460 percent in under two months

Xela said:
... is a sure sign of gambling, not trading.





Badly.

Very badly: they understand position-sizing and risk management, but you don't.

That's why they'll still be there to trade next month, whatever the market does, and you won't, necessarily.

And in the long run, that's actually way more important than the 460% figure which (unfortunately) impresses you - and in this business, the long run is all that matters.

They understand that successful trading is all about risk management, but you think it's about profit maximisation. That's a dreadful parameter by which to compare how you're doing with the experts.

When you sit down to start trading, each day, if your priority is "to make as much as possible over the day", then Auntie Xela has read your tea-leaves and is warning you that you have some nasty accidents, shocks and blown accounts in store. If it's "to be able to sit down again at the same time tomorrow and trade again", then you might have a chance. But at the moment, a major "Back To The Drawing-Board Re-Think" about your priorities and aspirations in trading is clearly needed.

Apologies for "blunt speaking": needless to say I mean nothing personal at all by it, but it is what it is, and at the moment you're inexorably headed toward fulfilling and maintaining your curious username.

Yes, they are. I am. Much better (but I made about 9% in January and about the same in February, each with a funded account, not 460% in two months on paper): that's partly because we have very different concepts of what "better" means.
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Phenomenal post XELA!! This says it all about throwing all caution to the winds in a paper account.
 
poorboy said:
You guys were right. With real money it resulted in a slight loss. :-(
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I'm sorry to hear it, but unsurprised.

Thanks for the update. Most people, in these circumstances, aren't big enough to come back and say "you were right".

What matters is what you can learn from the experience, to enable yourself to go forward in a new direction having put the slight loss behind you and benefitted (somehow) from the experience, at least. Regarding that "new direction", there are some suggestions above (post #8 on the first page, I think) and many of us will be pleased to explain in more detail, if you have questions about them or anything else. Good luck with the next attempt. :)
 
poorboy said:
You guys were right. With real money it resulted in a slight loss. :-(
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It is OK, been there done that. We each have to find our own method and strategy and eventually you will find your own successes.

As a new options trader myself, my opinion is that you really have to understand how options are priced and how the system works (how MM price them for example) before you can develop your successful trading strategy.

Good luck.
 
poorboy said:
You guys were right. With real money it resulted in a slight loss. :-(
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Did the markets change or did you start trading differently when you had more pressure or "real pressure" when you started changing with real money on the line ?

Its very common to for traders to use a trade method successfully on a simulator but not successfully when they traverse into real money.
 
poorboy said:
You guys were right. With real money it resulted in a slight loss. :-(
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%%
Be careful,PB, on an options account with about $500,000, but your broker notes no long /short stock, no money available for withdrawl. The latter is a danger signal.I ALWAYS wondered why the policeman stuck his head inside the pool hall where we gambled, as kids??

Actually paper trading can help. I still use it sometimes, keep$ me out of some bad trades/investments, but frankly its with real paper or fed reserve notes, real paper+ real ink; sim is too easy, unless you print your sim charts+ add commission, $lippage.Its late in he cycle, but may want to trade/invest[or papertrade] in some SPY or QQQ??
 
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