I actually did find someone to manage risk for me. It worked out until I started changing my password so they couldn't see my trades, blaming them for not keeping close enough eye on the markets. It was impossible in the end to manage risk if I didn't want to manage myself. Steenbarger has some great research findings and suggestions in his book as well as his blog about this very problem. The most lasting impression his writing gave me about this very personal problem I share(d) with you is that there are 100s maybe 1000s of ways to create risk and profit from it in the markets. However there is probably very few ways to interact with the market which are right for you! I took a long hard look at my trading and realized I wasn't that great with scalping, as much as I loved to be in on the action. Just by backtesting my strategy on longer time frames I discovered that I could make about the same as I do scalping and blowing stops as I could swinging intraday once or twice and keeping the action but reducing the "clicks." Whatever you decide, I can guarantee you can save yourself some money by doing more self analysis and sharing what you find within rather than asking for actual "click" help on your account. Worked for me.
I actually did find someone to manage risk for me. It worked out until I started changing my password so they couldn't see my trades, blaming them for not keeping close enough eye on the markets. It was impossible in the end to manage risk if I didn't want to manage myself. RE for JangoFolly: Let them manage a trust account which doesn't give u instant access to change password. U might hv given too much pressure to the person that who work with you (not sure but seems that might be the reason your wife didn't cope well with your trading business). U might want someone who can sense the market exactly like you are. He/she can be close to your market sense, but it takes time & room. May be u need someone who trades the same market as yours, walk u through the process by giving you reminding (to action signals) and encouragment along the way. Try your friends or someone who are traders and talk/msn you through the time.
This is like some horrible self-denying joke. Gerald, I'm not the one who posted originally with my problem. I was giving advice to the OP. Why are you quoting my post and giving ME advice? Too funny...
IMHO a partner is not your solution ... finding a profitable method that involves taking losses on a regular basis is. You need to take a hard look at your system and see if there is a stop loss strategy that could have been applied resulting in an overall profitable outcome. Without this information, how will you know whether a partner's discipline can help you? You are probably close to solving this on your own, after 5 years of trials and tribulations and watching the markets. I'm sure you know all the conventional trading wisdom (keep losses small, etc.... ). I would not try to fight any of that, nor the "trading is a lonely game" idea. You might ask yourself why that is and whether you really want to buck that trend. All the best to you.
YOU NEED THAT CODE FOR THE SDDD V1.01"(SUPER DUPER DUMMY DOM)". AS USUAL YOU SET ALL YOUR STRATEGIES FOR DIFFERENT TRADES WITH VARIOUS POSTION SIZES, PROFIT TARGETS, STOPS, TRAILING STOPS ETC. ETC. AS SOON AS YOU ENTER A TRADE IT AUTO RENDERS YOUR MOUSE, AND KEYBOARD COMPLETELY DEAD OTHER THAN THE CLOSE (FLATTEN) BUTTON UNTIL THE NEXT FILL. YOU CAN TRY TO MOVE YOUR STOP, ADD TO, SUBTRACT FROM OR DO WHATEVER IT IS YOU DO AND YOU WILL NOT BE ABLE TO DO A DAMN THING UNTIL YOUR STOP OR PROFIT TARGETS HAVE BEEN HIT AND THE POSITION IS FLAT WHICH AT THE SAME TIME BRINGS YOUR KEYBOARDAND DOM IMMEDIATELY BACK TO LIFE. PROS-YOUR PROCLAIMED ENTRY TALENT CAN FLOURISH WHILE PARALYZING YOUR POST ENTRY GREEDY FINGERS NO MATTER WHAT YOU DO. CONS-JUST STRAIGHT SINGLE ENTRY ORDERS WORK AFTER INITIAL ENTRY. YOUR INITIAL STOP, TRAILS AND TARGET STRATEGIES ARE CONCRETE. END RESULT- YOU CANT SCREW IT UP IF YOU CAN PICK SOLID ENTRIES. JUST BE READY TO STOCK UP ON MULTIPLE SPARE MOUSES, AND KEYBOARDS BECAUSE FOR THE FIRST MONTH OR SO UNTIL YOUR MIND ACCEPTS ENTRY ONLY AS HABIT YOU ARE GOING TO TRY AND TRY AGAIN TO MOVE STOPS, TARGETS ETC AND THE FAILURE TO BE ABLE TO DO SO IS GOING TO SEEM LIKE TEMPORARY INSANITY THUS CAUSING YOU TO THROW, STOMP AND KILL MULTIPLE COMMUNICATION HARDWARE WHILE TRADES ARE WORKING I.E. MOUSES AND KEYBOARDS THAT HAVE ABSOLUTE ZERO RESPECT FOR YOU OR YOUR COMMANDS ANY LONGER OTHER THAN ENTRIES. END RESULT. YOU BEAT YOURSELF UP AND BEAT THE HECK OUT OF YOUR HARDWARE WHILE THE TRADE CALMLY WORKS UP TO PROFITS IN YOUR FAVOR OR ACCEPTABLE PRE SET RISK TOLERATED LOSSES AND MANY MANY PRESET SMOOTH EXITS. AT FIRST YOU WILL FEEL LIKE A HARD CORE DIRTY STREET DRUG ADDICT WHO HAS BEEN LOCKED AWAY COLD TURKEY WITHOUT A FIX. AFTER YOU GET USED TO IT OVER TIME YOUR MIND WILL BECOME CONDITIONED AND RELAX AFTER ORDER ENTRY KNOWING YOU AND YOUR COMM HARDWARE ARE MEANINGLESS AND USELESS UNTIL IMMEDIATELY AFTER THE EXIT. IF YOU CAN MASTER CONSISTENT MECHANICAL ENTRY WITH PRESET LOSS RISK AND PROF TARGETS FOR SINGLE CLICK ENTRY, NOTHING SHORT OF THIS SHOULD MAKE YOU A RICH MAN.
This sounds like it could be a very good solution for the problem at hand. Where can one find this software or did you code it yourself?
"Basically, I'm very good at making money, but I'm terrible at keeping it. " "looked at doing this same set up with my wife, but we don't work well together (despite a happy marriage)." The problem is you. If you cannot control risk, then you cannot trade. If you are unable to get out, then I have serious doubts that you can outperform either You offer little of value to a partner...
I wholeheartedly disagree. A set of biases exists that all traders are subject to - he has simply âgot it badâ where a particular set is concerned. For you (and quite a few others in other posts) to characterize his techniques, his overall strategy, his trading plan as doomed shows ignorance (mixed in with a bit of shadow projection, of course) A huge percentage of intraday traders and scalpers would be tremendously blessed by a partnership with him â provided their biases offset rather than match his. He actually has low odds of hooking up with someone qualified to do the loss management role - But that doesnât mean he shouldnât try. In the long run, he will have to âovercomeâ these biases. But in the short term, attempting to leverage the power of delegation should be supported not whacked at with self righteous and largely irrelevant objections. eto
I read this thread with fascination. This situation could be likened to the requirements investment banks have for compliance and risk departments. Traders make the trades whilst the compliance and risk departments provide the control. A whole heap of stuff is required to control risk, not just hard stops or discipline - A set of trading rules, daily, weekly, monthly targets and clear records on every trade being just a few. I think if this dude can find a yin to his yan, then their partnership could work very well indeed. I'de be interested in discussing further if I was based in the US!! Good luck in your search. Daniel