Who wants to help me lose money at a slower rate?
- Thread starter dlab85
- Start date
dont you end up stopping out a lot? I would stick with options at least 2 months out. You always know your loss and you dont have to be worried about a stop getting triggered on a 1 day spike. IMO, outrights are the texas holdem of trading; little brainpower and a lot of hope. you can make more consistent money elsewhere
Your advice sounds simple enough, I've been keeping my hard stops at 2% percent and was being stopped out. I was initially taking position anywhere from 10k-20k (way too much!) Also I gave up holding stuff overnight, and am in and out of most trades within an hour.
Thanks for the info on brokers/software. I've been searching for one, and get lost with all the plus/minuses of the different brokers/platforms.
Your right, I do need to form a better plan. I need to research and read a lot more yet too.
Thanks for the book recommendations. Trading cash, are you talking about forex?
Quote from rosy2:
IMO, outrights are the texas holdem of trading; little brainpower and a lot of hope. you can make more consistent money elsewhere
I do end up stopping out a lot. I've thought about adding options, I need to better understand the greeks and different strategies (and get away from scottrade.)
No one really much likes the idea of trading es? Seem like there are some nice advantages to it.
Thanks for the help!
Seems like sound advise. At first I was taking positions that were way too big (10-20k.) I had my hard stops at 2% and was getting stopped out a lot.
Sounds like most of you are against the idea of hedging with options. Thanks for the info on broker/platform. I've been looking at this and there are a lot of different opinions and pluses/minuses for different brokers.
Good point. I do need to come up with a more organized game plan with specific parameters to trade on.
Thanks for the book recommendations, I will have a look at them. By trading cash do you mean currency markets?
Quote from rosy2:
IMO, outrights are the texas holdem of trading; little brainpower and a lot of hope. you can make more consistent money elsewhere
I do end up getting stopped out a lot. I wouldn't mind learning more about options. I still need to figure out the greeks better. I tend to agree with you on the "texas hold'em" comparison, that's one of the reasons for this post.
I tried that, and got this message, "The administrator has specified that you can only edit messages for 30 minutes after you have posted. This limit has expired, so you must contact the administrator to make alterations on your message."
Does this site lag a lot to post for anyone else? My last few posts took at least an hour to post. Wonder if it has something to do with me being a new memeber?
Hmm this one posted right away...confused
A few advises from me:
- Learn to accept that markets (and shares as well) move at random.*
- The only way to make money in such an environment is to limit your losses and let your profits run.
- Don't buy anything from a vendor that claims to be able to teach you how to trade.
- Trading is 10% knowledge and that bit you will learn by experience.
- Trading is 90% mental and you will learn that by practicing on a SIM account and maybe do some reading about it.
- Read the attachment.
*Over a longer period of time, say >10 years stock markets tend to go up. Why? Because, companies tend to strive for an increase in profits and therefor increase in stockprice. But if you want to make money as an e.g. day trader or swing trader you have to accept that markets move at random. Don't think you can outsmart the markets... You can't.
Shaka
,
Frits
P.s. Beware of vendors on forums like these as well.
- Learn to accept that markets (and shares as well) move at random.*
- The only way to make money in such an environment is to limit your losses and let your profits run.
- Don't buy anything from a vendor that claims to be able to teach you how to trade.
- Trading is 10% knowledge and that bit you will learn by experience.
- Trading is 90% mental and you will learn that by practicing on a SIM account and maybe do some reading about it.
- Read the attachment.
*Over a longer period of time, say >10 years stock markets tend to go up. Why? Because, companies tend to strive for an increase in profits and therefor increase in stockprice. But if you want to make money as an e.g. day trader or swing trader you have to accept that markets move at random. Don't think you can outsmart the markets... You can't.
Shaka
,Frits
P.s. Beware of vendors on forums like these as well.
"Frits Altenburg
The Rockwell Trading Scam
Besides my work I trade futures as a hobby. I feel mandatory to share this story with my fellow futures traders. Takes about 10 minutes to read and will save you heaps of dollars. But more important it will save you from becoming a mental wreck.
Tuesday 13th October 2009 I joined Rockwell Trading from Austin Texas USA. Today itâs Sunday 31st October 2010 and I havenât made 1 US Dollar profit through the Rockwell Strategies in the past 12 months. Further on in this story youâll find some actual results of the 6 weeks I administered ALL of their trades (shadow trading). I think it is time to share MY personal story about the, in MY opinion Rockwell Trading Scam. From here on I will refer to Rockwell Trading as RWT."
His blogs go on and on about how he lost money trading through Rockwell... http://www.daytradingscam.com/
good question! well,"never take a positon of more than 2500
hard stops at 5%,do this for a year" I'll Agree!
hard stops at 5%,do this for a year" I'll Agree!