Search results

I am from Russia, I have no slightest idea who he is. :D But I know for sure that Klitschko brothers first learnt how to punch well and then became rich and famous, not the other way around. :)

Right. Only deliberate work, a lot of hard work and some iron self-control, risk tolerance and other rare qualities make a good trader. So if you do not have those qualities you better practice a sure janitor's career. :D Doing your own business of whatever nature be it pizzeria or trading...

More than 90% of janitors do not fail, they do their job OK and are paid regular salary. But is that decent career? :D

IMO, trading is very similar to sport. So work hard to get the skills first, then money comes as a side effect very quickly. :)

Right, we cannot predict what the market exactly will do, but we can know odds of it doing something in the case our setup occurs. And that is the reason we take those setups: because when we see them, we know odds are not random, but are shifted in our favor.

If you trade your setup, that means that it has an edge and thus is not just a random bet, right?

OMG, is that Woodie's CCI i see on the bottom of your chart? :D

Those are bad traders who "think". :D We should not think, we should see and know when there is a certain probability of a certain action of the market and act accordingly. When there's none, the market seems random to us but may at the same time look like a proven pattern to other...

If your analysis turns out to be good, but you stood aside for a reason not related to discipline violation, then it's still good thing, another evidence that you read the market well.

How can it be "too much" money? :D

For relatively small, forex scalping account typically consider 10%+ a month to be OK. For long term trades anything that beats 20% a year is OK. For longest term: r/e and other "real sector" investments anything that beats inflation and brings something on top of that is OK.

Exactly! Many seriously underestimate how difficult this profession is and that high failure rate is not the fault of the market (of course it is much easier to think that you fail because of the market :D ), but the consequence of lack of skills needed for a successful trader, such as...

Care to explain why over 70% (by conservative evaluations) of all new businesses fail? Why only a meagre % of all athletes, musicians etc. become rich and famous? Is it because all those activities are a matter of random luck? Extremely high failure rate is the essential part of any scalable...

1) If (again :) ) the market was always random, the only who profit from it would be brokers & exchanges ("the house" so to say). So this discussion would not take place at all as well as the whole forum. Who would seriously discuss making money by placing bets in a certainly random (like coin...

Some prop traders I talked with, confirmed that they have a pre-defined daily loss amount, which if reached, automatically liquidates all positions and locks their trading platform so they simply can't trade that day any more.

This leads us to what conclusion? That risk management alone is neither recipe for success nor a failure. :) A quant trading correlations may win or blow up. An outright trader, who uses stops may blow up too. It's more related to having a good edge provided by your system and skills, risk...

IMO, stops are only inapplicable when you trade too large to use them. So for funds, yes, it's not optimal to use stops due to their size, options would be much more secure and effective risk management model. But for small size (relatively, assuming trading size, which does not affect the...

That would be true if the market was random. :) As for correlations, I already wrote in this thread, that have witnessed myself how very bright quants playing fixed income correlation models, with a lot of institutional experience under the belt got injured very hard in the unusual market...

Athlon's trade example was just that (those trades are my favourite too). You exploit the trapped breakout takers, who accelerate the momentum of reversal. So, yes, I agree that knowing and acting where big stops likely are is a good idea.

Yeah, quality of the entry is the key for tight stop-loss great R:R trades.