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You're right. Living off selling resources is the path to nowhere. And this is exactly what's happening here. Nothing else is being developed. And believe me, "nationalization" won't stop it. Even makes it worse. Country is absolutely dependant from oil prices, just like USSR was and BTW...

LOL! "Nation's wealth"! Nation's! I live in Russia - show me how state uses these huge sums of money from oil and gas export to support it's nation? All the most profitable areas of economy are simply changing hands. Back then in 90's it was called "privatisation" when KGB tried to save the...

The fastest way is not to do all usual mistakes which are: trying to make money fast with one or two huge trades, searching for "super system" (Holy Grail) and listening to scam gurus at different sites which promise to teach you "unique trading method". Considering that you won't do...

I see absolutely no difference between trading 1 or say 100 contracts as long as in both cases you risk per trade is no more than 1-2% of your bankroll. The only issue with trading bigger size is not enough liquidity and slippage as a consequence (on some markets), but IMHO retail trader...

IMHO people fail not because they all follow similar "wrong" methods. Just the opposite - it's because most of wannabe-traders DO NOT follow exact rules given by methods they have chosen.

Almost everything (maybe except being trapped and going to die :) ) you wrote above happened in my life (in Russia in the beginning of 90's). What I can say is everything has two sides: yes it's a tough time, but it's a time of many great opportunities as well. And after all: "everything...

As for me, I like to trade breakouts from pullbacks. Trade "pure" breakouts only from certain patterns (narrow range bars).

Yes, from this point of view I agree. I also notice that often price reflects volume and I can "guess" volume just looking at price. But so far volume helps me as a confirmation. Well, that's good news - I have where to grow. :)

Hmm... I trade looking at price and volume and can definately say that volume is really a BIG hint. I don't care if it leads the price or price leads it (never thought that choppy lunch time can be a RESULT of light volume? ;). There is no difference for me. But when you look at both things...

I try to enter all my trades with limit orders put in advance when I see a possible setup which will become a complete setup as soon as order is filled. So the moment of entering is automatic and as fast as possible. As for looking for setups yes I mostly look at the screen for all six hours...

Will be glad if it helps you! :)

Of course I do not say this! :) Of course better perfomance is achieved if no fixed profit target is used (assuming that you have enough experience or objective signal of your methodology to find good exit points). I know it exactly because I did such comparative manual backtests myself for...

Exactly! Mediocre, but CONSISTENT results is the best thing novice trader can dream of! Because consistency is much more important than high profit in the beginning stages of trading career. Consistency is achieved through good discipline and good discipline is easier to develop when there is...

Yes, you risk all your position, but I had the same dilemma and made a research of one strategy, but with different MM. It indeed shows that all-in all-out approach is more profitable, but for novice traders with a lack of confidence psychological moments of trading are much more significant...

Scale out. Close part of the position at say 1/1 rr, then part at 2/1 and leave the rest to run with b/e stop. I know Buy1Sell2 says that it's inferior behaviour and my stats confirm that it is and you will make more money exiting all position at once at a good place, but psychologically...

Pure gold thread! I have much similar psychological problems derived from the fact (as Jack stated in his document) that I always put myself at making a decision and emotional influence on this decision is very strong (it can be either fear of giving back profits, or opposite - after a loss...

Oh I see, for UK residents no taxation of winnings a big bonus of course...

I don't understand, why people trade through spreadbetting firms? Why not use a good real broker which does not play against the trader and trade real instruments? Maybe there are some hidden advantages of spreadbetting I don't know about?

Excellent thread. Excellent as an example of how people tend to overcomplicate and spoil a good and fine working (with some experience) approach.