Well the "Root Beer" will need to do the talkin' as it relates to the reply here...and you would be surprised at how it agrees with you.
Fortunatly, Polarity is controllable in currencies, the way I do it, otherwise you are correct and I found that out the hard way last month.
ok fellah's I got to go...or I will need to ban myself... Thanks for the stimulating conversation and Thanks Trish for the thread and the poll...
I wasn't going to post on this thread again. The reason being when dealing with people like Mschey you have to understand he is always right. And the more you respond critically the more he will escalate the personal attacks. A couple of observations about that individual: (1) He claims he is an expert. This is based on 5 years full-time trading. In my view, your first five years full-time trading you are still learning. Once you have been doing it for 10+ years then you can claim to be an expert. (2) He claims that he is walking the walk and everyone else doesn't really trade or is a loser if they happen to disagree with him. However, I haven't seen him post an account statement to prove this assertion yet. Not that is usually necessary, but it might help his claims of "elite trader". (3) He consistently attacks other people in a personal manner if they happen to disagree with his image of what a successful trader should do. (4) It is my impression that he is rather arrogant and egotistical. He wants to be an elite trader. He wants to enter purely ego driven events like the World Championship to prove himself and to be acknowledged as a master trader. As a side note, to win these sorts of competitions you normally have to take a very high degree of risk. (5) He makes wild assumptions based on no evidence. No doubt this will engender another personal attack on what a loser I am. I just wanted to thank you Holygrail for your posts. It is nice to know that someone can understand my posts without misinterpreting everything I say. It is my experience that the best traders are usually the most humble, relaxed and decent people. They don't have a need to be acknowledged as the best trader or to prove themselves because their results speak for themselves. They are open to other points of view as they got to where they are through their mental flexibility and observation skills amongst other things. On ET, OldTrader and B1S2 come to mind. They also don't make personal attacks on others who happen to disagree with their way of thinking. Please don't get me wrong. This is not a personal attack on Mschey. What he says may have some value to others. Myself, I tire easily of impolite people who attack others for having a different view. I can't claim to be an expert trader. I trade the ES everyday and have another system which I am still working on that trades multiple futures markets. As a futures trader, my main priority is long term survival so yes managing my downside risk is more important than maximising my upside through being overly aggressive. To me any loss bigger than 2% of my net equity is unacceptable. I very much agree with B1S2's comments on risk management and I approach money management in a similar fashion. If you trade futures consistently everyday, which few can do, the upside takes care of itself. What I do works well for me and I am happy with my results and my current stage of development. I wish everyone success in this hard business. You need to think a lot, observe much and not listen to the naysayers of which there will be plenty.
Seriously...do you ever feel bad about giving trading advice when you can't walk the walk yourself? Take this guy Ryan Jones...he writes a book, then starts a mentorship program to teach traders how to manage money. Every sales call I've heard from this guy he mentions the fact that he took an account from 10k up to and over 100k in three months. Pretty impressive....what you don't hear is the fact that he lost it all and the account was closed with 1k in profits. I am tired of those who can't, acting and talking like they can, and offering bad advice, and fleecing unsuspecting people out of there hard earned money.