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Totally disagree here. One way you can find your edge is to position size. There's nothing wrong with going higher on contracts on subsequent trades as long as you trade within your predefined risk limits. Going higher and higher in contracts until you blow up obviously is not good but going...

Fake it til you make it Iron. Whatever you're doing is working. I see excellent trading in there and even better risk managment.

Damn, never made that connection but you may be right LOL. And you're spot on with your earlier post. You're either part of the good old boys club or you aren't and if you aren't you never will be. But, you don't have to be. Good old Bankrupt WS.

I would disagree with that. We just avoided a depression. A recovery from rate reductions takes a long time. Liquidity injections take time, typically measured in years. A recovery from a depression is typically measured in decades.

I would avoid something that goes in the hole $1000 to make $200, for example. Ideally, you want something that goes in the hole $1000 and makes at least $1001. The more the better. Percent return does not clearly identify risk because the account could be taking on some serious drawdowns to...

Why are they not reporting drawdown fully? Some are reported, some are not. That's actually the best measure of risk. If these numbers are mild then I take back what I said ealier. Write them and ask them. The drawdowns that they do report of minimal.

1/2 the daily range for a very good trader is attainable and yes, we are all millionaires. :D

Exactly right here. I was gonna say 2 points but even one point consistently will get you a job.

My profit curve looked just like this when I first started trading futures. I went through a 33% drawdown in 2 months because I didn't fully understand the relationship between risk and reward. This equity curve <b>will</b> take a hit -- it's an absolute given. I think you should jump on...

The only bad thing about days like today is stock_trad3r will be back soon.

And likewise, many traders tend to think a sequence of alternating heads and tails that converts to a squence of 8 consecutive heads will continue to come up largely heads. I'll be damned if it actually does sometimes but I wouldn't put any money on it.

It's not often you find someone coming on ET and opening their mind to the idea that the market is random. The answer is actually pretty simple, both technicals and randomness are at play. The march to and from major support and resistance levels is mostly random. The greater the distance the...

I think the point he is trying to make is that it takes 8 years to become a doctor, 7 lawyer, and X to be a trader, with X being something close to doctor/lawyer territory.

Been there, done this. Easy solution. Slow your triggers down. Take your first trigger on paper, wait til it moves against you then take it for real.

I did exactly what you did. Back test entries and search for optimal stop level. The answer I got was, "WayTF down there!" I couldn't find anything that was reasonbly close that didn't reduce the edge so I keep them far away. I'd have to write a book on my method to explain it fully but...

I actually do on occasion, depending on the behavior of the market. I'll do something like take 80% off at 2 points, take another 10% off at 3 or 4 and let the rest go, see what happens. I hear you on the black swan. I ran into one in the early part of my futures trading experience. It...

I began studying for it and came away with the impression that, yes, this would easily have been the hardest test I ever took. I gave up and stuck to something easier -- trading futures :D Congrats on passing!

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Demo account sounds like a good idea. That way each starts with a fixed amount of money and whoever has the most after 5 days wins. You could trend follow, fade, scalp, whatever fits your style.

You're missing a very important point. The sample size of UAUA, BSC, Enron, WCOM, and all the other dogs out there is <b>ONE</b>. The sample size of the S&P 500 is 500. Anything over 30 typically makes a good sample size but the bigger the better. The reason the ER2 and NQ move more wildly...