I hate this situation
- Thread starter farmerjohn1324
- Start date
I had losses early on while developing my long term commodities method. Spend 1-3 years learning how to hedge, once you have it down, this will seldom happen. I usually risk $1000 on currencies and get enough options that will cover losses on futures, make little more. When big one hits, once you up so much profits, exit options.
Oh man, that's just sooooo much common sense... 100% logical and strategic. Who among Eters gonna adopt that?
Do not trade products, that you have clue about.
It's one thing when you're making some semiconducturs & you need that copper, it's another when you start to speculate based on chart and some theories without being in the actual bis.
Leave those garbage products behind. FX, futures etx. Equities = simple (relatively)
If you don't mind, let me "up" the knowledge level a bit.
If you think you want to "fundamentally understand" a trade, you're already lagging behind. (If you're looking for fundamental understanding/confirmation, the market is already waaaaaay ahead of you... and the good entry price is well past.)
As a trader, you need understanding of the price chart... nothing else. Doesn't matter if you're looking at stocks, oil, gold or mop squeezers. The chart tells all that is important.
The best trades are when you make the technical chart play... then the market later comes along and "catches you up in the move". It's rare that "you see the play and catch IT"... at other than waaay late, if at all.
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Use stops. Period.
100% gain? so down 50% is 2:1. So that is in the plan right? If so you should be done.
As you said guessing was what you did. Guessing and high leverage rarely works out in the long run.
Get a hedge plan and get more sophisticated like Handle123 says. One of the problem with retails is they don't understand, use or have enough experience with leveraged instruments. It takes attention to the details to use the properly. In this case Hope is not an edge.
As you said guessing was what you did. Guessing and high leverage rarely works out in the long run.
Get a hedge plan and get more sophisticated like Handle123 says. One of the problem with retails is they don't understand, use or have enough experience with leveraged instruments. It takes attention to the details to use the properly. In this case Hope is not an edge.
I haven't read his post till the end. He was highly leveraged as well.
,,We tolerate mistakes. What we don't tolerate is making the same mistakes over and over again"
- R.Dalio
Good luck, @farmerjohn1324.
"Highly leveraged"... risky as it is... is ONLY for the most experienced and disciplined. (Even then some blow up famously). With high leverage, you may not get even ONE "second chance"... once your capital is gone, YOU'RE GONE!)
There are 2 kinds of capital... one is financial, the other is psychological/mental. Blow either one and you're likely out of the game.
Don't be a dope! Trade for consistent profits while always protecting capital. (Yeah, I know... every noob trader "wants to get rich quick". The market RARELY allows that... no matter how smart the player hopes or thinks he is.)
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Not a good strategy either.