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Quote from cvds16:

stop: I got my spreadsheet that shows me where my optimal stop is (I did some 3D modeling for that; it took me ages to get that one ... lol) and also look at the number of consecutive losers I expect ... from there one I try to "guesstimate" my maximum drawdown and adjust my leverage to that ... most people (me included) have a tendency to trade too leveraged and think that everything depends on the next trade. Being around a few smart traders thought me that it is the series of trades over the next coming month that counts much more ...
The above took me years to find out for directional trading ...
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Sound wisdom.
 
Currently 600 ticks offside in latest gold trade, thats an even bigger tick loss than the last Crude oil trade which lost 507 ticks.

OP has a loss taking aversion.

Thing is this journal started out well with the OP taking a 50 tick loss in CL. Which was superb risk management. Something to be proud of!!
But what he is doing now really sucks :(
 
No wonder most traders lose money-- no paitence and buying their brokers nice homes from paying extensive fees and commissions due to over active trading. We are holdign the /YG here for the 300 plus move downward to fair value. surf
 
Quote from marketsurfer:

No wonder most traders lose money-- no paitence and buying their brokers nice homes from paying extensive fees and commissions due to over active trading. We are holdign the /YG here for the 300 plus move downward to fair value. surf
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"Patience" (i.e., holding on to losers) is precisely what is killing your account...I suggest you go over the POP's advice with a fine tooth comb:

http://www.webtrading.com/phantom/chapter5.htm
 
Quote from HurricaneUS:

"Patience" (i.e., holding on to losers) is precisely what is killing your account...I suggest you go over the POP's advice with a fine tooth comb:

http://www.webtrading.com/phantom/chapter5.htm
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Thanks, I enjoyed the article. However, holding onto positions is also what has provided me the money to speculate with-- I believe the advice can go both ways-- as has been my experience. surf
 
Quote from marketsurfer:

Thanks, I enjoyed the article. However, holding onto positions is also what has provided me the money to speculate with-- I believe the advice can go both ways-- as has been my experience. surf
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Just hold the winners, not losers. :)
 
I will also add that the POP only gave you an oversimplification of the concept...understanding it and implementing it are two different things entirely...you will have to think outside the box in order to implement "it" for your system...but in a nutshell you need to know when the odds of your trade working out as planned has eroded and cut your losses at that point instead of waiting for your stop to get hit or in your case a margin call.
 
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