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The College Trader

  • #481
  • Jul 27, 2010 8:39pm Jul 27, 2010 8:39pm
you guys are crrazzyyyyy.... idk man. a 16 pip stop? idk I do not know what you guys do with your trading accounts but thats not what I do with mine. and for those of you that are trying this out on demo and paper.. HA. I was off the charts profitable on demo. then i got a live account. then i got a reality check. it takes time patience and never risking more than 3% per trade. I feel like those are fairly sound rules and easy to follow. as for mental stops and fixed. it takes a ton of emotional discipline to strictly follow mental stops. and for the guy that was talking about professional scalpers!!!! WHAATTTT okay thats cool. none of us are professional scalpers. like. thats not even comparable?
kk has fun!
  • #482
  • Jul 27, 2010 9:50pm Jul 27, 2010 9:50pm
There are so many things that are ridiculous about this thread...(in no particular order)

1) The fact that people here feel the need to "correct" other traders for not trading the way that they trade is funny. People have their own style...get over it.

2) It is categorically dumb to say "You don't do this, therefore you must not trade real money". No one knows how much money another person on here trades but as a general rule I'd say people who have money don't need to brag about it.

3) Trading $160k units vs. a $5k account balance is way too much for me, but if you've found some fool-proof system, good for you (and for the record, that's 32-1 leverage)

4) Risking 5% per trade is way more risk than I would ever take but as I've said everyone trades their own way

5) A stop is a stop whether it's trailing, mechanical, mental or otherwise. There are plenty of good traders out there that don't use them -- you just won't find them chatting about it on ForexFactory... (Paul Tudor Jones, Monroe Trout, and plenty of others come to mind from the "mental stop" camp). If fixed stops at your dealer make you feel safe, more power to you but they aren't for everyone.

6) "Small potatoes versus running a book at an institution"? Huh? Are we talking about institutional trading here? Your tone in your responses to these people is weird, especially for a college student. Are you trying to impress someone here or belittle people you don't deem to be "real traders" because you suspect they don't trade significant enough size? Get over yourself dude...

Best of Luck to you all...I'll let you duke it out and watch the pissing match from the sidelines...
  • #483
  • Jul 27, 2010 10:02pm Jul 27, 2010 10:02pm
Quoting InfinitySL
There are so many things that are ridiculous about this thread...(in no particular order)

1)...

yea dude you should go.....why were you here in the first place? to critique a thread?

youre out of your element.....
  • #484
  • Jul 27, 2010 10:19pm Jul 27, 2010 10:19pm
Quoting InfinitySL
There are so many things that are ridiculous about this thread...(in no particular order)

1) The fact that people here feel the need to "correct" other traders for not trading the way that they trade is funny. People have their own style...get over it.

2) It is categorically dumb to say "You don't do this, therefore you must not trade real money". No one knows how much money another person on here trades but as a general rule I'd say people who have money don't need to brag about it.

3) Trading $160k units vs. a $5k account balance is...
There are people that know wht they're doing and adjust accordingly...nothing wrong with leverage of 10 to 20.
E
  • #485
  • Jul 28, 2010 5:53am Jul 28, 2010 5:53am
Quoting mfoste1
yea dude you should go.....why were you here in the first place? to critique a thread?

youre out of your element.....
Nice job responding to my points. With hard-hitting analysis like that, I can't see any reason why you won't find that job you're looking for at a big wall street shop.
  • #486
  • Jul 28, 2010 7:58am Jul 28, 2010 7:58am
Quoting InfinitySL
Nice job responding to my points. With hard-hitting analysis like that, I can't see any reason why you won't find that job you're looking for at a big wall street shop.
troll..........ur on the iggy
  • #487
  • Jul 28, 2010 8:22am Jul 28, 2010 8:22am
This thread is officially no longer forex. or trading. just trolls trolling trolls..


trololololol

god I hope some of you guys are into 4chan and other forums haha....



Thinkin about a short on the aud...
  • #488
  • Jul 28, 2010 8:48am Jul 28, 2010 8:48am
If it makes me a troll to call B/S when I see it than so be it.

"ur on the iggy"? What does that even mean?

I'm not sure who the troll is here. I make reasonable posts and get 5-word, partially complete jibberish as a response.

Sorry...i must be outta my element! lol
  • #489
  • Jul 28, 2010 2:41pm Jul 28, 2010 2:41pm
Quoting InfinitySL
If it makes me a troll to call B/S when I see it than so be it.

