Well here we are. My last ever post on Trade2Win & on this journal.
I achieved
- Pointlessness
- Uneducational material
- Rarely-trading related posts
However i'm sorry for the absence of porn.
Peace. I feel i've outgrown this site; in that the subject material is on the most part too novice, or based around spreadbetting, full of members looking for miracles & I personally want to view this as a business; not a hobbie, or a doss around - If you want to achieve, you have to take it seriously rather than take it as a 'punt for profits' & a 'hope for the best' and a 'maybe this will work'; You need to formulate a business plan, state what your going to do, execute it and you'll make profit.
Its a business; and any succesful business does not spend the majority of its time being pessimistic about their chances of success/ the financial industry / other traders actions.
Bye folks
- Give trades room to breathe; don't get stopped out because of normal volatility fluctuations, allow the winners to actually win.
- On a losing trade, don't get out when price is falling ... If your a losing trader; if anything - Your stop loss is a place to go long, try to always get out at the high of the market volatility cycle, even on a loser. (Swing trading)
- In day trading; let your trades work out ... Let them move, limit risk through having lower position sizes; less leverage; daily loss limit.
- If your trading isn't going well; day trade without leverage in the SPY ... Let an average range of a bar be your maximum loss for the day and keep this to 0.5% and just catch a few swings rather than be so demanding on having perfect entries (especially when inexperienced)
- Don't purposefully avoid trying to understand the news, fundamentals and sentiment, just read bloomberg, when your buying a stock look at the recent activities in that stock, when your trade the ES have a look at todays earnings and economic indicators and try understand what might be moving price - Try establish a 'weighting' index behind a directional move
- Don't cut your losers immediately. Let them move. Have a daily loss limit rather than a stop loss if your having trouble (whatever you prefer) and keep it OUT of normal volatility.
- When a trade isn't going to plan, or seems random and uncertain - exit; Don't wait around hoping to win and waiting to lose. Be flexible to exit trades, it doesn't have to hit a TP or SP, sometimes you can just exit.
- If you place all your empathise on having a good entry, so much that a small drop stops you out - You will constantly be getting out stopped out and not giving yourself room to learn from trades and watch them develop. Making it very difficult for yourself - It doesn't have to be like that.
Hope sometime understands what i've said, the above is very much the difference between MY previously unprofitable E-mini S&P 500 trading and profitable trading. Don't focus so much on trying to be too precise on entries and stop losses - Let trades be flexible, don't let a loser lose you money unless there is a genuine move against you. Do this, while controlling your position sizes, leverage and maximum daily loss - You will do well, don't aggressively day trade, if you start focusing on lower returns but consistancy, the experience and confidence will exponentially improve your results.
Its a long-term game, very much so; we all have a different time frame of what is long-term... But; you don't need to make a fortune overnight, and if you have that attitude you won't i suspect. Your aim should be to make low % profits, and consistantly do it - We'll all seen compounding, unaggressive yearly gains can make a fortune.
That is all
:medieval: