See if I can make money by copying others!!

[lawrence-lugar]

You can make a ton of money...if you're able to somehow copy the rare .5% of ultra-successful traders out there.

Leverage or options on that, and maybe along with compounding, -- oh boy, you're in the stratosphere now before you know it,
You're in ET extraterrestrial territory, it's goodbye earthlings,

 

[Neuroway]

Wouldn't it make more sense to choose a small percentage of your account-funds, per trade, and then adjust the number of shares to fit that? It would surely reduce the risk of one unsuccessful trade wiping out the profits from ten successful ones?

Absolutely, Xela. I would also add that it would make even more sense to take this small percentage and adjust it in function of the volatility of whatever one wishes to trade. For instance, you can go sit quite big and fatly on the SP500 or US T-Bonds, which are real slugs, while you have be really light when you take a ride on XRP or BTC and other wild mustangs around the world.

 

[qxr1011]

when my account blows up that'll be the end of the experiment
But I know that my chances are a lot better by following their calls than following my own

fair enbough

good luck

 

[Buy1Sell2]

Sad story, Take two talented traders, tell one to go long, and the other to go short, chances are that both will make money out of their trade. Because they know how to manage their position.

Best,

Exactly. As I have always maintained, Prudent Risk Management is the only edge available in trading.

 

[Buy1Sell2]

one of my guys likes WYNN long here at 181, but it's a big stock and the stop is big (2.5 points) so just gonna watch

That's a tiny stop.

 

[Neuroway]

when my account blows up that'll be the end of the experiment
But I know that my chances are a lot better by following their calls than following my own

Do you know Charlie Burton? He told me recently that people can now copy his trades via one of his apps. I don't know the details, but you can get in touch with him at ezeetrader.com.

There's also etoro.com, when you can pick your own traders and copy their trades, like if you were running your own trading desk.

I would again advise you against trying to copy the folks here. You don't know who they are or what their trading records & performances look like. I don't want to sound like a doomsday prophet, but you'll only grow more frustrated by the markets if you copy people you know nothing about.

Best,

 

[davenz]

Technically you are correct. The conventional trading systems or 'textbook setups" if you will, barely work now days. When it breaks out and pulls back to support, everyone knows that everyone can see that level. Back in the day of turtle traders, if something broke out it just kept going (more often than not).

I personally reckon that the trick is in understanding market structure and volume, rather than looking at a chart for a holy grail candlestick setup.

 

[Overnight]

Exactly. As I have always maintained, Prudent Risk Management is the only edge available in trading.

I am learning there is an addendum to PRM™, and that is PRM+time™. Call it, PRiMe™?

 

[Overnight]

Exactly. As I have always maintained, Prudent Risk Management is the only edge available in trading.

*psst* turn on your PM thingy

 

[happyscalpie]

Brian, trading is a 'creative' profession. my emotions are my paint brush, & the market is my canvas. I scalp the other side of what the loser in me feels a strong urge to jump on. every other artist I see uses different types of brushes & paints the world in very different ways.

copying trades is akin to making copies of Piccaso, that will only have a $10 street value. Being a trader requires me to take FULL responsibility for my actions. It is very scary once I understood this. I eventually understood that autonomy is the reason I trade.

Take a trip to the ocean, sit at the beach & ask yourself.. why the hell do I want to trade