If you could go back in time to when you were a new trader

Quote from Zr1Trader:

If I had to go back to the first day I'd tell myself not to over trade or cross the spread all the time,churning the account in small ranges. Trade products with good range in relation to spread and commission.

In other words don't have a 10 tick tgt and 10 tick stop .... with a 1 tick spread that is 10% of the trade going to the house not including commission. Don't be a dumby and churn your account making only your broker money.

Unless one has a very robust method on smaller timeframes it is tough to beat costs like the high volume or exchange members and be able to compete on that level. Broaden the timeframe or range a bit is what I'd say.

Keep costs of doing business low.
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you may well be right

there's been plenty of days when I ended up with my head in my hands bemoaning

"Goddamn, I wish I was the broker instead of the customer."
 
Quote from Lights:

"will never fail" sounds like famous last words
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I would agree.

I honestly don't believe anyone who says a strategy is fail proof, usually doesn't end well. Ends with tears and no money left over from all the leverage. An example would be Long-Term Capital Management. They thought they were invincible. They had a good run until the 'impossible' happened. I actually think someone even wrote a book on the fund, but I sadly don't remember the name of it. :(
 
Quote from TheGreatGorilla:


I actually think someone even wrote a book on the fund, but I sadly don't remember the name of it. :(
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When ego reigns supreme, the descent of Long-Term Capital Management to Short-Term Capital Mismanagement.:D

Sorry. Can't resist..............
 
Quote from moonmist:

When ego reigns supreme, the descent of Long-Term Capital Management to Short-Term Capital Mismanagement.:D

Sorry. Can't resist..............
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Please don't resist. That was a very good one. LOL.
 
There is a big difference between intra day traders who end the day flat vrs large hedge funds who hold positions overnight and for extended periods of time though.

Quote from TheGreatGorilla:

I would agree.

I honestly don't believe anyone who says a strategy is fail proof, usually doesn't end well. Ends with tears and no money left over from all the leverage. An example would be Long-Term Capital Management. :(
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