I am saying if you average 80% winners and your last 4 trades have been winners then you are betting against what your statistics show by taking the 5 th trade.
Intraday money mgmt question - what would you do??
- Thread starter xtrhvydty
- Start date
I am saying if you average 80% winners and your last 4 trades have been winners then you are betting against what your statistics show by taking the 5 th trade.
People are controlled by their fear first before any rational common sense thinking like keeping at it when you are seeing and trading the market well. Noobs and not consistently successful traders will tell you to not to "push your luck" when, if you know what you are doing, really luck has nothing if not very very little to do with it.
and tomorrow could be a better day and if you press your luck today and get some losers then your psychology will be screwed for the opportunities that arise tomorrow.
Your biggest drawdown in trading will more often than not come right after your biggest winning streak due to the fact that you became overconfident and kept pushing your luck.
LOL, read what I wrote on the last page. Luck hasnt nothing to do with it (or at the very least almost nothing). You seem to think that trading and luck go hand in hand based on the last two posts mentions of "luck"
Trading is about refining your method and skills over time, not about worrying whether you've pushed your luck or that there is a good chance that maybe the next trade may lose. I dont understand this thinking, it makes no sense. You either see trades that you've deemed takeable or you dont and wait until you get a signal.
When the market is good and your method is really synching you step it up, not take the rest of the day off.
Trading is about refining your method and skills over time, not about worrying whether you've pushed your luck or that there is a good chance that maybe the next trade may lose. I dont understand this thinking, it makes no sense. You either see trades that you've deemed takeable or you dont and wait until you get a signal.
When the market is good and your method is really synching you step it up, not take the rest of the day off.
If today is as good as the OP says, odds are tomorrow will not be as good as today.
Strike while the iron is hot.
If you constantly cut your winning days short, you'll never realize the full potential of a true, winning day.
So you say keep gambling and step it up as in increasing size ? until you get a loss because you have to be in the market if you are winning ?
That is a pure gamblers mentality.
Where do you get those odds from ?
So you are saying press today and slack tomorrow because odds are it won't be good ?
Every single day offers a trader an opportunity to do their very best.