5% - 10% profit per day trading

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Quote from clunk:

Money management is so important, I turned a 50 tick winner into a loss today.

But I'm still relatively new to oil and 13 wins from 15 trades is not too bad:cool:
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MM is extremely impt. The 2% rule may seem too tiny for smaller accounts, but there's truth in it. Download the Van Tharp game on money management, and play the 3 free levels!
 
Quote from spanish89:

No mate, the market is only as big as you allow it to be.

You can choose to make yourself bigger than the market by simply being patient and then attacking it when its at its weakest.


Oil is only going to go so far in a certain move in the day before it pullbacks back, as people will always be wanting to lock in profit while others want to try countering the move too early.

So just because i finally see it has exhausted its move, formed a to formation and is under strong resistance and so get my sell in there,
it doesnt mean that the market is then going to sunddenly manage to spike $10s against me just to 'get me' or anything like that.... lol :cool:


While other traders in the market may have more money given to them than me and so be able to trade more contracts than me,
if you get your sell in near the top or the intraday range just before it falls than you are the 1 who was 'bigger than the market' and so crushed it. :)
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THere is a good chance you won't be around by the end of 2009. You have no respect for the market. Sure you may have skill, but no discipline. And in the end you will be crushed by your own doing. I used to be just like you....greedy and arrogant and thought I was bigger than market so no matter what I did, the market would eventually swing in my favor. Wrong. Friend, I started trading when oil was in the 30's..over 5 years ago. Seen prop traders come and go. I've had my share of blowups, but thing is I learned from them. More importantly, I actually made changes to my trading either than just saying I will. I wish you better, but in all probability, your next few trades, you will go in small, make a few ticks, then try to home run it too fast too soon, and get smoked again. And that will be the story until you get fed up with trading or lose all your money.

No one is bigger than the market. THose who view the market as a friend rather than an opponent make it in this game for the long term.
Sorry to be harsh, but I've been around to tell you, your case is nothing new. I've seen many times in my career. Only way to not be another statistic is to actively make changes. And even harsher, I think the only way you'll learn is to blow up and get wiped out a few times, then you'll respect the market and last in this game for the long run.
 
Quote from SirCumsized:

THere is a good chance you won't be around by the end of 2009. You have no respect for the market. Sure you may have skill, but no discipline. And in the end you will be crushed by your own doing. I used to be just like you....greedy and arrogant and thought I was bigger than market so no matter what I did, the market would eventually swing in my favor. Wrong. Friend, I started trading when oil was in the 30's..over 5 years ago. Seen prop traders come and go. I've had my share of blowups, but thing is I learned from them. More importantly, I actually made changes to my trading either than just saying I will. I wish you better, but in all probability, your next few trades, you will go in small, make a few ticks, then try to home run it too fast too soon, and get smoked again. And that will be the story until you get fed up with trading or lose all your money.

No one is bigger than the market. THose who view the market as a friend rather than an opponent make it in this game for the long term.
Sorry to be harsh, but I've been around to tell you, your case is nothing new. I've seen many times in my career. Only way to not be another statistic is to actively make changes. And even harsher, I think the only way you'll learn is to blow up and get wiped out a few times, then you'll respect the market and last in this game for the long run.
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agreed 100%. one must remain humble before the market, get some cents and then got out. I blew my account trying to conquer the market by predicting tops and bottoms.
 
Morning! :)

Went long cable yesterday evening and was closed whilst I slept a little while ago for 100 pips exactly (£1100)

I am withdrawing £25k later on which will put my account back to about £50k or so, but I will live off that 25k for a few months and hopefully in that time I would have made a few K per week which I cann take out again.

Anyway, Already up over £1k this morning and proably wont trade again until tonight.

Laters.
 

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Quote from porph:

up about 12% for the day. 8 or 9 trades.
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How many winner/losers? What's your position sizing now? You were using 5-10% at one stage I seem to remember?
 
max position size of 3%, 6 winners to 3 losers I think. I don't have access right now though. I added to the winners and reduced some of the losers before they hit their SL.
 
Quote from porph:

max position size of 3%, 6 winners to 3 losers I think. I don't have access right now though. I added to the winners and reduced some of the losers before they hit their SL.
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Nice one. Good to see you have started the New Year well. Whats your account sitting at now?
 
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