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Is my career over?
- Thread starter TruthSeeker247
- Start date
LOL! Still claiming to be a trader... Hmm... Do prop firms pay to paper trade?Quote from JMowery1987:
Lucky for me... a great quality of being a trader is when you start slipping in a bunch of shit *produced by a guy named max* you can still wipe it off and keep on going.
Although other people still end up smelling the effects of it.
Ok, I'm going to attempt the impossible and get this thread back on track. The topic is basically about trading in too large a size. My question is this:
Should the size of each position a trader makes be judged on the basis of a traders experience (discipline to obey stops) or his account size (money management)?.
how do some of you more experienced traders know how much to buy for any given trade?..200..500..800..1000 share lots?, or do you just buy randomly if you know you have the funds in your account to take the trade?
right now I dont go over 120, but thats just me...for now.
- nathan
Should the size of each position a trader makes be judged on the basis of a traders experience (discipline to obey stops) or his account size (money management)?.
how do some of you more experienced traders know how much to buy for any given trade?..200..500..800..1000 share lots?, or do you just buy randomly if you know you have the funds in your account to take the trade?
right now I dont go over 120, but thats just me...for now.
- nathan
Quote from cashmoney69:
Ok, I'm going to attempt the impossible and get this thread back on track. The topic is basically about trading in too large a size. My question is this:
Should the size of each position a trader makes be judged on the basis of a traders experience (discipline to obey stops) or his account size (money management)?.
how do some of you more experienced traders know how much to buy for any given trade?..200..500..800..1000 share lots?, or do you just buy randomly if you know you have the funds in your account to take the trade?
right now I dont go over 120, but thats just me...for now.
- nathan
Hey cash, do you still hang out in the chat room? Sorry I haven't been there last week, hopefully you picked up some help by the other members. Hit me up on paltalk if you'd like.
===
Lots of traders like to limit their risk by % of their account.
A lot of books have a 2% rule, never risk more than 2% of your capital on a single trade.
6,000 * .02 = 120
I'd say don't risk more than 100$ per trade, I know your still swing trading, so.... scale it that way.
Just figured I'd throw that out there in the midst of all this BS around here.
Remember, if you are trading in odd lots, that you need to be trading on Nasdaq, don't know if I told you that.
They charge you extra on the NYSE... not sure about scottrade though, someone else will have to tell you that.
"do you just buy randomly if you know you have the funds in your account to take the trade?"
Don't make the mistake that the OP did and blew out his 30k account.
It depends on my systems max drawdown and max intraday excursion.
I start my simulations using 10% of my account per position.
If this causes an example max drawdown of 5%, then im pretty happy. 10% max drawdown is the most ill accept.
I then check the max excursion. If its within my pain tolerance, then im good.
Otherwise, I lower the position size per trade until I get the numbers in line with my pain tolerance.
I start my simulations using 10% of my account per position.
If this causes an example max drawdown of 5%, then im pretty happy. 10% max drawdown is the most ill accept.
I then check the max excursion. If its within my pain tolerance, then im good.
Otherwise, I lower the position size per trade until I get the numbers in line with my pain tolerance.
Quote from cashmoney69:
Ok, I'm going to attempt the impossible and get this thread back on track. The topic is basically about trading in too large a size. My question is this:
Should the size of each position a trader makes be judged on the basis of a traders experience (discipline to obey stops) or his account size (money management)?.
how do some of you more experienced traders know how much to buy for any given trade?..200..500..800..1000 share lots?, or do you just buy randomly if you know you have the funds in your account to take the trade?
right now I dont go over 120, but thats just me...for now.
- nathan
Quote from JMowery1987:
"Thank you so much for that. Here is my philosophy on life: there is nothing I am incapable of; there's nothing I can't have if I want it badly enough."
You watch too much tv my man. Wanting to be a great trader doesn't mean your going to be one though.
And please, lets not refer to you as a trader as you so said. You are a professional gambler.
So go gamble.
Don't tell us about it, go do it. I personally don't understand why you continue to give me this great material to print out, it's literally hard to keep up with. But I appreciate it. This is a thread I'm going to refer any newbie to.
You aren't a trader. You're a reader. go read a few more books....lol
Quote from Nasdaq5048:
How can you lose when you try to hold the position in bonds? The bonds has been going one way since Feb. man. STRAIGHT DOWN! If only you sold it somewhere in the middle, you could have made 100K at least on 6 lots.
Do you just go in and out long and short faster than you can click it?
I go in and get out by the end of the day. The volatility today is astounding actually. Must be FOMC tommorrow
Quote from dandxg:
TS,
Even the folks, whom you are now verbally sparring with provided some good info, they are just are frustrated because you don't seem to hearing their message. I would probably be frustrated hearing your replies too, but I have already been down your road a few years back. Nobody could tell me otherwise, take what you can from this forum and do what you are going to do. Let us know how it turns out. Best of luck to you and your trading.
Dan
Thanks a lot Dan. People who haven't traded, like Mowery, have no idea what trading is all about. They've never taken a significant loss and so they really don't know what it means to be a trader. If your experience as a trader is GREEN GREEN GREEN with no RED, then you do not know what it is like to really be a trader. Trading is about risk; with experiences skewed primarily in the direction of green, it is easy to forget that you are, as a trader, a student of risk. Thanks again