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I don't totally agree with that. For example, Trader Vic did a study of the Dow from 1926 to 1985. He calls it the "4-day rule"...He discovered that whenever the Dow had 4 consecutive up days or down days from an intermediate high or low within a 6 day period, there was a 75% chance...

Personally, I don't think the markets are random. But, that's another topic. But, if you're getting 50% of your trades and making 3 points for every point you lose (3-1 reward/risk ratio), you're going to make plenty.

Good advice...that was my biggest problem when I started out. First it was pullbacks, then if I had a bad day I'd try breakouts, then when I had a bad day, I'd try divergences, then when I had a bad day, I'd try S&R levels, then when I had a bad day, I'd start the circle all over...

Personally, I think 1 or 2% is best, but I wouldn't say 5% is way too much. But, I definitely wouldn't go over 10%. Here's some good advice from Trader Vic. "If I were a young speculator with $50,000 to trade in the futures markets. I would take a position of no more than 10% of the...

Sounds like you're on your way to being a millionaire! :D

I'm not sure I completely agree with that. For example, on the stop losses you mentioned. I'm sure there are some traders who risk 3 times their profit target, but I don't believe the vast majority of successful traders would do that, and I don't think that would be good advice for a newbie...

That's a good point and why I try to post a quote from a recognized expert when I post. Even though I've been involved in this business for 15 years, you don't know that. So, if I see a question like..."How much should I risk on a trade?", I'll usually say something like..."I wouldn't risk...

Some people just don't like the idea of taking risks. As Linda Rashke would say..."Never fear the markets. Never fear making a mistake."...The New Market Wizards, pg.309 I hope you can overcome this. Good luck!

Nice poll Gordon...you can't lose! lol :D

I think he means Don Bright. The guy who offered the starter of this thread a million dollars to trade with. And no offense to Don or Pabst, but their not even in the same league as the two guys I quoted. If Mr. Rosenberg and Mr. Silverman are monkeys, then pass the bananas...

Sorry, I didn't know you would take it so personally. You can call me break if you want...lol Talk to you later...I'm going to bed.

Yea, those were some really dumb quotes Hypo. Pull your head out of your butt!...hehe Okay, let me clarify my feelings on this. I personally wouldn't consider using a coin toss to enter my trades,buuuutttt,if I did use random entries, and only risked 1% of my capital on a trade, and...

I don't doubt you know what you're talking about, no offense intended. I posted the original quote to John Q. Public because I thought maybe he didn't believe there were any profitable systems. My point was that with proper money management and risk control, you can make money...

Now what kind af an attitude is that? Think positive!...hehe

Flip a coin----heads,you buy;tails,you sell---and if you have proper money management and good risk control, you will make money...Larry Rosenburg (member Chicago Mercantile Exchange, floor trader since 1961) Quote from..."The Day Traders Advantage"...Abell---pg.135

For me, number one is it...Commissions. I know of several methods that would make good money if weren't for um being so much. (Make a tick=$7.70...Lose a tick =$17.30) :mad: (trading 1 ES with $4.80 r/t)

Nice journal, but I do have a suggestion. Instead of just marking you're charts showing where you went long or short, try using a simulated broker that can't be tampered with. It's much more realistic...I don't know if your charting software has that, but if it doesn't, I believe there are...

I think Trader Vic made a nice analogy.

Well, this is two guys I've ticked off now...hehe Sorry, dude... I'd start a new thread using the proper wording, but I think I got a pretty good idea of what order platforms to start with. Looks like Ninja is the favorite... Thanks for all the votes guys, and the next time...