"ur on the iggy"? What does that even mean?

I'm not sure who the troll is here. I make reasonable posts and get 5-word, partially complete jibberish as a response.

Sorry...i must be outta my element! lol

Tell you what man, There are people that come on here that are supposedly college traders, with that (and the fact we are on a forum) we can assume that some of us are amateurs. At the very least, I should be able to question yours and anybody elses strategy and if I chose to state my opinion of it being bogus or not, so be it. it is a forum. It is an opinion. Furthermore, if you and the other guys on here are truly that set in your trading methodologies let alone how much you risk or whatever. Than you should be able to stand up to severe scrutiny? and if not then why are you trading this strategy without having researched every possible flaw with your strategy.

We are here to present trades, critique systems, ask questions. For some reason the mood of this thread went immediately to a harsh tone. No need for that. You shouldn't have to defend yourself for any other thing than your system or trading methodologies. If you chose to post your strategy and the "locals" on this thread call B/S and you get offended then maybe find another softer thread where people will agree with your strategy and reassure you. Not that I am a local OR a good trader. Just a noob trying to learn.


with that. The core of my trading system are three vague rules that can be broken down. I am assuming that HOPEFULLY other trades semi- follow this.

1. Preservation of Capital (not risking too much per trade)
2. Seeking Superior Returns (if the trade is there take it)
3. Seeking Consistent Returns ( being a good trader who knows when to step in and out of markets)


I have a feeling the other traders here have similar type rules. with that. please excuse me if I think risking more than 3% per trade is a bit much. Please excuse me if I am wondering why people are choosing to place stops greater than 100 pips. Someone said earlier that is was a fairly arbitrary line to draw. Well I don't know about your guys but 100 pips is a lot and I enjoy being right. So cool. your stop is 500 pips or 5000 fine. We are here placing trades and stops that are not that far away.

If it is okay with the person who started this thread and the others on here I would ask that we move on from such an angry tone to maybe actually posting trades instead of arguing about math and different MM if the guy up top says he is only risking 5%. fine thats a good number if it works for him. but I would rather see some live screen shots of trades with TP and stops or mental stops. I learn more from that. Given that. I will post my live trades too. and foste already does.



did not mean this is a bad way or with a negative connotation.

Good luck trading guys!
  • #490
  • Jul 28, 2010 3:35pm Jul 28, 2010 3:35pm
Quote
did not mean this is a bad way or with a negative connotation.
I didn't take it as such and the irony is that your post basically agrees with mine. I said prior that while I might disagree with what some other trader is doing, it's not my place to say it doesn't work for him/her. In general I agree with your rules. My Rules are roughly:

1. I risk no more than 1% of my account on any trade (usually even less than that). I can resize my positions to account for this. Bigger stop, smaller size (as you'd expect).
2. I don't take any trade where i don't perceive the risk/reward to be over 2:1
3. I generally like to take trades alongside the prevailing trend but there are certain bar formation I'll trade that are looking to pick tops/bottoms.
4. I move stops to break-even fairly quickly (and yes, I always use a stop)

That said, I don't try to pile onto people who don't follow my rules. Do I think risking 5% of your account with a 16pip stop is wise? Of course not, but it's not my place to tell someone that they are insane! Everyone has a different risk tolerance and a different trading style, which is the point I was trying to convey before. If mfoste1 thinks that so-and-so trader is crazy for not using stops or uses bad positions sizing, there are respectful ways to convey that. Or simply say, "we'll agree to disagree" and move on.

I'm moving on - Cheers!
  • #491
  • Jul 28, 2010 8:28pm Jul 28, 2010 8:28pm
this may be crazy but I am shorting usd/jpy from 87.3 to 87 even . Can't help it. I just can't see it going any other way with all the selling pressure. we will see... Lots of channeling and consolidation around this number and I see it dipping down to at least that before any type of buying pressure comes into play.
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  • #492
  • Aug 2, 2010 2:11am Aug 2, 2010 2:11am
Got a live one on right now. NZD/usd from .73000 to .73300 just shootin for 30 pips on this one. We will see how it pans out.
  • #493
  • Aug 2, 2010 9:14am Aug 2, 2010 9:14am
My live trade ended up working out and booked 30 pips. pretty sweet way to start the week. looking for some more. I will have screen shots for you guys next time on my next trade! I know a picture is worth a little more.
  • #494
  • Aug 2, 2010 12:37pm Aug 2, 2010 12:37pm
Forgive me for butting in here, as I am certainly not a student, but the discussion on risk management makes me a bit perplexed. Where do you guys get all this from?

