TheDr, Personally i think you have answered your own question(s) with this thread. You seem defeated by it all....are you? Getting it right and money management do not go hand in hand. How can you manage your money about something which you do not know about or understand? Where do people go wrong about getting it right? Lack of experience? It's a knock on effect. There must be a small percentage of people involved in the markets who are truly interested in price movement. The rest just want the quick buck.
Thats funny you posted this b/c I thought the same thing this morning. This guy totally sounds like areyoukidding!
in case you somehow don't know, you trade based off of information. So in this sense, I would agree with "Many on this site seem to think or feel that it's information or lack thereof, which separates the winners from the losers" because you more information you can pull out of the data (market), the better your chances of success. not sure what youre trying to get out of this thread either. Is there something that you do not understand, but still think you can be a "winner" by not understanding it? Sure. You probably can. Like whoever said earlier (sorry cant remember), you can "win the race", but at the same time you can win it with a "faster time" if you understand more and more. RT
I have always the mindset that all my trades have a 50/50 chance to go my way. So obviously, all my efforts are in Money Management. My main weakness is to let my profits run. I am very good, finally, at cutting my losses, but I am still struggling on cutting my profits. This is why I try to rely more and more in short-term systems with buy/sell at the open. Today, as a good example I bought CAL at the open, but I sold it just before the close for a very nice profit. Theoretically I should have waited for tomorrow's morning open but a 6% gain seemed to good to pass. Of course, CAL is going to gap up big in the morning >LOL
I actually prefer to use your approach in that I take a signifigant profit even if it seems probable for further gains. I will then re-evaluate the situation and re-enter. Sometimes I am able to sell before a dip and get in at the bottom for "extra" gains. Most of the time I just lose a little potential by waiting for signals to strengthen again. I find I end up with more winners this way.
I agree RunTrade. Also, the fact that my systems are mainly contrarians, it seems to be adequate to take quick profits. Probably would be more a "MUST' to let profits run with a trend-following system. But the bottom line is that Money Management (Risk/reward, position sizing, total risk, etc.) is by far the best edge I am always trying to improve in this business.
No, I'm not defeated by this at all...And i'm quite aware that we all trade off information....But, what I'm saying is; All Information is subjective and left up to the interpreter for its validity or credibility. I hear people all the time concerned about what's going on in Japan or other geopolitical conditions, and what their favorite indicators might be saying.....I just feel through my own experience. It's "How" you risk your money in relation to these indications, and or information that determines your success...Not the information or the indicator itself....
As a quick check, I searched both handles and found right away what I was expecting: the first posting date for hairdresser was right after the last posting date for areyoukidding. Kind of confirmed my doubts.
IMO, the first part of your statment is what rings true. HOW you interpret the information from the market makes you successful (or not). That with a combination of money management will make a "winner". Just because there are people who are concerned with things that you are not, does not make them "losers". Many people trade for different reasons, time frames, goals. EDIT: someone may go crazy over something in Japan because they trade currency. Myself, however, could care less about that kind of stuff. Much like you it seems.