I think I figured out why trading can never work for so many people
- Thread starter ChkitOut
- Start date
.
I personally wouldn't buy a seat on the exchange. maybe rent, but not buy. there is too much principle risk right now.
I remember the day oil went under $10 and we all knew it would go lower. it did. and we figured it would base for a bit before recovering. not sure if that happened.
anyhow, just lease a seat.
and tell Baldwin i'm sick of him showing 1,000 bid, only to turn around and hit my 24 bid for 300 and then take the market to 21, all offer.
I don't know if this Woody guy is for real but he did give one very important piece of advice---
"Go big or go home"
folks are scalping small tick/range/renko charts, using 5 tick stops, piking it with 1 lot, ..... all in effort to control risk
you can waste years of your life playing it safe that way and have nothing to show for it
unless you're already wealthy or have other sources of income it makes no sense to play the game that way--- you could make the same amount of money or more for a hundred times less stress and effort in a 9-5 job
go big or go home
everyone gets into trading for the money.... and for a typical low funded trader.... the only way to get it is to embrace risk, not hide from it
better to blow your 15k and be forced out of the game quickly than to spend 10 years scratching out a meagre living only to finally realize that this will never be a moneymaker for you.
"Go big or go home"
folks are scalping small tick/range/renko charts, using 5 tick stops, piking it with 1 lot, ..... all in effort to control risk
you can waste years of your life playing it safe that way and have nothing to show for it
unless you're already wealthy or have other sources of income it makes no sense to play the game that way--- you could make the same amount of money or more for a hundred times less stress and effort in a 9-5 job
go big or go home
everyone gets into trading for the money.... and for a typical low funded trader.... the only way to get it is to embrace risk, not hide from it
better to blow your 15k and be forced out of the game quickly than to spend 10 years scratching out a meagre living only to finally realize that this will never be a moneymaker for you.
i sort of agree with you.
imo, newbs like to bank small profits because it feels good at the moment but it leads to a perpetual rut.
more importantly they develop bad habits early and reinforce them day after day after day.
to me, by go big or go home is learn to swing the entire day and go for 7-8-9-10 points on the es for example or an equivalent move on other securities..
even if you have no edge at all, swinging for fat points at least allows you to get "lucky" and perhaps stay afloat longer. its impossible to get lucky scalping.
I believe WoodyK is talking about position size & number of trades, rather than average net per contract.
What I don't get, is the reason to go in Europe to do automated trading of the US 30-year bond. What you need is a Chicago-based server (even better, Aurora-based), two for redundancy purpose, and let your system trade 24/7.
Our group watches traders daily both SIM and LIVE... This is a very hard business. Very doable but very hard.
As the old saying goes "trading is the hardest way to make easy money."
mp
As the old saying goes "trading is the hardest way to make easy money."
mp
NO 32 ticks is an accurate average. Admittedly the sample size is only a few weeks but being in Europe guarantees that number to be on point- I assure you.
I have zero reason to blow smoke up your ass. And yes, we were pleasantly surprised to discover how we'll it works.
I have a house I stole in Vegas that I just love. Picking up and traveling like a gypsy in France, UK, etc is not a decision taken lightly. Not at my age.
We need to up contracts beyond 100 lot and maintain ticks.
Btw I was just told having a boat is an invitation to be hassled. I was told on good authority the Greek Coast Guard is a bitch and they not only don't stay where they belong in their own waters but you are constantly "boarded." Reconsidering...
Woody