Not Cashing In On Pay Day

cornholetrading · Mar 16, 2003

Quote from chasinfla:

a semi-skilled tape reader can hit 90%.

If this is true then I know a lot of traders who lost their skillz in the last 3 months.

ryanmitcho · Mar 17, 2003

Quote from daniel_m:

"consistency is important when you're working at a job, it's fool's gold for a trader. there's nothing wrong with treading water, or losing money, while the going's tough. "

nah- there is nothing "right" about losing money when the "going is tough" . true, things are tougher now and you have to be more selective, disciplined and patient in your entries, but there is opportunity in the market everyday to make money. never let anyone tell you that it is "ok to lose money cause things are tough for everyone" -thats bs. as traders, our goal is to be profitable everyday- at least mine is.

Ron In-a-sauna · Mar 17, 2003

Quote from rs7:

I know I am quoting you a bit out of context here. But still, I will always believe in letting winners run. Or more appropriately in todays market, keeping a position that you have no reason to exit.

If you exit a trade that, if you were not already in, and would think of getting into at the very time you are getting out (booking a profit), I will have to say this is not a great strategy. I am NOT saying you are doing this. I have already said I quote you here out of context.

My point here is to make clear to less experienced traders than yourself, the simple concept that just as you should have a reason to enter a trade, you should have a reason to exit one. In your case, perhaps a target profit is a reason. I can't argue against this. I just don't personally use targets of a dime (on listed stocks particularly), because between the commissions and risk of a poor fill make a dime a bit tight. But that is just a personal thing. There is NEVER an argument to be made against making money. It is just a matter of style.

Peace,
rs7

or at least get back in if you realize you exited too soon and its running...

bone · Mar 17, 2003

If a trader trades pairs, futures or options spreads, basis, inter and intra-market correlations, and all other manner of hedged 'delta-neutral' -type positions, you will never have the kinds of days that your flat price friends will have from time-to-time. And that's a double-edged sword that cuts both ways. Accept it and move on. Why do you think LTCM was so wildly over-leveraged? To get Soros-like returns for their investors.

But you have a true strategy... you have an 'edge'. You have a very specific set of requirements for taking a trade, and you minimize your risk. And most traders don't have that, despite what they think. Most flat-price equity traders these days would kill for $120K in net income per year. That's a great living by any white-collar standard. So grind out that $500 per day and take anything extra as gravy. With that kind of attitude, you'll be surpised what you can take from the markets.

Trust me on this one.

daniel_m · Mar 17, 2003

Quote from ryanmitcho:

-thats bs. as traders, our goal is to be profitable everyday- at least mine is.

actually, that statement right there is complete BS.

it's true that, if you daytrade, you do attempt to make that particular day a winner -- ie, you are obviously not attempting to lose money on any one day

but

if you are gonna tailor the way you trade just to make it easier for you to be able to make some money every day, i regard that as a complete loser's game.

and the reason that is that, over the long run, by being so insistent on making it every day, you won't make as much as if you were prepared to make less, or, (gulp) even lose, on the worse days. (and i'm not talking about psychology here -- i'm referring to the long run expectancy of the methods)

MondoTrader · Mar 17, 2003

you can't make money every day, or every week, or every month. Every newbie thinks they can make money every month and their unrealistic expectations are fed by shysters all the time. Eventually they learn or go broke, or just give up.

chasinfla · Mar 17, 2003

great attempts...no fills... one serious fake out... chillin'

ok...finally. made the quota. they're still pushin'... cya

this was a study in not losing my cool. man did i leave serious chips on the table.

chasinfla · Mar 17, 2003

eating my heart out. but hey, it's all good.

:eek:

goldenarm · Mar 17, 2003

Quote from MondoTrader:

you can't make money every day, or every week, or every month. Every newbie thinks they can make money every month and their unrealistic expectations are fed by shysters all the time. Eventually they learn or go broke, or just give up.

Just because you can't do it doesn't mean it can't be done. I sit with guys who are net positive EVERY single day and I'm getting there. Keep your unfounded generalities to yourself.

iceman1 · Mar 17, 2003

PERIOD!

I have been working my ass off... trying to catch as much as possible without getting my head handed to me on any large sudden reversal.

These are the moves that make a year!

And the epitome of great trading for any position trader on this board... would be to ride it back down... from the next reversal top...

Probably gotta be early again; and then add on. But it will be there... 90% certain. Just keep stalking.

G'luck bros. ETs...

Iceman