I Got this one wrong guys.....
- Thread starter Max E.
- Start date
Wrong. Learning when you should "probably chase and how to do it" is a big deal... with stops, of course.
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As I read through this thread, seems many miss the big picture.
That is... "You can make ANY play that seems to make sense (even if it turns out to be wrong)... so long as you do it with disciplined stop".
The biggest mistake a trader can make is to hang on to a loser, hoping it comes back and letting it run against them... sometimes to ruin. That's always a possibility.. but can be eliminated by the trader's behavior.
I've been doing this a long time. No matter how successful you've been... no matter how smart you think you are... no matter how much money you've made... over your trading career the market is going to "take a run at you"... perhaps half-a-dozen times... the kind of run that might wipe you out.. if you don't prevent it.
How do you prevent it? S-T-O-P-S... No matter how analytical and smart you are, you're still at risk to the market's vagaries. Stops are for "just in case".
That is... "You can make ANY play that seems to make sense (even if it turns out to be wrong)... so long as you do it with disciplined stop".
The biggest mistake a trader can make is to hang on to a loser, hoping it comes back and letting it run against them... sometimes to ruin. That's always a possibility.. but can be eliminated by the trader's behavior.
I've been doing this a long time. No matter how successful you've been... no matter how smart you think you are... no matter how much money you've made... over your trading career the market is going to "take a run at you"... perhaps half-a-dozen times... the kind of run that might wipe you out.. if you don't prevent it.
How do you prevent it? S-T-O-P-S... No matter how analytical and smart you are, you're still at risk to the market's vagaries. Stops are for "just in case".
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OP: so did you cover your position yet as of tody 5/11/20? if yes, how much did you make or lose in this trade?
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I can sense the "FOMO" here.
Here is a good video if you keep fighting the trend:
Here is a good video if you keep fighting the trend:
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If a feller recognized a set of indicators that implied "This probably will work", or "this probably won't work" that also fit his personality..then utilized that set of indicators, in the long run, he'd probably make money. On the other hand, I myself have tried the "I want to get even with those bastards!" method and it's not worth a damn!! Gut trading? Only works if you plug in a couple extra indicators. And, of course, the prayer trade "Lord, please let this thing reverse and run 100 points" only worked once for me.
My own problems stemmed from some sort of bizarre malfunction which left me thinking that what matters is not whether or not I made money, but whether or not I was right. For instance, As I mentioned earlier in this thread, I kept shorting the Russell as it moved up steadily. OK, yeah, I lost money. But, I was right!! It DID go down. After it wore me out, that is. Same with oil. January, 2007, $60 a barrel knew, I just knew it was going up!! Maybe to a hundred!!! And it did...but first visited 50, and wiped me out.
Looking back, being right don't mean anything at all. Trading is about money. Go down to the grocery store with one pocket full of money, and the other pocket full of "right" See how much toilet paper you can buy with right. See what I mean?
My own problems stemmed from some sort of bizarre malfunction which left me thinking that what matters is not whether or not I made money, but whether or not I was right. For instance, As I mentioned earlier in this thread, I kept shorting the Russell as it moved up steadily. OK, yeah, I lost money. But, I was right!! It DID go down. After it wore me out, that is. Same with oil. January, 2007, $60 a barrel knew, I just knew it was going up!! Maybe to a hundred!!! And it did...but first visited 50, and wiped me out.
Looking back, being right don't mean anything at all. Trading is about money. Go down to the grocery store with one pocket full of money, and the other pocket full of "right" See how much toilet paper you can buy with right. See what I mean?
Max... thanks for sharing and expanding on what you have done since your loss last week.
I really wish traders wouldn't jump so quickly on their high horses to bash others. This really isn't a zero sum game... traders can learn from each other and better themselves without having to explain why their holy grail indicator is better than everyone elses.
Sometimes it is hard to read the shit that is out here on the www. Everyone is a master oye fkn veh
I really wish traders wouldn't jump so quickly on their high horses to bash others. This really isn't a zero sum game... traders can learn from each other and better themselves without having to explain why their holy grail indicator is better than everyone elses.
Sometimes it is hard to read the shit that is out here on the www. Everyone is a master oye fkn veh
Yep I was fully covered this morning and I'm happy I did now!
That's true there is a time and place for it for sure but in general, chasing trade gets you killed. The margin between winners and losers is pretty thin most of the time. If you start out with a poor entry you get stopped out most of the time.
can you share how much you made in this trade? 4 figures or 5 figures?