Dislikedcan anyone else understand what i'm saying here that the money management should match the strategy and be a hard and fast 2% no matter what?Ignored
Question to Soultrader 17 replies
Why can't I post on Soultrader's clinic? 2 replies
Dislikedcan anyone else understand what i'm saying here that the money management should match the strategy and be a hard and fast 2% no matter what?Ignored
Dislikedforget it, just found out im arguing with a newbie lol
why is it someone with much less experience feels they have to tell the more experienced that they are wrong???
always happens.
ok, i give in, you're right.
think i'll change my signature line.Ignored
Dislikedanything less than 3 years is a newbie IMO - dont get me wrong, getting close to two years is good cos about 80% dont get there - but of those who do less than 10% make it to 5 years.
so yes, he's a newbie. still an awful lot to learn.
as have I, only six years under my belt.Ignored
Dislikedanything less than 3 years is a newbie IMO - dont get me wrong, getting close to two years is good cos about 80% dont get there - but of those who do less than 10% make it to 5 years.
so yes, he's a newbie. still an awful lot to learn.
as have I, only six years under my belt.Ignored
How to spot a Veteran
I'm sure there are many more - suggestions from anyone else?
Dislikedok, i just deleted the thing and i'm going to have to try and remember them.
but this is written with a smile this time rather than a frown - we will discuss the MM thing when i feel better.
bear in mind that the reason I know all these things is because I did them.
How to spot a relative newbie
- They think this time they have cracked it for real.
- They have a closed mind to anything outside their comfort zone of 'systems trading'
- They trade the lower timeframe charts (1,5,15,30,60)
- They tend to specialise in one or two pairs
- They LOVE Moving averages and ocillators and use them predictively
- They are system 'whores' flitting from one to another weekly
- At the END of a rangebound market they start to trade ranges
- At the END of a trending market they start to trade trends
- They know when all the news is and think it matters
- They are overley cautious and then overly exhuberant
- They chase bottoms and tops
- They sell strength and buy weakness
- They often Martingale to get back losses
- They chase breakeven
- They are idle when it comes to testing
- They rely on stops for exits
- They cut their winners and let the losers run
- They don't keep records very well
- They blame anything else but themselves for poor trades - they need a reason it didnt work
- They try to predict the market direction
- They have 2854 indicators
- They like to teach 'the basics' and may even write a book
- They are part of many forums and chat rooms
- They have masses of e-books and can quote from Douglas, Elder, Livermore and many more - they know the lessons BUT HAVENT LEARNED THEM YET
- They think they can beat the learning curve
- They post their trades one by one looking for approval
- they develop and share lots of systems
How to spot a Veteran
- They know they have not 'cracked it for real' ... ever
- They are open to new ideas and thoughts
- They trade the higher timeframes (4h,D,W,M)
- They trade any tradable asset
- They use indicators in a different way to most
- They are consistent in their method through bad times and good
- They use price as their main trading tool
- They trade the same method whether the market is trending or rangebound
- They take into account the general mood of the fundamentals but not individual reports
- They are consistent in their money management regardless of recent history
- They buy strength and sell weakness.
- They are meticulous in testing.
- They keep tidy records but they still get lost
- They take full responsibility for trade exits - stops are for emergency use
- They let profits run and cut losers short
- They accept you can't win em all, take the hit and move on
- They do not predict the market they play an edge
- They are often part of an elite group of traders
- They have 3 billion indicators (from when they were learning ) but price is the main driver
- They are individuals with their own mind
- Money find's them - they tend to manage money for others.
- They will often live on a shoestring rather than take out of their account
- They are generally untidy people (honest!)
- They keep their methods to themselves
I'm sure there are many more - suggestions from anyone else?
Ignored
DislikedI'd add this one up:
- Veterans stay 90% of the time out of the market, stalking the trade. Newbies stay 90% in the market, chasing the tradeIgnored