As long as you put money in the bank trading does it matter if you;re following correct trading practice or not?
I'm asking because almost everyone I know loses the few I know who do make money don't make more than 80-100% pa which is not bad BUT its very very difficult. Moreover they arent even sure they will be profitable the next year.
On the other hand I've come across two people (they arnt on this forum) one started out with a $100 turned it into a little under $500k in a little more than 4 months the other started with a few thousand and turned it into well over a million $ in a little over one year.
After a lot of probing I've found both of these two people arent anywhere as knowledgeable as the few I know who make 80-100% they arent even as knowledgeable as most of the traders I know who lose!!
But if the end point is to put money in the bank trading they've beaten all the know it alls by leaps and bounds.
I was quite surprised as to how the pull it off, when they dont know what MACD is or what the wolfwave is. I finally found both of them (and they dont know each other) employ some form of selective averaging down or martingale position sizing. Btw if you mention position sizing to them they wont even know what that means lol !
If this has made them money would it be wise sticking to this practice even though we know its incorrect trading practice?
After all isnt the bottom line putting money in the bank whether u do it by ESP or tarot or elliot wave or fourier analysis or whatever even if u do it by averaging down and ppl who havent made anywhere as much money as u frown on you.
Whats the answer here should it be done if it works for you.
I read Livermore in his book he wrote "never average down let that thought indelibly be written in your mind" and Ed Seykota says the same thing.
On the other hand Peter Bain in his seminar says there are no rules in this game and nothing can argue with putting money in the bank.
As I said these guys selectively average down and they have made money lots and lots of it even though they maybe going against conventional trading rules.
There are other guys like FXtian and Mr Zaminab (dunno if they make money or not but they claim to)
Does it matter? if u put money in the bank trading does it matter how u do it?
I'm asking because almost everyone I know loses the few I know who do make money don't make more than 80-100% pa which is not bad BUT its very very difficult. Moreover they arent even sure they will be profitable the next year.
On the other hand I've come across two people (they arnt on this forum) one started out with a $100 turned it into a little under $500k in a little more than 4 months the other started with a few thousand and turned it into well over a million $ in a little over one year.
After a lot of probing I've found both of these two people arent anywhere as knowledgeable as the few I know who make 80-100% they arent even as knowledgeable as most of the traders I know who lose!!
But if the end point is to put money in the bank trading they've beaten all the know it alls by leaps and bounds.
I was quite surprised as to how the pull it off, when they dont know what MACD is or what the wolfwave is. I finally found both of them (and they dont know each other) employ some form of selective averaging down or martingale position sizing. Btw if you mention position sizing to them they wont even know what that means lol !
If this has made them money would it be wise sticking to this practice even though we know its incorrect trading practice?
After all isnt the bottom line putting money in the bank whether u do it by ESP or tarot or elliot wave or fourier analysis or whatever even if u do it by averaging down and ppl who havent made anywhere as much money as u frown on you.
Whats the answer here should it be done if it works for you.
I read Livermore in his book he wrote "never average down let that thought indelibly be written in your mind" and Ed Seykota says the same thing.
On the other hand Peter Bain in his seminar says there are no rules in this game and nothing can argue with putting money in the bank.
As I said these guys selectively average down and they have made money lots and lots of it even though they maybe going against conventional trading rules.
There are other guys like FXtian and Mr Zaminab (dunno if they make money or not but they claim to)
Does it matter? if u put money in the bank trading does it matter how u do it?
