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Nearly Naked (Simple Trades)

  • #8,341
  • Aug 30, 2010 1:44pm Aug 30, 2010 1:44pm
.......... and good evening SAXON
  • #8,342
  • Aug 30, 2010 1:53pm Aug 30, 2010 1:53pm
Also, I am a fan of statistics, econometrics is my favorite subject. However, if you believe in them too much and don't take them for what they really are, just statistics, then your whole life will just be one big self fulfilling prophecy. You will unknowingly live up to that statistic. Just like indicators, fibs and other derived markers are self fulfilling prophecies, in that if you get enough people to believe in their significance it will inevitably come true, believing in statistics too much, will, in the end, make them true. And yes, I believe that fibs, indicators, golden ratios, etc... Are just self-fulfilling prophecies and nothing more. I don't wish to argue my position, that is just my opinion. I do trade them however, because they are a self fulfilling prophecy that HFs, IBs and the market follow.
  • #8,343
  • Aug 30, 2010 1:59pm Aug 30, 2010 1:59pm
Quoting Saxon
Also, I am a fan of statistics, econometrics is my favorite subject. However, if you believe in them too much and don't take them for what they really are, just statistics, then your whole life will just be one big self fulfilling prophecy. You will unknowingly live up to that statistic. Just like indicators, fibs and other derived markers are self fulfilling prophecies, in that if you get enough people to believe in their significance it will inevitably come true, believing in statistics too much, will, in the end, make them true. And yes, I believe...
I'm not attacking anyone here, just thought I would share my opinion. I love statistics though. You can't show emotions through posts. I sound grumpy right now, but I am actually smiling while my dogs are having a butt sniff train and my great pyrenees has the hiccups.
  • #8,344
  • Aug 30, 2010 2:01pm Aug 30, 2010 2:01pm
Quoting redsword11
.......... and good evening SAXON
Good evening to you reds. Good posts!
  • #8,345
  • Aug 30, 2010 2:04pm Aug 30, 2010 2:04pm
Quoting Saxon
Typing from the iPad walking my dog, but saw your posts on this topic. It is true that the majority burn through their accounts, but I believe that it is due to some simple yet common mistakes.

People tend to rely on indicators too much and not the obvious that is in front of them. There is no holy Grail. Price action, price action and more price action.

People tend to make rules and not obey them. If you make some simple rules and trade them, you stand a far better chance.

And then there is the killer of all killers, emotions. Sounds cliche,...
Agree. I think there are many reasons why the great majority of traders lose, be it poor money management, risk management, bad habits, psychology or the trading method they use simply does not work in the long run. From what I've seen there are countless factors that are important for a trader to keep under control to succeed, and it all comes down to experience, tenacity, knowledge and of course you need the burning desire to fuel you forward.

I also think some people think they can disregard some essential elements of the learning curve and still be successful, thinking that what applies to others doesn't apply to them because their so 'smart'. I call that 'the macho syndrome' but in the end the true 'macho' (market) drags them through the mud for an unpleasant reality check.


enough of my blabbing for now enjoy walking your dog

A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #8,346
  • Aug 30, 2010 2:09pm Aug 30, 2010 2:09pm
Quoting s2659

I also think some people think they can disregard some essential elements of the learning curve and still be successful, thinking that what applies to others doesn't apply to them because their so 'smart'. I call that 'the macho syndrome' but in the end the true 'macho' (market) drags them through the mud for an unpleasant reality check.


enough of my blabbing for now enjoy walking your dog

Well put! Totally agree. Seen many of that type before, tend to disappear really fast though.
  • #8,347
  • Aug 30, 2010 2:11pm Aug 30, 2010 2:11pm
Quoting Saxon
Well put! Totally agree. Seen many of that type before, tend to disappear really fast though.
Don't worry I'm not planning on leaving any time soon

I have just lowered my risk per trade to a maximum 0.5% risk of closed equity. Since my experience is telling me that risk management and preserving the capital is my #1 priority and profits come #2


edit: just noticed I read it wrong? I thought you said "Seen many type that before" not the type as in personality or character
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #8,348
  • Aug 30, 2010 2:13pm Aug 30, 2010 2:13pm
Quoting s2659
Don't worry I'm not planning on leaving any time soon

I have just lowered my risk per trade to a maximum 0.5% risk of closed equity. Since my experience is telling me that risk management and preserving the capital is my #1 priority and profits come #2
No way, your a great trader. I'll be reading your book one day
  • #8,349
  • Aug 30, 2010 2:19pm Aug 30, 2010 2:19pm
Quoting Saxon
No way, your a great trader. I'll be reading your book one day
haha, I'm not much of a writer to be honest

