No Free Lunch

Quote from balda:

I think HARD stop loss for new trader is a must, because when loss is big, his P&L takes over the judgement.
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I agree, and that is why we start our people with minimal shares (usually 500 or so) until they get some contol ...which, if they lose a bit of real money, comes "sooner than later."

By 8 weeks or so, we have them up to 2,000 shares plus, and they are ready to succeed....if they're "not ready"....then they need to cut back share size until they are. This is why I try to get them all to look at the "pennies" involved in each trade, not the dollars made or lost.

"I made 11 cents" or "I lost 8 cents" ....this is something that the new trader can deal with. Then simply adjust the size according to skill level.

(Another Saturday Night, at home with my friends on ET... while my brother is out partying on the Strip...lol Just catching up on a few things at home)....

Don :p
 
Quote from funky:

its 'larry williams'. he essentially states in many of his writings that short-term traders are wasting their time. i couldn't disagree with him more :) i really didn't like much of what he had to say. he might have been a successful trader, but i think he's a terrible teacher.
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(Not directed to any "teacher" in particular)...... What bothers me the most about the book writers, etc., is when they talk about what made them money 5, 10, years ago (or more)...the game is changing monthly (daily at times, it seems). I have to admit that my brother and I fit into the "teacher" category, but we still trade daily, and have the extra benefit of watching over some of the best traders in the World.

Don (gotta find me a cool animation like yours, and then figure out how to insert it)..... :confused:
 
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