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Nothing could be farther from the truth. Markets do NOT change my friend, they go up, down or sideways, that's all they have being doing since day one. And that's all they will be doing in the future, end of story. Yes and no. A truly profitable system stays profitable regardless of...

10% of your profits will come from your system, and 90% will come from your money management, you should know that by now :p Here our friend Blakpacman took $10.000 and turned it into $200.000 in a few weeks via a money management technique called pyramiding, as described above. Let me...

That's why successful traders with large positions also buy put options (or call options if they are short).

Well of course, a trend cannot go on forever. The trick here is to move your stop as you go along, to protect your profits and avoid a catastrophic and inevitable loss. Sorry to hear that. But I do hope you learned something from that 200 grand loss.

The only way to turn a very modest starting capital into an 8 or 9 figure income is to pyramid our profits to the max. For instance, gutsy traders who rode the fantastic up trend in the gold or oil market (from bottom to top) while adding to their winning position on each pullback are now...

No. First you backtest your trading system in bear, bull and flat markets. If the system is profitable and the drawdown is reasonable THEN you can trade with absolute confidence and discipline, what you call having "your psychology straight". Trading with discipline and confidence is...

So let me get this straight. This trader lost 30 grand (his life savings according to him) but somehow he was not only able to recover that money but he was also able to (miraculously) earn an 8 figure profit on that trade, on top of that ?!?! Sorry but I find it extremely hard to believe...

12th time?? Not sure I quite understand your comment D08.

New York City. http://www.theawl.com/2013/07/what-a-pack-of-cigarettes-costs-now-state-by-state

In other words you are willing to risk $500 just to earn the price of 2 packs of cigarettes.

Traders, always use stops and don't risk it all on one trade, you don't want to end up like this unfortunate (and very angry) trader :D http://www.youtube.com/watch?v=vIMwMsY0ndo

What most people fail to understand (even the economists) is that money does not disappear, it is simply transferred from one pocket to another pocket, regardless of the state of the economy. Of course the "other pocket" belongs to the invisible elite that truly governs this world.

Where on earth did you get that idea, Mad Magazine? :confused: Successful traders do not risk more than 5% on any trade. 2 to 3% is usually the average. If the trader risks more than that he is just another gambler, simple as that.

Here is the answer to your question : the rich will get richer and the poor poorer, as usual. And this applies to the entire planet, not just the USA.

Who told you that? Stay away from Champagne then :cool: Profitable trading has nothing to do with excitement. Who cares? So who will deliver your pizza then? Bigger profits for astute traders then, where is the problem ?? Seriously, when was the last time you made big...

Please stop making fun of your fellow traders and stick to the subject. "Let the one who has never sinned throw the first stone" said Jesus. Let's all meditate on that for a while.

There is no such thing as a "risky" [financial] product, at least in freely traded markets like the Stock market, the Forex market and the commodity market. Unless he is trading thinly traded penny stocks with huge slippage potential, for example, the trader can always decide how much risk he...

Yep, already made over 3K on that trade alone. :) Now let's take this baby for a ride and see how far it can go. Riding a trend until it breaks that's my specialty. In fact the ability to let our profits run is what truly separates the men from the boys... Enjoy your profits too...

The market will never give you a fixed amount of dollars (or euros) a day. The idea that we can extract X dollars every single day from our trading activity (in your case your goal is to make $150/day) has to be abandoned once and for all! On the other hand, making $150/day ON AVERAGE now...

Oddly enough, I also just discovered a trading opportunity on the EUR/AUD, I will be shorting that pair with a limit order (1.4438)