Down to about $90k, where would you park it if your trading skills were trash?

SunTrader said:
What I use - but within TradeStation:-

https://corporatefinanceinstitute.com/resources/equities/chandelier-exit/

but as you put it, you need to be watching, not sleeping. :)

Much better and more importantly sustainable than just getting used-Lambo lucky.
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Thanks! Thats something I can use actually.

I should mention that the other piece of the story was getting into trades where they were just stuck in the mud right through the day session,not putting me in profit,not hitting my stops.So I left them on overnight with a wider stop.Woke up to large losses.So,actually,there was a trading error there where perhaps a momentum indicator or something could have helped me avoid the trade altogether.

I have Billy Joel lyrics on the wall near my desk "There are giants out there in canyons,and a good captain cant fall asleep",as a reminder! haha :D
 
deaddog said:
I think the number 1 reason for retail loss is traders who let small losses turn into big losses.
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Good Morning deaddog,

The only reason traders lose money is because they don't not know how to make money consistently month to month, year to year trading the futures market.

The reason they lose money is because they do not know anyone that is making ALOT of money they can learn from.

Small loss or big loss does not matter one bit and is irrelevant to making money trading.

Another reason traders fail is failure to try MANY ways to make money trading everyday/week/month/year and hurry up too!!!
 
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SimpleMeLike said:
Good Morning deaddog,

The only reason traders lose money is because they don't not know how to make money consistently month to month, year to year trading the futures market.

The reason they lose money is because they do not know anyone that is making ALOT of money they can learn from.

Small loss or big loss does not matter one bit and is irrelevant to making money trading.

Another reason traders fail is failure to try MANY ways to make money trading everyday/week/month/year and hurry up too!!!
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Good day SML;
Glad to see you turned it around. I gotta assume you did it on your own or did you find someone who was making a lot of money who showed you how.

Now I don't trade futures anymore (It's been years) I never did find anyone making a lot of money to show me how. (I'm not sure there is anyone out there who is making piles of cash consistently)

I agree that trying too many ways to make money, especially changing strategies often isn't the way to go. I found a simple method that works for me and I stick with it.

I found I could make enough to fund the lifestyle I enjoy just trading stocks. Now I can spend my days doing stuff I enjoy.

Unlike yourself I have read a lot of books and the one thing that almost every successful trader reiterates is to cut your losses. Everybody plays the game differently, at the end of the day it's the cash in your account that matters.

Keep raking it in!!!
 
deaddog said:
Good day SML;
Glad to see you turned it around. I gotta assume you did it on your own or did you find someone who was making a lot of money who showed you how.

Now I don't trade futures anymore (It's been years) I never did find anyone making a lot of money to show me how. (I'm not sure there is anyone out there who is making piles of cash consistently)

I agree that trying too many ways to make money, especially changing strategies often isn't the way to go. I found a simple method that works for me and I stick with it.

I found I could make enough to fund the lifestyle I enjoy just trading stocks. Now I can spend my days doing stuff I enjoy.

Unlike yourself I have read a lot of books and the one thing that almost every successful trader reiterates is to cut your losses. Everybody plays the game differently, at the end of the day it's the cash in your account that matters.

Keep raking it in!!!
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Great post sir. I am about where you were back when:

deaddog said:
I agree that trying too many ways to make money, especially changing strategies often isn't the way to go. I found a simple method that works for me and I stick with it.
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And this link is useful too. Turns out the pro day traders (full time prop traders) are no different than us amateur retails:

https://churningandburning.com/2023/06/low-morale.html
 
wxytrader said:
No, you should be sleeping not watching.
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Some years ago, Fidelity did a study on their clients to see whose accounts had the best growth rate (I don't recall how many years they looked at). They found the accounts that had the best growth were owned by: 1) People who forgot they had an account with Fidelity, and 2) People who had died.

So a long sleep... or a permanent sleep... seems to work in the stock market. :)
 
ondafringe said:
Some years ago, Fidelity did a study on their clients to see whose accounts had the best growth rate (I don't recall how many years they looked at). They found the accounts that had the best growth were owned by: 1) People who forgot they had an account with Fidelity, and 2) People who had died.

So a long sleep... or a permanent sleep... seems to work in the stock market. :)
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amazing isn’t it? You would think active trading would be push but it’s not.
 
deaddog said:
Good day SML;
Glad to see you turned it around. I gotta assume you did it on your own or did you find someone who was making a lot of money who showed you how.

Now I don't trade futures anymore (It's been years) I never did find anyone making a lot of money to show me how. (I'm not sure there is anyone out there who is making piles of cash consistently)

I agree that trying too many ways to make money, especially changing strategies often isn't the way to go. I found a simple method that works for me and I stick with it.

I found I could make enough to fund the lifestyle I enjoy just trading stocks. Now I can spend my days doing stuff I enjoy.

Unlike yourself I have read a lot of books and the one thing that almost every successful trader reiterates is to cut your losses. Everybody plays the game differently, at the end of the day it's the cash in your account that matters.

Keep raking it in!!!
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Good Evening deaddog,

deaddog said:
Good day SML;
Glad to see you turned it around. I gotta assume you did it on your own or did you find someone who was making a lot of money who showed you how.
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Thank you for your kind words. You are definetly one of the ET memebers that helped me alot. You always preached to developed a trading plan and follow it. Now I trade with a trading plan and it turns out fine. Not the best trading plan, but it works.

deaddog said:
I never did find anyone making a lot of money to show me how. (I'm not sure there is anyone out there who is making piles of cash consistently)
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There are traders making millions of dollars a week/month in the ES futures market, EASILY!!
There are traders trading algos making millions of dollars a week/month in the ES futures market, EASILY!!
I will be one of the traders making millions of dollars a week/month in the ES futures market, EASILY!! No point in me trading if I can not be a millionaire in about 1 to 2 years and get rich.

deaddog said:
Unlike yourself I have read a lot of books and the one thing that almost every successful trader reiterates is to cut your losses. Everybody plays the game differently, at the end of the day it's the cash in your account that matters.
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I never read a trading book and I never will. Waste of time. Everything I learned, I learned right here on ET forum for the cost $0.00. Reading books is stupid to me. Why ready book, when I can just ask a question on ET forum or click the charts.

I have not read a book since my senior year in college, and it was required to graduate and make good grades to make alot of money working.

I only do things that make money. Reading books is dumb and a waste of time, because it does not make me money and the author can be a liar. If the author is making money, no need to write books, right?
 
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ondafringe said:
Some years ago, Fidelity did a study on their clients to see whose accounts had the best growth rate (I don't recall how many years they looked at). They found the accounts that had the best growth were owned by: 1) People who forgot they had an account with Fidelity, and 2) People who had died.

So a long sleep... or a permanent sleep... seems to work in the stock market. :)
More...
LMFAO HAHAHAHAHHAHAHAHAHH

that is sooo true. One of my 401K account I forgot I had years ago, I recently logged on and made alot of money.

Long and Strong SP 500 Index for life.
 
Fidelity is for investors.

Though traders (and most funds too) have the same high losing rate over time, not doing anything ... is anything but trading.
 
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