Never Trade without a defined risk, never, never, never.
- | Joined Dec 2007 | Status: Only trade with acceptable risk. | 440 Posts
Never Trade without a defined risk, never, never, never.
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DislikedHi SP and all
ditto to hubbys post. Avid silent follower/learner of this thread but very Keen for it to continue. I'm sure I'm not the only silent follower but like the man said, if we ain't got nothing to contribute then we wont say anything.
'Vouches'! Aren't they for the ego? I don't believe you want ego to play a part in trading. For what I have learnt in my measly 2 years in trying to learn this game is ego can be your down fall.
Any way back to studying....Ignored
DislikedOne of the biggest hurdles to overcome in learning to trade is that our ego is often tied to the success or failure of an individual trade. We humans are wired to fear failure and avoid it at all cost. Trading is almost completely about failing well. Most methods, even the most profitable ones, lose almost as often as they win. We exploit smallish edges through the use of good money management to earn profits. The desire to eliminate losers from a method has been the death of a few good "systems" on Forex Factory.Ignored
DislikedOne of the biggest hurdles to overcome in learning to trade is that our ego is often tied to the success or failure of an individual trade. We humans are wired to fear failure and avoid it at all cost. Trading is almost completely about failing well. Most methods, even the most profitable ones, lose almost as often as they win. We exploit smallish edges through the use of good money management to earn profits. The desire to eliminate losers from a method has been the death of a few good "systems" on Forex Factory.Ignored
DislikedHey guys, new here at ForexFactory.. moving on from BabyPips as there is way too much drama, fraud, & trader's that cannot turn a profit. Can you guys point me in the right direction in terms of finding an honest, reputable mentor?
What are some of the good threads and mentors here that have helped you the most as a trader? I want to further my education as much as possible
Thanks in advance!Ignored
DislikedHey guys, new here at ForexFactory.. moving on from BabyPips as there is way too much drama, fraud, & trader's that cannot turn a profit. Can you guys point me in the right direction in terms of finding an honest, reputable mentor?
What are some of the good threads and mentors here that have helped you the most as a trader? I want to further my education as much as possible
Thanks in advance!Ignored
DislikedDear SP,
Thank you for your kind remarks and also to one or two of the other folks.
You have always been a mensch to me and to everyone on your thread.
(Notwithstanding your last comment wherein you impugned my profitability.)
Therefore, I have decided to leave you with a parting gift.
The attached equity curve is the results for a few months of your ORB (opening range breakout). As you know, it is a very old strategy and came over on the Mayflower shortly after the Dutch Tulip Bulb bubble. You were very perspicacious to spot it's efficacy...Ignored
DislikedHey guys, new here at ForexFactory.. moving on from BabyPips as there is way too much drama, fraud, & trader's that cannot turn a profit. Can you guys point me in the right direction in terms of finding an honest, reputable mentor?
What are some of the good threads and mentors here that have helped you the most as a trader? I want to further my education as much as possible
Thanks in advance!Ignored
DislikedWish I knew you in person, Seneca. Love the trading wisdom you put out here. I can relate to just about everything you say when it comes to the hardships and learning experience of trying to figure out your own method and becoming a profitable trader.
After being a losing trader for a while and doing all the wrong things, I finally am confident in my own method. I haven't tried your method yet but I can see that it is a simple, yet profitable method as well. Will definitely be trying it some time in the near future.
I had a profitable method...Ignored
DislikedI guess I am one of the other folks? as I kept my response somewhat neutral for a reason.
I suspected there was more to that post than what what
was presented.
You definitely have a bigger IQ than me. Just an old cowboy here. I like the psychology thing though. Always been interested in how folks think and why.Ignored
DislikedJames 16 is a solid method. Just as with what I do if you trade price action bars J16 style you must be extremely picky and trade them at the good levels. In my journey though once I discovered the levels that work best I had to ask myself: Why wait for the bar to complete and then take the entry at the break of the bar twenty or thirty pips away from the level? I dispensed with the bar break entries and now my entries are within the wicks of the price action bars most of the time. Properly traded the J16 style will be profitable but I would rather...Ignored
DislikedDear SP and Everyone involved in this great thread,
I woke up from my nightmare and finally realized I also made it your nightmare.
I am extremely sorry and I regret it very much. I am literally begging for your forgiveness.
Every criticism written and directed to me is valid to some large degree. I only take exception to the thesaurus comment.
I have a gift, a blessing, that I did nothing to earn. It is probably a good gene I inherited. I have a bit of a capacity to remember things I love. They are language and the written word, and trading....Ignored
DislikedFolks, IMO this is a key post; think about its mathematical implications.
The smaller the distance between your entry and SL, the higher the RR potential of a trade. For example, and everything else being equal, the trader who uses a 10 pip SL will make double the RR on ALL of his winning trades, compared to the trader who uses a 20 pip SL. And, since profit factor (aka risk adjusted return) is the product of both RR and win rate, then his PF will also be higher, provided that he doesn't get stopped out more than twice as often. So the...Ignored