Trader's "10 Crack Commandments"

S

SelfMadeDude

No particular order....each is important individually

Rule 1: Do not lose "money" (as in beyond your risk mgmt profile)
Rule 2: Do not forget rule number 1
Rule 3: Keep your emotions in check
Rule 4: If you're on tilt, take a quick break to re-gain your pose
Rule 5: Do not delete your stop-loss
Rule 6: Do not delete your stop-loss
Rule 7: Do not delete your stop-loss
Rule 8: Do not delete your stop-loss
Rule 9: Do not delete your stop-loss
Rule 10: Do not disrespect your "proven" strategy
 
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Rule 1: Do not lose "money" (as in beyond your risk mgmt profile)
---->
Rule 1: Do not lose TOO LITTLE "money"

Let's say you are day trading 1 lot of crude oil futures.
You will need to set your max loss at say $150.

Do not attempt to cut it down to $50 because you need to allow for
volatility / whipsaw.

Also if you fear losing money, you can never earn money from trading.

Be confident !!!
 
maxinger said:
...
Let's say you are day trading 1 lot of crude oil futures.
You will need to set your max loss at say $150.

Do not attempt to cut it down to $50 because you need to allow for
volatility / whipsaw...
More...

That's 15 ticks! That is nada in CL! Make it 300 ticks and you might be onto something.
 
maxinger said:
Rule 1: Do not lose "money" (as in beyond your risk mgmt profile)
---->
Rule 1: Do not lose TOO LITTLE "money"

Let's say you are day trading 1 lot of crude oil futures.
You will need to set your max loss at say $150.

Do not attempt to cut it down to $50 because you need to allow for
volatility / whipsaw.

Also if you fear losing money, you can never earn money from trading.

Be confident !!!
More...

Agreed. Adjust your stop-loss according to your timeframe for the trade.
 
Overnight said:
That's 15 ticks! That is nada in CL! Make it 300 ticks and you might be onto something.
More...

I am using a maximum loss of 15 ticks.

Occasionally, I'd increase to 30 ticks or more when Crude oil futures move very violently.
 
maxinger said:
I am using a maximum loss of 15 ticks.

Occasionally, I'd increase to 30 ticks or more when Crude oil futures move very violently.
More...

Crude is ranging 300+ ticks per day, and you do not think that is violent movement? You must be a RBOB trader. :-)
 
angrytrader said:
:D The devil is in the details. I always thought that this maxinger is a big-mouthy pretender. There it is.
More...

I would not call max a pretender...I have seen no evidence to think that in any of his postings on the forum. Just in this thread, to call a 15-tick stop loss in CL is too-damned tight under these conditions. Since 6PM looks like we already have a 200+ tick range. You'd have to be at the screen all day long working those 15-tick SL daytrades to make it profitable. Blah.
 
Overnight said:
I would not call max a pretender...I have seen no evidence to think that in any of his postings on the forum. Just in this thread, to call a 15-tick stop loss in CL is too-damned tight under these conditions. Since 6PM looks like we already have a 200+ tick range. You'd have to be at the screen all day long working those daytrades to make it profitable. Blah.
More...

I know that you are more polite than I am and don't want to get involved in my arguments. He has blocked me already :D
, so there's nothing to lose.
 
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