Daily FATAL Newbie Mistake

Quote from jimmygold:

Cajun, your statement here is confusing to me. In your methodology at Puretick don't you stress to your students to use prudent position sizing and strategic money management ??

Because if he lost a large chunk of his account on just ONE trade , its evident your Organization is NOT properly stressing and engraining this important principle into its pupils' heads !!
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So they should hold everyones hand, how can they make someone they cannot even see stop from putting on a hugh poition.

I thougt of doing what they are doing, but with live video, to much bandwidth was needed.
 
Quote from Spectra:

Here's an example of how one of our traders 'blew it' today. You must not let anger and frustration get the best of you in this game...

We have a very hard working trader by the name of Matt. This morning he took a personal trade, got stopped out, and then left the room due to frustration.
A large chunk of his account was gone. After he left, we had four more calls on the e-mini dow. A few of our 'newbies' made over 60 points by sticking with their plan for the rest of the day. We had one of our best 'top 4' trading days ever. Matt sits with a loss because he let his stop out enrage him. Seeing this type of behavor frustrates me because I've done it too. I try to think of stops as a business expense. You were wrong, get out. Move on to the next setup.

As usual, I like to recomend traders read Trading in the Zone by Mark Douglas before they even start day trading. I put off reading that book for months. It would of helped me a great deal had I just read it first.

CajunSniper / Puretick.com Administrator-Trader
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Ok hold on here

maybe I am missing something here but who's responsable for money management on your students??

Did you know how much they're trading in advance??

Did you know this guy was heavy loaded in advance??

Did you warned him about the consequences of over-leveraging??

what do you mean by a personal trade??
 
Quote from feb2865:

Ok hold on here

maybe I am missing something here but who's responsible for money management on your students??

Did you know how much they're trading in advance??

Did you know this guy was heavy loaded in advance??

Did you warned him about the consequences of over-leveraging??

what do you mean by a personal trade??
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They recommend an inverse risk:reward relationship (risk 40 ticks to make 10 on the YM, for example), and call-out reversal, counter-trend strategy trades all the time.

The nOOb who blew his account is probably one of their most loyal students, and as a result of him taking their trade and getting reamed, these self-promoters come on here and totally trash him in a thread (ostensibly to continue to promote their shaddy-ass service).

LMAO.

Jimmy Jam
 
Quote from JimmyJam:

They recommend an inverse risk:reward relationship (risk 40 ticks to make 10 on the YM, for example), and call-out reversal, counter-trend strategy trades all the time.



The nOOb who blew his account is probably one of their most loyal students, and as a result of him taking their trade and getting reamed, these self-promoters come on here and totally trash him in a thread (ostensibly to continue to promote their shaddy-ass service).

LMAO.

Jimmy Jam
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well I tell you brother inverse risk-relationships are dead traps. You could make tons of money yet equally lost them in a couple of trades. I mean, some people do and I sometimes tweak the risk/reward ratio based on market conditions but you better be sure aobut the consequences and be hyper-caffeinaded to pull the trigger if the market really reverses on you. I do revese my position if the market goes the other way, but sometimes I get burned twice. Not for newbies

ok but you know, it all comes down to money management. Who's responsible for that?...

are they telling the studens to go in wit X amount of capital??

Who put the firecracker on his ass????
 
Quote from jimmygold:

Cajun, your statement here is confusing to me. In your methodology at Puretick don't you stress to your students to use prudent position sizing and strategic money management ??

Because if he lost a large chunk of his account on just ONE trade , its evident your Organization is NOT properly stressing and engraining this important principle into its pupils' heads !!
More...

Didn't you notice the title to the thread? DAILY fatal newbie mistake.

Anyone heard of Sigmund Freud?
 
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