It may be inappropriate of me to post here at all, so I shall not be lengthy but just state a few facts from the industry.

Many people I know:

1. Never risk less than 5% per trade,
2. Never use a stop-loss wider than 15 pips,
3. Are, as a rule, happy with a risk:reward ratio just above 1.5,
4. Would be ok with putting on not just a 1.59 lot trade with a $5k account, but double that,

and these people aren't just anybody, but in some cases people who have retired early after successful careers at the fx desks of the top dealing banks. So risk management rules different from the ones argued for here may perhaps have some merit.
  • #495
  • Edited 1:00pm Aug 2, 2010 12:50pm | Edited 1:00pm
I just graduated, was bored watching friends, took a trade with 3pip SL. Fair enough it was breakeven, but am I an exception to the normal 'rules' of college 'traders' here?

edit: at nearly full leverage
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  • #496
  • Aug 2, 2010 1:00pm Aug 2, 2010 1:00pm
Quoting medici
Forgive me for butting in here, as I am certainly not a student, but the discussion on risk management makes me a bit perplexed. Where do you guys get all this from?

It may be inappropriate of me to post here at all, so I shall not be lengthy but just state a few facts from the industry.

Many people I know:

1. Never risk less than 5% per trade,
2. Never use a stop-loss wider than 15 pips,
3. Are, as a rule, happy with a risk:reward ratio just above 1.5,
4. Would be ok with putting on not just a 1.59 lot trade with a $5k...
I know what you mean. I automatically become wary of something if everyone is doing it.

"Whenever you find yourself on the side of the majority, it is time to pause and reflect." - Mark Twain
  • #497
  • Aug 2, 2010 1:07pm Aug 2, 2010 1:07pm
Quoting medici
Forgive me for butting in here, as I am certainly not a student, but the discussion on risk management makes me a bit perplexed. Where do you guys get all this from?

It may be inappropriate of me to post here at all, so I shall not be lengthy but just state a few facts from the industry.

Many people I know:

1. Never risk less than 5% per trade,
2. Never use a stop-loss wider than 15 pips,
3. Are, as a rule, happy with a risk:reward ratio just above 1.5,
4. Would be ok with putting on not just a 1.59 lot trade with a $5k account,...
hi there medici,

i can definetly see where youre coming from.....sure an experienced fx trader can surely handle more risk, esp former traders at a BB bank. But for a newbie trader that is trading 1.59 lots with 5k in his account with a mental stop going for 5-15 pips per trade, you dont see anything wrong with that? imo that account wont last long......risk mgmt is non existent there....
  • #498
  • Aug 2, 2010 1:08pm Aug 2, 2010 1:08pm
Quoting lolpie
I know what you mean. I automatically become wary of something if everyone is doing it.

"Whenever you find yourself on the side of the majority, it is time to pause and reflect." - Mark Twain
Good quote, and individualism! If everyone were like you imagine how different this world would be..
  • #499
  • Aug 2, 2010 1:27pm Aug 2, 2010 1:27pm
Quoting mfoste1
But for a newbie trader that is trading 1.59 lots with 5k in his account with a mental stop going for 5-15 pips per trade, you dont see anything wrong with that? imo that account wont last long......risk mgmt is non existent there....
Hi, thanks for your response, and apologies for cluttering your thread.

To answer your question - no, I don't find that necessarily wrong. On the one hand it depends on strategy used, on the other hand it's about the mental make-up of the trader.

So this may be somebody, a newbie, who wastes $5k learning about himself - which in the end may prove to be tuition well spent. I don't know any of that and would have difficulty judging without more information.

But, of course, if people put money on the line without learning as much as they can beforehand, that's not a sustainable habit. And while the rules/points I jotted down do work, you are entirely correct that they may need a bit of experience and confidence to handle.
  • #500
  • Aug 2, 2010 1:36pm Aug 2, 2010 1:36pm
Quoting Sim
Good quote, and individualism! If everyone were like you imagine how different this world would be..
Hello mate,

I like that quote too, and your 3 pip SL trade! Have you seen the thread on trading the opens with a 2 pip SL?

http://www.forexfactory.com/showthread.php?t=156106

Good work, I think, but, as you know, the entry method can be improved a bit...
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