know what a loser he is for being conservative in his money management. If you are going to call someone a moron at least know how to spell it otherwise who do you think looks like THE moron? I didn't come to the thread for any other reason than your arrogance that your way to trade is the BEST and ONLY way to trade. You truly are totally full of yourself. You told a person you don't know that they have loser issues. Where did you get your psychology degree? How long have your practiced psychology? How many sessions did you have with LondonUStrader before you so kindly analyzed him? The person who started this thread was trying to find a basic money management strategy to begin her trading. You came into the thread to show-off your five year system. Well I hope one day others will be impressed as much of you as you are impressed with yourself. Now Piss off.
So now you're down to correcting my spelling errors.. you are pathetic. Seriously, Can you read.....damn you might be the dumbest sob on here. Hi-lite where I stated that my way to trade is the best and only way to trade, can you do that? Read the thread from start to end...I know that's alot of reading for you, maybe you can get it done by tomorrow? Then show me where I called him a loser...I said he had a loser's mentality. I think...when it comes to trading...I know something about the psychology of winning. I highlighted all of the relevent information out there regarding position sizing, I even went as far to include how I size my positions. As always, if you don't like what I have to say, you are free to put me on ignore.
Well let's see the arrogance. Sorry, but I didn't know this was a race to see who could make the most money the quickest. If you make it quick you can lose it just as quick regardless of what you seem to have convinced yourself. and here's one Leverage is leverage, PERIOD. If you trade with leverage consistently you are taking on more risk PERIOD. Not everyone wants to increase their risk. They are not stupid. They are trading within their comfort level. If you are comfortable with more risk that is great, but to say they are paying a heavy price is YOUR OPINION, NOT A FACT. let's see some more arrogance. Just call the guy dumb because he doesn't see what you think you see. Sorry but it is important to stay in the game. You may think you have an edge, but it is not a guaranteed edge. You may think you have all of your losses limited to 10% but there are no guarantees. Nothing lasts forever. Staying in the game is not a losers mentallity. It is an intelligent concept because every trade is not guaranteed. and then we have this That's a great presupposition. Again more arrogance. and then we have this I'm glad you consider yourself an expert but guess what? That doesn't make you an expert. When the investing community considers you an expert you can make that claim. Otherwise your just another guy trying to make a living at trading. boy this arrogance is getting longer and longer Translation. I have big balls. I can average down losers and good traders do too. PURE SELF INDULGENCE. Do you have any statistics on that? Whoda thunk it. I found some more arrogance. Let me know where you stand in twenty years. 5 years means absolutely NOTHING!!! I wouldn't let any five year "professional", and I am using that word very loosely here, control anything that was important in my life. and another Gee you are a self-proclaimed expert why can't anyone else be one. Are you worried about your "elite" status being undermined. I could go on and on and on. Now I am done. Good luck.
HolyGrail you are just wrong here. Try to open your mind and imagine how.... Leverage is leverage, PERIOD. If you trade with leverage consistently you are taking on more risk PERIOD.
HolyGrail, Here is another misnomer... To get better at your Job, you should seek efficiency. The market has no idea what your comfort level is. They are trading within their comfort level.
I have no comment. But what is the point? Efficiency is the cause of this? Sorry, but I didn't know this was a race to see who could make the most money the quickest.