So your methodology is essentially to let your losers run and cut off your winners?
Trading With No Stops And No Targets
- Thread starter wmitzlaff
- Start date
Could this be the long-awaited return of mrmarket, aka Big Ernie, Mr. Meats and Cheeses? 93 consecutive winners with no losing trades. None closed out anyway.
Do any of you even know what I'm talking about?
Do any of you even know what I'm talking about?
Last edited:
https://www.elitetrader.com/et/threads/anyone-see-mrmarket-lately-safm.28989/
ET has had some colorful characters over the years.
It turns out Ernie refined his method and is still following it. http://www.mrmarketishuge.com/huge/
Lot of great responses to the nonsensical OP, but this one by Truth_ stands out above all others to drive the point home to the OP.
I use to do that with CL in my mind. If I went long when CL was 50.00, it would have to drop to like -20.00 for me to get a margin call. So even if it dropped to 0 (which it won't in our lifetimes), I'd have no margin call. But what if it dropped from 50.00 to 20.00 on the contract and stayed there and then the contract expired? I'd be out 3,000 ticks. So what to do then? "Roll" into the next contract month and take the same position (long) at 20.00? It drops another 500 ticks by the new expiration and now I am out 3,500 ticks? It has to end somewhere.
@wmitzlaff When you start to consider what real trading does to your psyche, whether through thought experiment or real-world experience, you will realize that paper-trading can get you only so far. I understand where you are coming from.
And there is one other critical issue you are missing...I don't know about your software set-up, but my particular "sim system" does not auto-liquidate while I am asleep. It's just sim, it doesn't know better. Could it be programmed to do so? I don't know, nor do I care.
I do it all mentally with the numbers in my head as I pour over the previous day, week, month's activity, BEFORE I get into a live position, so I won't have any surprises. It is mentally draining, but it keeps me on my toes and prevents me from assuming too much risk with the real dosh.
Last edited:
As long as what ever market your trading remains directionless and rangey then yes most positions will get to profit, so no reason for SL or taking losses.
Ofcourse sooner or later you'll catch some counter trend you'll take your small profits and more and more positions won't get to profit till your holding all losers till your bust.
But in the mean time rock it and get out quick when longer term trend forms.
Ofcourse sooner or later you'll catch some counter trend you'll take your small profits and more and more positions won't get to profit till your holding all losers till your bust.
But in the mean time rock it and get out quick when longer term trend forms.
I don't know forex so cannot comment about them but if you trade stock index future you could be fooled by the raging bull market of 2016/2017:
It is difficult not to make 300-500-1000% in this market if you use leverage, trading futures and go long without a stop, just wait for an upturn then sell for profits. Easy money!
I do appreciate your posts as you are sharing a trading method with us.
Don't feel bad about all the criticisms, most meant to coach and warn you about the risks of trading the way you described. Use them to improve your trading skills.
Regards,
Is the trading method in your OP what the professor taught you? If not, why aren't you day trading using the professor's methodology?
Not exactly true. If you are a price action trader you exit when conditions are met for an exit.
We cant predict the future, thats a known, so if you cannot predict, why set stops?
How often have you seen price hit a level and bounce or continue contrary to expectations.
Levels are seen by everyone and bluffing is part of the game.
I trade price behavior, and if it looks serious I'm out, otherwise I stay in and stay super alert until the next decision needs being made.
The whole world knows about TA and setting stops, as OP mentioned is often a mugs game.
For fast moving futures and fx, yes maybe set stops as this stuff can move very fast, but for EOD trading stocks etc, having stops is not always the best method.