Trading with a Stop Loss in the Futures Market is for Losers

[nakachalet]

Quote from nakachalet:

give you an opportunity to excel to the front of the class....

look at the attached pix which was happening some minutes ago....
and help me with the decision,

whether if i should go short or go long.... pls?

oh well....

if you guess going long would be better, you are right.

i went long and now the pix looked like this.... see attached.

 

[bone]

Quote from emg:

More than 80% of small traders believe they can get rich quick with a starting capital $3000. u will find them with a lot in the world of ET. In fact, there are a lot of them in this very thread

They also know alot more than anybody else and aren't bashful about saying so.

 

[nakachalet]

Quote from nakachalet:

oh well....

if you guess going long would be better, you are right.

i went long and now the pix looked like this.... see attached.

should i bail out now or not?

should i stay on a little while long?

it is a tug of war.... amongst contentment, hope and greed....

which so many traders fall prey to....

would you like to know what my stats dictate me to do in situation like this....?

everything appears green at the moment, stay on the wagon.... until a red shows up.... then prepare to abandon.... and i shall do exactly that....

enjoy everyone.... and have a wonderful overseas trading session.... and thanks much for reading.

oh dear, almost forgot.... it is the august crude oil trade and the time is 17:21 est.... and thx for your time.

 

[Zero1]

If you have to ask all those questions the you need to stay back a bit in my view as you are in wish mode. Settle down and study it. When it comes to stops I am probably the worst as I never show the market the stop and will have a mental stop. Saying that when I trade I am not necessarily trading for the day and expecting that my entry point is correct through all the fluff and noise. Never is (Head fakes in abundance) I tend to look at my charts as we all do and look at other fundamental factors and consider a buy or sell point. I stick with it say example Dow long 12085 Dow goes to 11841 Believe it or not I will stay in the trade as my charts are showing me what I believe to be correct Dow retesting upper res YTD. So the result is yes I am down almost $6000 max in the trade for all of 3 days then it starts to correct now oh dear up almost $9000 on the trade. Will likely cut it if I see a minor break of support to take profit . But I learnt this years ago with some of my institutional trader friends out of London. Don't get shaken out of a good trade. you will know when its a bad one then cut it. I have only on a few selected times ever entered the market correctly. I do not look for that set up today. But I have an account that can handle it. Important thing for me is to understand the news and certain fundamentals then use my charts to guide my decision. then enter with out regret or nervousness.

 

[nakachalet]

Quote from nakachalet:

should i bail out now or not?

should i stay on a little while long?

it is a tug of war.... amongst contentment, hope and greed....

which so many traders fall prey to....

would you like to know what my stats dictate me to do in situation like this....?

everything appears green at the moment, stay on the wagon.... until a red shows up.... then prepare to abandon.... and i shall do exactly that....

enjoy everyone.... and have a wonderful overseas trading session.... and thanks much for reading.

oh dear, almost forgot.... it is the august crude oil trade and the time is 17:21 est.... and thx for your time.

it is now 18:14....

there is no red candlestick bar any where in sight yet....

holding on long for another while yet.... on august crude oil trade....

my stats tells me to liquidate at the end of the first red bar which is not showing up as yet....

sorry everyone for several consecutive posts like this.... my humble apology everyone....

 

[nakachalet]

Quote from nakachalet:

it is now 18:14....

there is no red candlestick bar any where in sight yet....

holding on long for another while yet.... on august crude oil trade....

my stats tells me to liquidate at the end of the first red bar which is not showing up as yet....

sorry everyone for several consecutive posts like this.... my humble apology everyone....

the time is 18:35 est, usa; and good morning fellow traders in asia;

the end is near, red is going to show up soon, according to my charts and all....

thx and good evening everyone.... trailing stop is automatically preset.... there would be no emotion high or low.... to get in the way of when or when, should i go flat.... it is all in our stats and it is all clearly spelled out in our trading plans.... long before this trade develops and shows up on the screen.... enjoy everyone....

 

[nakachalet]

Quote from nakachalet:

the time is 18:35 est, usa; and good morning fellow traders in asia;

the end is near, red is going to show up soon, according to my charts and all....

thx and good evening everyone.... trailing stop is automatically preset.... there would be no emotion high or low.... to get in the way of when or when, should i go flat.... it is all in our stats and it is all clearly spelled out in our trading plans.... long before this trade develops and shows up on the screen.... enjoy everyone....

excuse me, i am wrong again, there is still no red candlestick in sight, to warn me to get out.... need to run my kids to school, so long everyone. have an enchanting evening fellow traders and also good morning traders in asia....

 

[bone]

Wave counts ? Candle formations ? Gann lines ? Seriously ?

 

[al trader]

Quote from nakachalet:

excuse me, i am wrong again, there is still no red candlestick in sight, to warn me to get out.... need to run my kids to school, so long everyone. have an enchanting evening fellow traders and also good morning traders in asia....

Good Lord. You can't trade. You sucks

 

[the1]

The market is more random than traders think and less random than academia thinks. What percentage of the market movement can be explained by randomness? Who knows but even a known random time series forms patterns and trends.

Quote from cornixforex:

Care to explain why over 70% (by conservative evaluations) of all new businesses fail? Why only a meagre % of all athletes, musicians etc. become rich and famous? Is it because all those activities are a matter of random luck?

Extremely high failure rate is the essential part of any scalable profession. Trading is a very scalable profession. Making a living by trading is like making a living by boxing against Klitschko. What would be success rate among newbies trying to do that?

BTW, I think failure rate is higher than 95% among forex and derivatives traders.