That was good bit of work there forging the quote. See you CAN do something! In the end though I am happy to take the pepsi life challenge against a hump like you as you have been exposed as a fraud "Jimmy No Trades"
Aw you're still hurt. Well sorry for hur'tin your feel'ins like (well, actually, no I'm not). Too bad you place so much importance on what happens on a trading board, you might want to take some of your own advice and get "some kind of" a life. Although I know it must be hard, with a resume like that. JJ
I noticed the debate about the Maxspan trade..and the comments about the drawdowns... If we leave aside the personal comments, there are a couple of things I can mention that might help new retail traders who are interested in advancing themselves. First, one has to evaluate a setup based on the mathematical edge it provides, and drawdown is just one element of that evaluation. Second, it is rare that a professional will trade just one setup. In order to properly evaluate a setup, you need to know if it fits into your overall business plan (remember that this is a business). I noticed the comments about the drawdown for Maxspan and the pronouncements that it is too risky. Actually it depends on those elements mentioned above as well as the individual's capitalization and ability to manage systematic risk. As an example, I lose about 20k every week, however I have no problems trading my setups, because I know that at the end of the month, the odds are I will see a significant profit. If you want to see the difference between a retail trader and professional, just re-read Jimmy's posts. He simply looks at the drawdown and pronounces that it is unacceptable. In contrast, a professional would look to see how the setup fits into his overall trading plan..whether he can adapt, modify or improve its result. In the end, looking where others won't look is how a professional finds and develops an edge. Sorry Jimmy, but in spite of all your posts, you have just modeled the perfect retail/newby approach to trading. Maybe someone here will learn something from your mistakes. Hey who knows, maybe hell will freeze over and you will learn something as well? Some of the best commentary related to my point was written by ACRARY some years back and is available to you folks in the ET Archives. Good luck everyone. Steve
Mate at least I have a resume you have never done a thing in your whole life. Answer one question WHAT HAVE YOU EVER DONE?
It's OK Steve46, and as always thanks for the analysis (we both know the only thing I want from this experience is the knowledge). While I appreciate your point of view, as a retail trader the most important criteria is and always will be to manage risk. As I know with that touchstone in place I will be able create substantial rewards, change the scaling both horizontally and laterally on my scalping trades according to my needs, both business and personal, and diversify into position trading different asset classes to reap the great benefits of strong trends. Good trading, Jimmy Jam
Sure, Now I will feel like I accomplished something this evening if I can say one more thing.. Its true what you say, that the main job of retail traders is to manage risk....true enough... Now if we can just make this little leap....and that is..that MANAGING RISK IS NOT THE SAME AS AVOIDING IT.... and the reason that is so, is because of the linkage between risk and reward (in financial markets). Because of that linkage, in order to transition from retail to professional, traders have to learn how to use the tools of the trade to SUCCESSFULLY MANAGE EXPOSURE TO RISK. In the end this is how is plays out. "The return for avoiding risk is no loss, but no gain" "The return for successfully managing risk, is periodic loss, and periodic gain" "How successfully you manage risk, determines the magnitude of your losses and gains". Good night
Bet you any money that there will be a reply to the last post because if I have learnt anything today it is that JJ has to be the last on the thread I am bad but not that bad