Are stops a complete joke ?

Quote from mcgene4xpro:

Quote from Gabfly1:

Trading without stops is like driving without brakes. Adding to a losing position is like driving faster when you're lost. [/QUOTE

half of the truth. :D
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Sorry it is 99% of the truth:D
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Quote from emg:

the best risk management is to control your mind and not use a robot stop loss.

If trading with no stop and average down/up take too much heat for you, then, put more money in your account. That is probably the best way to control the emotion.

A professional poker players are master in controlling emotion. That is why they always win. A professional poker players know that playing poker requires to start million of dollars.

Trading in the futures market is for traders who have big bucks. Those traders who have big bucks represent 3% of making money trading in the futures market while 97% of traders lose money trading in the futures market.

Like i said earlier, 97% of the people do not understand CFTC disclaimer: FUTURES TRADING IS NOT FOR EVERYBODY AND ONLY RISK CAPITAL SHOULD BE USE.

That Said!
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what in the world are you talking about. I dont care how you rationalize it with poker comparisons, cftc quotes, you dont need 100k for 1 ct.

Hell if strictly trading futs you can do very well with 100k acct. It sounds to me you need to improve your edge or its reliability.

You mentioned for traders to add more money to thier acct to control emotions?!?!?,, WTF? ,,, THe goal in this game is to take money from your account as needed, not add money as some type of emotional stop loss mumbo jumbo.

Good luck buddy,

EF
 
Quote from bone:

"The essence being that we both treat the trade as being dynamic by nature."

Fair enough. The big piece for us at least is that the stop and the profit target are set when the trade is entered. Personally (and this is just me), I can't imagine putting on a trade and not having a clear definition of where my risk and where my reward is. For me, at least, the 'dynamic' aspect comes in to play for those occassions where I believe I can take more out of the trade than I originally modeled. There are times where I subsequently get out of a trade before either target or stop is reached - if over the lifespan of a position I come to the conclusion that it is not 'performing', then I will flatten up and continue to look for other opportunities and put the capital to use elsewhere.
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Yes exactly.
Without a calculated defined risk and reward for each trade we would be gambling.
As to the size of the account, it should be sufficient to cover the style of trading plus a bit.
 
Quote from No.Heat:

...A trader that knows how to enter is either right and takes very little heat or gets stopped out because he was wrong...
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Exactly. The best trades tend to work out almost immediately. The rest are not worth the financial and emotional strain. Of course, there is the small matter of timing. It goes without saying that the better you time your trade, the smaller the required protective stop, all else being equal.
 
Quote from emg:

the best risk management is to control your mind and not use a robot stop loss.

If trading with no stop and average down/up take too much heat for you, then, put more money in your account. That is probably the best way to control the emotion...
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Exactly, but backwards on all counts. Not incorporating structure, and adding to your account to hold on to a losing position is the best way for the market to control your mind.
 
Quote from Eddiefl:

what in the world are you talking about. I dont care how you rationalize it with poker comparisons, cftc quotes, you dont need 100k for 1 ct.

Hell if strictly trading futs you can do very well with 100k acct. It sounds to me you need to improve your edge or its reliability.

You mentioned for traders to add more money to thier acct to control emotions?!?!?,, WTF? ,,, THe goal in this game is to take money from your account as needed, not add money as some type of emotional stop loss mumbo jumbo.

Good luck buddy,

EF
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What EMG is trying to say is....

a) He does not know how to enter, so he enters with extreme underleverage

and

b) He does not know how to lose so he thinks every trade must be a winning trade for him to have positive expectancy


That's pretty much the bottomline.
 
Quote from BwPirt:

Can anyone recommend some good reading material on adding stops? or maybe on using/not using stops? Thanks.
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There is a no-stop, always-in system using 2 MA crossover. Curtis Faith talks about it in his book "Way of the Turtle."
 
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