5 Golden Rules of Trading
- Thread starter mark04
- Start date
Who said i have a problem? I just thought its odd, but there is no point in discussing this since i don't know what you are doing.
If you were a simpleton like me, putting on individual trades, then it does matter if it goes too small at some point(i.e. 2 pip gain vs. >40 pip stop). Then again my PnL looks a lot messier than yours.
Your blotters always look super smooth. In my experience, trading is messier than that. I was merely looking for where the ugly is. Its gotta be somewhere(even though it may not outweigh the gains), unless you happen to have the grail.
I have my moments like anyone else I expect, good and bad, but the bad I invariably find an opportunity to trade out of which is the benefit of not having a rigid entry/stop/limit I guess. If the market moves against me then I look for other ways to make a profit, or the least possible loss. At worst if it all goes wrong then I close everything when my overall risk is reached. Personally I find that approach more flexible and more effective but it might not suit everyone.
Sorry I didn't mean 'you' have a problem, I just meant generally. I look at bottom line and pretty much chuck the mantra rule book out the window because I bend/break most of them. If it's consistent and it's profitable it really doesn't matter.
I can't honestly remember meeting a consistently profitable trader who doesn't adapt trades to the market using strategy rather than set risk:reward criteria and fixed stops and limits. Maybe that's coincidence, I don't know, but when you look at trading microscopic differences in currency values I don't believe it's possible to be that accurate. Maybe I'm wrong and just haven't found a way to do it.
Holy Grail? Hardly, it's just the way I trade. Unconventional at times admittedly but profitable nevertheless, and just one of many many ways to skin this banana!
I'm not talking about fixed anything. The only thing i use is a hard stop, at the level where the trade doesn't make sense anymore.
I'd probably blow up trying to *invariably* trade out of all loosers. That day eur/usd retraced just barley enough that you could get out on ~break even, then went up to 90. There must be situations where it doesn't retrace. What then?
And i don't like your blotters. Such snapshots always only show half the story. Less benevolent people might call you a narcissist for showing off like that. But not me.
I'd probably blow up trying to *invariably* trade out of all loosers. That day eur/usd retraced just barley enough that you could get out on ~break even, then went up to 90. There must be situations where it doesn't retrace. What then?
And i don't like your blotters. Such snapshots always only show half the story. Less benevolent people might call you a narcissist for showing off like that. But not me.
none in my opinion...here they are afresh...
1-master one trading vehicle (option, forex pair, futures contract, stock)
2-do not over trade
3-do not revenge trade
Hey it's decreasenow! How's your EXTREME trading going?
lol, I've been called worse, success where others have tried and failed often brings out the worst in some of the less successful!
Actually the reason I started posting blotters was in response to people (who I can only assume were losing money or lacked ability) that said retail forex is a scam, that intraday trading (especially scalping) isn't profitable, and that all bucketshops are robbers and would shut down profitable scalpers. Oanda was singled out so I posted a few blotters to demonstrate that intraday trading retail forex with a bucketshop (especially scalping!) is indeed not only possible but extremely lucrative if you know what you're doing. Some people don't like my blotters or success for obvious reasons.
The 'what then' scenario you illustrated requires just a little bit of lateral thinking outside the normal stop/limit box and a bit of strategic planning. As I mentioned to you, that Eur/Usd short was to partially hedge a long Aud/Usd. Add in the mix the previous 40 pip gain overnight and it actually equated to practically zero risk. Sure, I could have done what you do and had a 'hard stop' on my Aud long and probably lost money, instead I traded out of a potential loss, reduced risk and exposure, and made money instead of losing it. To me that makes more sense and goes some way to explaining my high win:lose and relatively smooth equity curve (the object of the exercise!).
There should never be a situation where there's a risk of blowing up, that would demonstrate a lack of risk, money, and trade management, and the discipline to adhere to it. Like I said before, if the worst happens and my overall risk threshold is reached I'll have no hesitation in closing everything to limit loss. At the end of the day this strategy is no more risky than more conventional strategies similar to yours, in fact the way gains are compounded trade-by-trade makes it less so.
Also like I said, it might not suit everyone, no-one has the monopoly on profitable trading strategies and it really is up to the individual to find something which fits and which they're comfortable with.
For someone who doesn't like my blotters you seem extremely interested in them, this is the second or third time you've tried to pick fault, if I remember correctly you were reading one upside down! They're not compulsory reading you know!
You must mistake me for someone else (URL!), i usually am able to read a timestamp.
I don't like your blotters because you only post the good moments, but never the bad ones (i understand from your previous posting they happen now and then). A bit like the selective reporting of the shills you so despise. That's what i don't like.
I don't like your blotters because you only post the good moments, but never the bad ones (i understand from your previous posting they happen now and then). A bit like the selective reporting of the shills you so despise. That's what i don't like.
lol, there aren't any 'bad' moments, that's the whole point! If you're having bad moments then like I say it's probably down to poor risk/money/trade management and discipline.
Sure I have losing trades, everyone does, they're on the blotters in all their glory! It sounds like you'd be happier if I had more! I'd love to accommodate your request......but I won't (well not intentionally anyway!)