wow..sweet comeback swordsman! USA USA USAQuote from The Swordsman:
Guess you didn't watch men's swimming this Olympics
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ES Daytrading: "only 1 trade per day" or "1st trade a loss, rest of day a loss"
- Thread starter increasenow
- Start date
Quote from osorico:
As someone said... you just don't get it dude.
Here's the deal Increasenow...
The trading-day consists of making trades. The number is irrelevant, and should not be fixed for the sake of having a fixed number.
First what you need to understand is that 100% winning (or losing) TRADES in a day is in outlier. It is not normal. Contrasted against 100% of trading DAYS being winning (or losing) which is neither an outlier nor is it normal. It just is. Case in point 10 trades in a day 8 winners, 2 losers, the day is a winner. Next day, 10 trades, 8 winners 2 losers, day is a winner. Next day, 10 trades, 2 winners 8 losers, day is a winner. Next day 10 trades, 10 winners, day is a winner. Next day, 10 trades, 5 winner, 5 loser, day is a winner. Trades provide diversification and dispersion.
By limiting yourself to 1 trade a day you are guaranteeing yourself that each one of your trades will be an outlier (100% of trades in a day being winner or loser) and the cumulative result on winniing and losing trading days will be no better than the probability of your methodology. If your methodology is say 70/30, then you should prepare to withstand a MINIMUM of 30 consecutive losing days, making 1 trade per day.
What you need to do is trade. The number of trades is irrelevant. What is important is that you employ discipline against the loser outlier (100% of trades in a day) and inevitable string of losers. And too that end, you must find a number lets say $250 for example that is a MAXIMUM LOSS for a day. It doesn't matter if it's in 1 trade or it appears after you've generated a string of 25 losing trades in a row. Once the number is hit, THEN you are done for the day. Period. Note that this "discipline" does not exist in any way on the upside.
If $250 is inappropriate (too large or too small) for your account, than find a number that works. But it must be realistic. Wanting to profit $500 and willing to risk $10 to do it is not a calculated risk. That is a lottery game. Or maybe I am just underestimating your trading ability. I mean last week you were trading CL, DAX and YM.
Osorico
Excellent Post. Excellent advice.
Quote from FerdinandAlx:
If you don't have a profitable method it doesn't make a difference wether you spread your losing streaks out over multiple days or not. If you do have a profitable method the only sensible thing to do would be to keep on trading.
True,
but for those who still sometimes struggle with the mental aspect of it, an unexpected larger loss in a fast moving market or a string of loses in a row....... may rattle their confidence or cloud their judgement. In which case it would be better to stop trading and start with a fresh clear head the following morning....
trading is like that Jimmy Buffet song..................... ".... some people say that theres a system to blame, but I know that,...... its my own damn fault..."
I watch sports for the ability of the players, the team. Screw waving the flag.
Usain Bolt and MJ are the best in my lifetime. Bolt is DA MAN
When Bush comes on TV should i jump up and down and yell USA, USA, USA, sorry that propaganda bs about waving the flag is for idiots.
The beauty of what Usain Bolt has been doing is NO other human has ever run so fast, running is the most basic human defense mechanism. Michael whats his name is no big deal, big deal he beat some slower guys.
Usain Bolt and MJ are the best in my lifetime. Bolt is DA MAN
When Bush comes on TV should i jump up and down and yell USA, USA, USA, sorry that propaganda bs about waving the flag is for idiots.
The beauty of what Usain Bolt has been doing is NO other human has ever run so fast, running is the most basic human defense mechanism. Michael whats his name is no big deal, big deal he beat some slower guys.
Doesn't matter if Phelps was from the US or Zimbabwe, 8 golds and 8 new world records is incredible. More golds than any Olympian ever isn't bad either. Not taking anything away from Bolt but you got to at least mention Phelps as he so thoroughly dominated his sport.
Quote from bighog:
I watch sports for the ability of the players, the team. Screw waving the flag.
Usain Bolt and MJ are the best in my lifetime. Bolt is DA MAN
When Bush comes on TV should i jump up and down and yell USA, USA, USA, sorry that propaganda bs about waving the flag is for idiots.
I will give you that. Michael did ok. Without the bs about USA USA USA i would feel better about what he did. The constant waving the flag etc degrades the deal. Sports should remain sports and keep the politics out.
I watch canadian TV also up here in Michigan so i get another channel to midigate some of the flag waving. Canadian TV is indeed more about their sports persons but MUCH MUCH LESS about flag waving. I get most results on tv from canada if i wanted to because they have more coverage and less commercials.
I watch canadian TV also up here in Michigan so i get another channel to midigate some of the flag waving. Canadian TV is indeed more about their sports persons but MUCH MUCH LESS about flag waving. I get most results on tv from canada if i wanted to because they have more coverage and less commercials.