who is a good trader

eleanorK80 · Oct 9, 2023

Robert Morse said:
A good trader has a process in place to make money consistently in relation to the risk taken. A good trader has a set of rules to trade by. If you only look at the profitability over a short period of time, anyone can get lucky.
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I completely agree with this comment. A good trader indeed relies on a well-defined process and adheres to a set of trading rules to manage risk

Sprout · Oct 9, 2023

wxytrader said:
IMO, if you have to put a stop then you clearly aren't confident about the direction and should maybe re-consider legging in. Only retail uses stops because they don't have the capital to box it in. Most if not all positions end up in the red because you never get the actual bottom. If price drops I average down. I mean I would not employ this technique for single entities, I would probably get a leap put to protect from bk...but you will never see me place a stop loss on index funds or etfs. If I'm getting in you can be sure it's close to the bottom of the cycle, so why on earth would I want to get stopped out? Instead I use it as an opportunity to load up.

If all you guys "stopped" being little bitches then these funds couldn't get the huge liquidity they need to hoard shares and manipulate the stock.
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more commentary from those on the road to ruin..

eleanorK80 · Oct 9, 2023

ajacobson said:
Makes or loses money by design. Has a good sense of what the trade profit target is - not the stop or trade out. What the loss dynamics are - again, not the stop. Pricing to most hedges is fine and not meeting the target is also fine. Making or losing money by design is the goal.
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I am afraid but I didn't get you by Design. what design mean here?
But losses are also a process of leaning trading.

eleanorK80 · Oct 9, 2023

Could you please clarify what you mean by "its shakes and shimmies"

SunTrader said:
Target is a Department store.

Price does what it wants. Stops take care of its shakes and shimmies.
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eleanorK80 · Oct 9, 2023

Scataphagos said:
Disagree about your notion of stop/no stop.

A proper play is to "evaluate the trade's merits and determine how much you care to risk that your assessment is correct"... that's where you place your stop. There is no "right answer" as to where to stop out. Stops are to protect capital... regardless of whether "things change/or are different than you perceive", or whether "you just plainly screwed up".

PROTECT YOUR CAPITAL WITH STOPS... LIVE TO FIGHT ANOTHER DAY!*

* In my experience, I'd say the market is going to "take a serious run at you and your capital".. probably around 6 times in your career. The kinds of "run" that could damage your portfolio perhaps catastrophically. You really NEED to "dodge those bullets" as best you can. If you always trade with stops, you can prevent such carnage.
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Thank you for sharing your perspective
My question is, how do you personally determine the specific placement of your stops?

eleanorK80 · Oct 9, 2023

SimpleMeLike said:
Hello Scataphagos,

You are correct. I have learned through ALOT of pain, that stop loss are my friend.
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Losses in trading are the stepping stones to wisdom; each one teaches a lesson that brings you closer to success.

eleanorK80 · Oct 9, 2023

wxytrader said:
IMO, if you have to put a stop then you clearly aren't confident about the direction and should maybe re-consider legging in. Only retail uses stops because they don't have the capital to box it in. Most if not all positions end up in the red because you never get the actual bottom. If price drops I average down. I mean I would not employ this technique for single entities, I would probably get a leap put to protect from bk...but you will never see me place a stop loss on index funds or etfs. If I'm getting in you can be sure it's close to the bottom of the cycle, so why on earth would I want to get stopped out? Instead I use it as an opportunity to load up.

If all you guys "stopped" being little bitches then these funds couldn't get the huge liquidity they need to hoard shares and manipulate the stock.
More...

Thank you for sharing.
It's clear you have a different approach to risk management and a strong belief in your trading strategy.
It's essential for traders to find methods that align with their risk

Scataphagos · Oct 9, 2023

eleanorK80 said:
Thank you for sharing your perspective
My question is, how do you personally determine the specific placement of your stops?
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I usually put stops the other side of support or resistance.

ironchef · Oct 9, 2023

wxytrader said:
IMO, if you have to put a stop then you clearly aren't confident about the direction and should maybe re-consider legging in. Only retail uses stops because they don't have the capital to box it in. Most if not all positions end up in the red because you never get the actual bottom. If price drops I average down. I mean I would not employ this technique for single entities, I would probably get a leap put to protect from bk...but you will never see me place a stop loss on index funds or etfs. If I'm getting in you can be sure it's close to the bottom of the cycle, so why on earth would I want to get stopped out? Instead I use it as an opportunity to load up.

If all you guys "stopped" being little bitches then these funds couldn't get the huge liquidity they need to hoard shares and manipulate the stock.
More...

You are a bold trader, probably a new trader.

There are many bold traders & old traders on ET, but none bold and old.

wxytrader · Oct 9, 2023

ironchef said:
You are a bold trader, probably a new trader.

There are many bold traders & old traders on ET, but none bold and old.
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Don't steal from pilots Check this out: https://www.elitetrader.com/et/threads/see-how-quickly-you-can-blow-up-an-account.376563/