Took out a loan to transition to full-time trading. 24 years old.
Don't get me wrong I think discretionary traders should always have a sliding scale of risk: scale your risk to the conviction in the trade .
Imo that should still be small like from 1-3% , not like risk 50 quid one trade then 320 then next .
You also have to try work out your trade frequency . Are you taking 50 trades a day and maybe expect to lose 10 of those ? Probably makes sense to risk much less per trade in those circumstances so expected drawdown isn't huge .
Or are you a position trader taking 10 trades a year , maybe expecting to lose 3-4 ? Best to risk more per trade .
And so on etc
Imo that should still be small like from 1-3% , not like risk 50 quid one trade then 320 then next .
You also have to try work out your trade frequency . Are you taking 50 trades a day and maybe expect to lose 10 of those ? Probably makes sense to risk much less per trade in those circumstances so expected drawdown isn't huge .
Or are you a position trader taking 10 trades a year , maybe expecting to lose 3-4 ? Best to risk more per trade .
And so on etc
David Knight
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Originally Posted by Cyberraul
Hi, My name is Ray , you din't say what vehicles your are looking to trade, I trade mostly futures and have been doing so for 25 years ! It a very exciting but demanding field
How much time do you have available, would you be willing to take turns watching the mkt during evening hours . ET ?
He gave himself away with that line.
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mpups
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Originally Posted by Cyberraul
Hi, My name is Ray , you din't say what vehicles your are looking to trade, I trade mostly futures and have been doing so for 25 years ! It a very exciting but demanding field
How much time do you have available, would you be willing to take turns watching the mkt during evening hours . ET ?
He gave himself away with that line.
how was this line such a giveaway? i just thought the whole message was daft e.g. posted in a random thread
RachasfromPortugal
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Honestly, if my trading experience, i dont understand what kind of maths doing here...
No one should trading if acurancy is nor more than 80%...
Only my opinion....
No one should trading if acurancy is nor more than 80%...
Only my opinion....
Lee Shepherd
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Honestly, if my trading experience, i dont understand what kind of maths doing here...
No one should trading if acurancy is nor more than 80%...
Only my opinion....
I seem to be following you around today. I'm not harassing you honestly!!!. That's my opinion.
Although you are sharing many strong opinions back and within a very short time frame - ie, 15 posts within 24 hours - so it's not surprising you are getting responses. Some may argue that you are looking for subs and is why the somewhat heavy self promotion and youtube links. Of course I wouldn't say that, it's just other peoples opinions - in my opinion. #think I've overused that word for today.Accuracy being over 80% as you put it is not necessary - and not normal. I know many traders - and when i use the term traders, I mean traders - that have ratio's well below 50% and still make money consistently.
Lee
Quantt
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Honestly, if my trading experience, i dont understand what kind of maths doing here...
No one should trading if acurancy is nor more than 80%...
Only my opinion....
This is not possible in the real world, unless you are doing HFT ...
mpups
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btw I have recently tried an IB account and so am now familiar with how their platform (TWS) looks. @wabu27 was always using a live account and the daily P/L you could see as a red or green rectangle, plus portfolio of positions tab etc, cannot be faked. A demo account is clearly indicated as such at the top of the window and the account number would start with a "D" not a "U". The reason he was switching to investing.com charts (cfd feed) was the IB market data is delayed 15min and he hadn't subscribed to live data for a few dollars per month.. (amateur hour!). Yes it was all genuinely a foolish attempt at the leverage abuse click n pray
hope you doing ok wabu.. hope you learned your lesson
hope you doing ok wabu.. hope you learned your lesson
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Happy 2019. Hopefully a profitable 2019!
Oh man, I have so many changes in my life but the bottom-line is the same: I'm going to get rich trading stocks or die trying.
Going to start trading live again starting next Monday, January 14th,2019.
I will also post a daily short summary of what had happened. This time, I'm going to limit my responses to people giving me feedback but will be reading all(most?) the comments. Please tune in and see how my account does in 2019 Happy New Year everybody.
Oh man, I have so many changes in my life but the bottom-line is the same: I'm going to get rich trading stocks or die trying.
Going to start trading live again starting next Monday, January 14th,2019.
I will also post a daily short summary of what had happened. This time, I'm going to limit my responses to people giving me feedback but will be reading all(most?) the comments. Please tune in and see how my account does in 2019
Happy New Year everybody.
mpups
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Happy 2019. Hopefully a profitable 2019!
Oh man, I have so many changes in my life but the bottom-line is the same: I'm going to get rich trading stocks or die trying.
Going to start trading live again starting next Monday, January 14th,2019.
I will also post a daily short summary of what had happened. This time, I'm going to limit my responses to people giving me feedback but will be reading all(most?) the comments. Please tune in and see how my account does in 2019
hi wabu good to hear from you i hope you are well. i look forward to your 2019 trading
I was up more than $300 in beginning. Trading okay. Than lost all of it. Failed to see loss of strength. Stubborn. LOL. 1 day of live trading and I'm done already because the minimum needed to trade 1 crude oil futures increased from $2900 to $3280 and I ended up at like $3180. GG. Will be back in february.
NVP
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Honestly, if my trading experience, i dont understand what kind of maths doing here...
No one should trading if acurancy is nor more than 80%...
Only my opinion....
80% win rate is pretty good trading dude......very hard to do consistently .........if i get a decent market session with good volatility and some trending currencies its achievable ...otherwise its hard to hit in a more choppy session
like this morning where i'm scoring high % win rate......but thats because europeans were weak and yen and USd were both strong....easy easy market
N
NVP
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Hey Wabu
this thread hopefully demonstates the folly of many young and inexperienced traders looking for the fast bucks ........
trading is hard and requires a lot of experience and practice .........a lot of the more seasoned traders here are profitable because they have spent years perfecting systems , processes and also their mindsets
theres no short cut ..............if you dont start realising this and applying yourself you will lose even more money next time you return ...........like groundhog day
Sorry
N
mpups
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You could trade the US Oil ETF instead (symbol USO)
I was able to save enough money to trade again last week. It made my capital just over the minimum requirement so I didnt stream (because it might end in a day again) but did record for personal review. Thankfully, things have been going good so far.
1/24 +216
1/25 +190
1/28 +292
Thinking of not doing live streaming and just uploaded the recorded videos afterwards. Live streaming makes my computer slow.
1/24 +216
1/25 +190
1/28 +292
Thinking of not doing live streaming and just uploaded the recorded videos afterwards. Live streaming makes my computer slow.
Update:
1/29: +101
1/30: -110
1/31: +157
2/1: +401
2/4: +382
Been trying to really limit my losses. Because I've been having trouble cutting bad positions, in order to fix this, I've been trying to be extra careful entering a position and exiting quickly (sometimes too quickly..) whenever I think it may turn into an "iffy" position.
Scraping little profits at a time and not being able to earn a big gain in a single position.
I'm more of you have to earn those big profits from time to time to really grow your capital, yet because I really need to save up capital, I'm thinking of just scraping around until I earn couple thousand more and than I will go for those big gains with just 1 contract size.
1/29: +101
1/30: -110
1/31: +157
2/1: +401
2/4: +382
Been trying to really limit my losses. Because I've been having trouble cutting bad positions, in order to fix this, I've been trying to be extra careful entering a position and exiting quickly (sometimes too quickly..) whenever I think it may turn into an "iffy" position.
Scraping little profits at a time and not being able to earn a big gain in a single position.
I'm more of you have to earn those big profits from time to time to really grow your capital, yet because I really need to save up capital, I'm thinking of just scraping around until I earn couple thousand more and than I will go for those big gains with just 1 contract size.
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