Most traders leave trading because they have run out of monies and no way to replace it. What you do is outright gambling so, I am skeptical that you would come out ahead at the very end. No risk management on top that, you remind me of my friend who has lost millions in the stockmarket and still has not learned the hard lessons even now.
sorry this is off topic but if you do the wrong thing risk management cannot save you. if you do the right thing you do not need risk management,IMO
you are entitled to your opinion it will not change anything and it does not mean you only are right.
smallfil, You are correct about this. I started trading with $13K real money about 5 years ago and lost all of it because I did not keep my risk small and I did not fully comprehend what risk management. I did not take the time to ready quality trading books and seek good mentors or ask the question. I just traded right away. So you right, I blew out my account and struggle to rebuild cash flow. I also know about 10 other people blew above $50K trading like 2-5 contracts at a time. Even one person I know lost over $100K. Now just think, if that person only risk 1% or even 0.5% of that, the person would still be in the game now and learning. I know better now and helps me to know others think like me. It comes a time when you just gotta stop bullshitting and the what makes profitable sense.
You are already ahead of other traders by embracing risk management. That is what kept me alive when I make stupid trading mistakes. It keeps the damage pretty small and insignificant to recover from. I have also, cut down on my number of trades. It is not quantity but, quality. You only need a few good trades to make it worth your while. Less stressful too because you have better trades and winning trades at that. You will still have your losing trades but, your risk management will take care of that.
Trading is All about risk mgmt, scaling and price action. Charts are much less important than you'd expect. Problem is most educators are non-trading bullshitters who don't trade, so there's no experience in genuine risk management being taught. Hence all they know is TA, which is fractionally as important as stops and scaling. #truth
Thanks smallfil, I appreciate it and good to see other traders who embrace risk management. The way I see it, if I risk only 1-2% of my account per trade, it allows me to grow my money over time. And get better over time. If I have a $30K account and only risk 1%, that is $300 per trade. As the account gets bigger, risk get bigger, account drops, risk drop. After a certain drawdown, that means my edge is gone, or I do not know what I am doing. STOP trading, re-evaluate, back to sim mode/backtesting, get better, retry. I am not starring at $0.00 account balance because I wanted to be Mr. Big time show-off trader like a dummy. Nope, I wanna make money consistently for the next 30 years, not one month. That keeps the stress level down, and lets me slowly build my account as a professional regardless of emotion and seeking a homerun. profitable longevity is important for me.
i couldnt be more angry about the vix today. problem ive got is 20march and it's carrying so steeply here. i'm fine as long as the april contract isnt too low by comparison thank you.