advice needed

Quote from dandxg:

...My mentor taught me a scalp method that wins between 80-95% of the time, but requires I risk sometimes as much as $200 to make $50 per futures contract.

Dan
More...

To me that really makes absolutely no sense. I know spreaders do it all the time (especially FITE and NOB traders) but risking $200 to make $50 does not appeal to me at all. What happens when you get into one of those inevitable losing streaks (which every trader has experienced or will most definitely experience if they are in this game long enough)?

a 4:1 risk reward required that you be right 80 or more percent of the time. As speculators, we can't ever guarantee that rate of success.

My Advice: turn the equation around so you make $200 and risk $50. That is not always possible but at least make sure your average wins are two times your average losses.
 
Quote from Cheese:

Short answer: they are not going to want you.
:)
More...

That's a crock of sh*t. Brokers are a dime a dozen. you can become a broker with no high school degree!!

The real question is: why would YOU want THEM? Stock Brokering is really a sales position. Your firm tells you what stocks to push and you do whatever you can to convince investors to buy them. You don't need to know anything about hte markets (other than basic order types) to be a stockbroker.

I personally despise the sell side.

my motto: buy side 4 life...
 
Thanks TS, that's what I am working on. I vaguely made mention of that. I am working on S/R lines that are farther apart.

For example, playing around with classic pivot points, swing low swing high trading with fib targets, etc. Market Profile looks to have promise too. I am a firm believer in S/R with minimal indicators if any at all. Indicators appear to work best if at all on longer time frames, daily, weekly.

Best of trading to everyone.

Dan
 
Quote from dandxg:

...I am working on S/R lines that are farther apart.

Dan
More...

You have to be really patient with wide S/R. Sometimes it's nice to just put an order in to sell at top of R, put a stop a few ticks above R and place a buy order just above S. Then, let the market take you out automatically. Your risk is for the most part predefined as is your profit. You don't even have to sit at your computer while the market does its thing. Thanks
 
Quote from TruthSeeker247:
That's a crock of sh*t. Brokers are a dime a dozen. you can become a broker with no high school degree!!
More...
Wake up .. amateurs and many others use the word 'broker' without knowing what it actually involves doing.
:)
 
You must log in or register to reply here.
Back
Top