yeah, the corner shop guy has really good quality of life...no vacations, insane hours, no relief when he needs time off and constant business worries, supplier worries, customer worries....
yes, that pretty much sums it up. I went nine years without a single vacation or day off other than the 5 days NYSE was closed each year.
Exactly right . Anyone can enter a trade correctly. It's the management of that trade that is the key to success. Much too much emphasis is placed upon correct entries
Want to point out something that should be obvious to all here now. The previous posting was made on Sep 13 and it is now Oct 5. This thread continues to show on the ET homepage in the risk management section's recent 5 threads. As well, the other 4 threads listed do not have a plethora of communications. What does this mean? --It indicates that there is a genuine lack of interest among traders in the subject of risk management. Now we know that most traders, especially day traders, lose money and we know that most traders are not interested in risk management-----See the connection? This section should be the most heavily visited and posted to area of ET bar none.
The answer to that is easy - most do not have a clue what they are doing! The majority waste endless hours and endless money - I know as I was also once a fool ! - in search of certainty in an uncertain endeavor! If you are in..and you are up..and it stalls..then why should you stay in..as it has stopped moving the way you want it to move! How much does a measly commission cost compared to what you can lose on a trade! It makes one laugh when you hear people talk about saving a few $ on commissions, and then they sit back and watch their p&l go into the red to the tune of $50..then 100..then 150...then 200...and then they panic and get out! What happens next !!!!! If someone wants to make money trading, then the first thing they have to do is know what their max risk per trade is, and stick to it (can be less..but never more) no matter what - NO MATTER WHAT! If this is not possible, then best to quit and give the money to your kids, charity, or just blow it on booze and women if you are single, for at least you can say you had a good time J_S
This is where I have to disagree! My argument is as follows: Bad timing is bad trading - you lose as soon, or very shortly, after placing a trade. Good timing is good trading - you win as soon, or very shortly, after placing a trade. In my books, CORRECT timing is everything! For every trade you place, you should have the following worked out, otherwise you are just guessing! 1. $ risk - giving you the no. of shares or contracts to trade 2. Entry level 3. Exit level - Stop Loss 4. Exit level - Profit Target All above are SET before you pull the trigger! If your Profit Target is hit - take it! Why take the risk! You can say to use trail stop - but in volatile markets you can get gaps and give back more than you should have! Of course, what is not mentioned here are the levels themselves, for, depending on the trader and how market is traded, the levels could be way different - so, it is all relative to how much money you have, how much you know about the market you are trading, and how good you are at TIMING! J_S
I was going to say that shud be "obvious" but I wont Exactly, automatically reduces your risk for every trade you make, which is what every trader should always be perfecting. After all...Time = Money...does it not! J_S
One of the things I've come to appreciate during my tenure here Not many grasp / appreciate - the obvious Oh well RN