darkhorse,
i sincerely thank you for taking the time to respond like that to someone you don't even "know." very much appreciated.
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answer this if you make money
- Thread starter Gordon Gekko
- Start date
i sincerely thank you for taking the time to respond like that to someone you don't even "know." very much appreciated.
i've always had this dilemma...
i know everyone talks about cutting their losses short and letting the winners run...but isn't this what everyone is trying to do? is there some way to take advantage of this? for example, knowing that a lot of people get stopped out a lot and that there is "noise," should we go for small gains instead of big gains? how can we bet that there will be noise and take advantage of that? is it even a good idea?
i know everyone talks about cutting their losses short and letting the winners run...but isn't this what everyone is trying to do? is there some way to take advantage of this? for example, knowing that a lot of people get stopped out a lot and that there is "noise," should we go for small gains instead of big gains? how can we bet that there will be noise and take advantage of that? is it even a good idea?
LISTEN FELLOW TRADER'S
I STARTED OUT SPENDING NINE MONTHS, COLLATING, ORGANIZING AND SIMPLIFYING DIFFERENT METHODS, SOME ALREADY IN CIRCULATION, OTHERS I HAVE PERSONALLY DEVELOPED.
BACK TESTED MY TRADING ROUTINE (WHICH HAS KNOW BEEN COMPLETELY SYSTAMIZED)
IN ESSENCE ITS A UNIQUE COMBINATION OF THE FOLLOWING COMPONENTS:::
RECIPRICAL CONFIRMATION SYSTEMS
GENERALIZED ENTRY/EXIT SYSTEMS WITH HOMING INDICATORS
TIGHT MONEY MANAGEMENT
I SOLELY TRADE THE FTSE WITH SPREAD BETTERS
I STARTED OUT SPENDING NINE MONTHS, COLLATING, ORGANIZING AND SIMPLIFYING DIFFERENT METHODS, SOME ALREADY IN CIRCULATION, OTHERS I HAVE PERSONALLY DEVELOPED.
BACK TESTED MY TRADING ROUTINE (WHICH HAS KNOW BEEN COMPLETELY SYSTAMIZED)
IN ESSENCE ITS A UNIQUE COMBINATION OF THE FOLLOWING COMPONENTS:::
RECIPRICAL CONFIRMATION SYSTEMS
GENERALIZED ENTRY/EXIT SYSTEMS WITH HOMING INDICATORS
TIGHT MONEY MANAGEMENT
I SOLELY TRADE THE FTSE WITH SPREAD BETTERS
Originally posted by darkhorse
A good while ago, maybe two years in, I remember feeling like a complete know nothing jackass. I had made money and lost it, made money and lost it, made money and lost it. Made a 400% return in a few months and gave it all back. I had read at least 60 books by that time, and been studying the futures markets all day every day. I was giving regular advice to clients (as a commodity broker), regularly giving currency and index commentary to the newswires, doing articles and newsletters. But I didn't really get it. I wasn't a good trader at all. After a really bonehead move at one point I said to myself, 'You know what man? You are just another fool broker who talks the talk but can't walk the walk. When the rubber meets the road you couldn't trade your way out of a paper bag.' Talk about a depressing feeling! I felt like a complete chump, just another fast talking sucker peddling dreams I couldn't even fulfill myself. Emotional wasteland. I was basically looking at the possibility that the years I had spent were a waste, that there was some mysterious element I was missing from my gut, that I just 'didn't have it.' But my personal pity party got old pretty fast. So I said to myself 'Forget that whiny crap. If I suck then I suck and that's all there is to it. Clearly I've gotten nowhere, so I might as well start over. What have I got to lose?' I viewed starting over as an admission of complete failure- which was fair, because from a trading perspective I Had been a complete failure up to that point.
Great post. I think it will hit home to a lot of traders on this site. What you talked about in the above quote is so hard to do to yourself. I don't think most people are honest enough with themselves to admit that they are not cutting it. It is easier to blame the market, the software, your commission rate (assuming you are not getting "cornholed "of course), your office environment, or anything else except that YOU are not cutting it. I have been there myself. Actually I still feel like I am in the churning phase. Actually though maybe that is the way most traders feel though. Once they start making $500 a day then they start expecting more. You see the possibility of making $1500 a day but you just can't get there. So the journey continues. If you keep making posts like this you might get your own Darkhorse Gem series too
That was a terrific post darkhorse, one of the best I have read here on elite, I am glad you decided to return here.
Let me be the umteenth to congratulate Darkhorse for an excellent post.