Please do not allow this toilet on here
meanwhile over on fs thread^^^^^^^^^^^^^^^^^^^^
lol....
lol....
good discipline
Thank you, I think it is good discipline.
Markets are not generous every day and when they are not they can sting you and not only that they can leave deep traces in the mind, the ability to stay out in those day is a must, that is why having a daily target it will not work in my humble opinion, it is like taking blood out of a stone and can push you to be reckless, yes you can take money out of it sometime, but we need to be very focus, very able, very nimble and very lucky with the right mindset, which is not easy consistently.
Best is to have a more relax approach, when she is in the mood we make ourself available, when she is not we protect our capital and ourself.
tar
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"A trader does not have to start with $10000-100000 account and a $500 is more then enough, by risking 1% per trade and taking max 3 trades per day and exiting at the end of NA session I doubt you will lose that $500 unless you become reckless and if that is the case you know what to work on."
Yes i agree but he wont be making a living anytime soon maybe never .
Yes i agree but he wont be making a living anytime soon maybe never .
You are right, he wont....but the idea is to become a trader first.....there is not point risking 1% per trade on a $100000 account if we have not become a trader yet....
The small account is useful "on the way to find a style that reflects your personality", because that what we were discussing....once taking a trade becomes close to effortless showing in and out weekly positive gain a trader can inject more money (in steps to not unbalance that effortless) into the account to reach that level where he can make a living out of it.
So in brief there is not point in trading large accounts if it is not mastered yet. It will be not trading but only gambling.
itspossible
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barjon
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Very true and it's extremely difficult to change ones personality. In particular, I think you always have to trade at a size that you're comfortable with and although a gradual increase in size helps there comes a point where it becomes extremely difficult to handle it emotionally.
I have been doing it for a long time but, even now, I run scared when I've got too much committed and make bad (emotional) decisions as a consequence. I admire those who trade their own account for a living - I couldn't do it because I simply can't trade the size necessary to bring in enough to live on.
Thank you for you honest post B. I admire you for that. I will add a bit more in a bit.....wife says is ready.....dinner time here.
itspossible
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Nothing wrong with that.I think when you have been around the block and traded and lost big you learn to trade small.Unless you are a cyborg.(biggest loss 6k in 3 days if that counts as a big loss)
itspossible
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Fugazsy some questions if you dont mind.
Do you work-full or part time or have you retired.
Are you trading to supplement your job
Are you still only trading for 4 hrs a day(good in my opinion)
whats your wifes phonenumber :cheesy:
Do you work-full or part time or have you retired.
Are you trading to supplement your job
Are you still only trading for 4 hrs a day(good in my opinion)
whats your wifes phonenumber :cheesy:
Fugazsy some questions if you dont mind.
Do you work-full or part time or have you retired.
Are you trading to supplement your job
Are you still only trading for 4 hrs a day(good in my opinion)
whats your wifes phonenumber :cheesy:
I trade as a living, I made my money in publishing and houses, I trade from LO and take set up till London Lunch time, I close my trades at NA close, most of my trades work when I am sleeping. My system is very simple and boring. But is not about the system, it is about mind set.
Phone 0011 99 0777 , Monica.
B
I doubt I can give you any good advice, as you already know trading is a personal endeavour....yes there are higher steps where it becomes more difficult as in any other business...when we get there we need to stay with it until is done..normally the first obstacle is the most difficult one, there will be always more obstacle but they are all doable..problems are there because they need to be solved, crisis are there because they need to be overcome....I think in Greek crisis means a new start, to born again.
Myself I became very business wise about it........ I have tried millions of ways and I still do but my breadk and butter is swing intraday, many days I do not take trades not because I am not trading but because I do not see any reason to place my money at risk......I have learned all the BS about TA and I doubt many know more but it is not about knowing, knowing mean nothing in trading..the only thing that count is the proper mind set, good traders are not born they make them self....and you are one of them, you know what your problem is and you are working on it.....it does not matter how long it takes, people live different reality and they cannot be compared....
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barjon
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Yes, I know my limitations and I live within them. I did spend a lot of time trying to change myself so far as trading was concerned, but without much lasting success. So I then built my strategy around my personality - hate losing, so the lots of small losses to capture the big winner not for me; use resting orders a lot since can't be relied upon to take the action I should manually; etc - much like Our Jack that I wrote about some years ago http://www.trade2win.com/articles/1082-our-jack . I've got a bit better as the years rolled by but not much
Yes, I know my limitations and I live within them. I did spend a lot of time trying to change myself so far as trading was concerned, but without much lasting success. So I then built my strategy around my personality - hate losing, so the lots of small losses to capture the big winner not for me; use resting orders a lot since can't be relied upon to take the action I should manually; etc - much like Our Jack that I wrote about some years ago http://www.trade2win.com/articles/1082-our-jack . I've got a bit better as the years rolled by but not much
Hi B
Thank you for your post....
When I say building a strategy around our personality, I do not mean to avoid, I mean to embrace, we cannot be successful in trading if we do not learn how to love losses, losses are part of this business, avoiding them is not the solution, it will change our psycological perception of the market and instead of getting into the flow we will fight the market, the market is a neutral entity,if we fight it, we will consume energy in doing the opposite of what we should do.
Being able to love losses is a leap forward...the outcome of a single trade should not have any significance on our balance or on our psyche.
Building a method that reflect our personality does not mean avoiding what we do not want but means trading in a way where it becomes effortless as a consequence also of restructuring how mind for what is best for our business.
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