If it was $5,999 discounted to $2,900 today only I would have bought it. $997 is too cheap for the Discombobulator Trading System I have only dreamed of owning.
I see a lot of truth in this statement. How many times have I let a decent profit turn into a loss because I wanted it to get back to the max profit I once had in the trade. And, more so have I settled for a small profit and it when on a tear after I exited. I had good entries in both situations.
When I started getting involved in the US stockmarket 1998-1999 as a newbie investor, I had to spend a lot of monies on data, black box software, books, dvd, seminars. It is not an exaggeration to say, I probably, spent over $10,000 trying to learn about the stockmarket. Nowadays 2022, most of that information is free on the internet. You Tube has tons of content on every aspect of trading. Anyone today can learn to be a good trader because the resources are free now for everyone.
Go ask one of the ET trolls because they will tell you what really works in the stockmarket. Funny. If you know something does not work 100% why would you ask others to prove it works?
Hello wrbtrader, What does good position size management means? I trader the lower minutes charts day trade. Thank you
Haven't you noticed that the ones daring you to prove things in stock trading and the stockmarket are the ET trolls? If you believe in something, you should be the very first person to prove it. So, if you say, technical analysis does not work. Go ahead and prove it!
That is just silly to say, but I would like to see TA's account performance. Who is this TA, how long has he been trading? Chief, your question was equivalent to: Do supplements work? Some do, some don't, some work as placebo,(so not as intended) some would work but incorrectly used (not enough dosage). etc.etc. TL;DR: Question is too generic.
You made good entry and bad exit you made smaller profit. You make bad entry and good exit you incur smaller loss . So is smaller profit better than smaller loss ? If you can calculate you will get the conclusion that entry is more important than exit.
https://www.investopedia.com/articles/trading/09/determine-position-size.asp By the way, I strongly believe risk management and position size management go hand to hand as in they're dependent upon each other. Yet, bad risk management and bad position size management are encouraged by many brokers with those ridiculous low margin requirements or high leverage that wipe out traders because most traders don't understand that they shouldn't use margin requirements or leverage to determine their position size...then followed by market conditions impacting your position size. Further, I wish brokers were required by law to give retail traders (their clients) a mandatory online class about risk management/position size management that we retail traders must pass to be allowed to open a trading account. In fact, if you've ever participated in any of the CME Group trading competitions...they require you watch an online class on topics like that and then you're require to answer some questions related to the video you've just watched...prior to someone being allowed to compete in their trading competitions... At least they use to do such in their past trading competitions. Let's put it this way, there's a huge problem when the typical retail trader, as an example, opens a $1200 trading account and then proceeds to trade with 2 Emini ES contracts just because the broker day margin requirement is $500 per contract. Another strong belief is that one of the reasons why most traders fail at trading is because they abuse and misunderstand risk management / position size management because they're trying to make a ton of money in a very short time period and they're undercapitalized or trading with money they can not afford to lose. It's one of the big reasons why I frown on a trade journal that doubles/triples their size after a losing trade or adds to a position without the trader discussing their account size, statistics of their trades when double/triple their position size in position reversals... Those reading those types of trade journals are getting the wrong message about risk management / position size management. Then again, brokers don't care because they know that a trader with good risk management/position size management will trade a lot less than those that have poor risk management/position size management. Simply, brokers want a high turnover rate and they can only get that with a high failure rate among retail day traders. wrbtrader