Until then I'm waiting to read the paper you're working on
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #8,350
  • Aug 30, 2010 2:22pm Aug 30, 2010 2:22pm
Quoting s2659
I also think some people think they can disregard some essential elements of the learning curve and still be successful, thinking that what applies to others doesn't apply to them because their so 'smart'. I call that 'the macho syndrome' but in the end the true 'macho' (market) drags them through the mud for an unpleasant reality check.

well said ... completely agree with your take on what it takes to succeed in trading
  • #8,351
  • Aug 30, 2010 2:22pm Aug 30, 2010 2:22pm
Going to watch a movie, I'll be back later.
A person is only limited by the thoughts he chooses.Þeir fá byr sem bíð
  • #8,352
  • Aug 30, 2010 2:40pm Aug 30, 2010 2:40pm
Quoting s2659
Going to watch a movie, I'll be back later.
Have a good one.
  • #8,353
  • Aug 30, 2010 3:40pm Aug 30, 2010 3:40pm
  •  Tuner
  • | Joined Nov 2009 | Status: Love it when a plan comes together | 709 Posts
Quoting s2659
Agree. I think there are many reasons why the great majority of traders lose, be it poor money management, risk management, bad habits, psychology or the trading method they use simply does not work in the long run. From what I've seen there are countless factors that are important for a trader to keep under control to succeed, and it all comes down to experience, tenacity, knowledge and of course you need the burning desire to fuel you forward.

I totally agree on that one as well...
In order to be consistent in the long run you need to follow the rules..(your own rules, your own system... and stick strictly to that.
Sure it can be easy to double your account with just some lucky over-leveraged trades in no time... but blasting your account is just a matter of time then.
What I did in the very beginning was just that. Huge profit --> huge drawdown + revenge trade --> byebye first account

After starting over I am now sticking strictly to my rules of Money Management. Knowing that it will still take some more time to understand this business better I only trade tiny lotsizes now, risking 0,5 to 1% only.
goal is to be consistent..may it only be some small % gain per month now + the knowledge I claim to gain during that time is more important to me now (during the first years)
In my case the defined and small risk I take helped me a lot with the psychological factor. If a trade is running into drawdown or ending in SL I can accept it knowing it is part of the "game" and doesn't kill me.

--> found some nice graphic on the net.. called "The Trader's Hill"
Now.. on which side of the hill are you guys?
Attached Image (click to enlarge)
Click to Enlarge Name: traders_hill.JPG Size: 65 KB
"Blue Horseshoe loves Anacott Steel!"
  • #8,354
  • Aug 30, 2010 6:42pm Aug 30, 2010 6:42pm
The hill is a perfect analogy - You struggle for 2 steps forward yet easily slip 10 feet back. I've definitely found the emotional control is the strongest barrier to success. My biggest problem thus far has been not allowing my winners to run for the profit targets I set. I end up finding reasons in the charts why I should keep taking partial profits until the trades are a fraction of their original size. While I'm slowly learning to trust my analysis and not let doubt and fear creep in, it's absolutely an uphill battle.


Love reading these posts, this is by far my favorite thread on FF so thanks to you all for making it so.
  • #8,355
  • Aug 30, 2010 8:06pm Aug 30, 2010 8:06pm
Attached Image (click to enlarge)
Click to Enlarge Name: uj entry.gif Size: 14 KB



low risk long, stop @ 84.195



Red
  • #8,356
  • Aug 30, 2010 8:17pm Aug 30, 2010 8:17pm
I'm on it.

Thanks, Red

Quoting redsword11
Attachment


low risk long, stop @ 84.195



Red
  • #8,357
  • Aug 30, 2010 8:21pm Aug 30, 2010 8:21pm
Quoting AndreasF
I'm on it.

Thanks, Red

hope it goes our way
  • #8,358
  • Aug 30, 2010 10:02pm Aug 30, 2010 10:02pm
Quoting Petar_Serbia
For today i took just one small buy position on EURJPY just to have one relax trade today on holyday.

I risk 35 pips and am going for 130 we will see





Petar
You definitely want to consider being short the Eur/JPY. Let me know if you want to know the methology behind my advice, but look for shorting opportunities when possible
  • #8,359
  • Aug 30, 2010 10:04pm Aug 30, 2010 10:04pm
Quoting zacker22
You definitely want to consider being short the Eur/JPY. Let me know if you want to know the methology behind my advice, but look for shorting opportunities when possible

im short yes please
  • #8,360
  • Aug 30, 2010 10:36pm Aug 30, 2010 10:36pm
Guys check this out.

http://www.smh.com.au/business/boy-b...831-14c04.html

If you are still griefing from your recent lost, you should think at least you havent lost other people's money.
This game is all about risk management, stop loss and lot sizing will help you build an empire. Other the other hand, overleveraging can destroy all that in one single trade in one single day.
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