I'm a prop trader in boston and i agree with ThePropTrader 110%..WTF are you talking about dude???? You NEVER EVER think about money when trading. You think about what you can LOSE first ..then what you can make. You must be new to the game..no worries. Just watch and learn.
Well, I don't mean to offend anyone. (That was a lot of pages ago. I am surprise you dug it up again to discuss with me about it. Maybe my tone wasn't too nice. :/ ) To me, as a newbie, money is money. It doesn't matter how I view it, I believe if I have a good overall strategy with a good discipline, I will make money. If I don't have a good overall strategy or if I don't have the discipline, I will lose money. It doesn't matter if I see it as credit or money. Capital preservation is my focus. Anyway, that's just my newbie talk and that made sense to me. I think I probably learned this from some dumb book I read, written by a guy who blew off his head. Maybe one day, I'll learn to view money as credit like prop traders.
I agree. There is nothing wrong with trying to make the most you possibly can and to grow your capital and maximize your profits....but when you set goals that are unrealistic or unobtainable and require you to be overly aggressive and force things you are starting off on the wrong foot.
There are plenty of "averaging down" threads where you can continue this debate: http://www.elitetrader.com/vb/showthread.php?s=&threadid=190949 http://www.elitetrader.com/vb/showthread.php?s=&threadid=191926 http://www.elitetrader.com/vb/showthread.php?s=&threadid=190780
Legging in to a position as it's going against you is averaging down. If he was already at a full weight, he wouldn't exceed that
NEKE, why don't you ask the mods to lock your thread until you decide to start trading again? It's only gonna add 30 pages of bullshit debates and back-and-forth bickering anyways. Good luck
Your quote reminded me of the only quote that I have taped to my monitor: "To live for results would be to sentence myself to continuous frustration. My only sure reward is in my actions and not from them."