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I trade my own account for a living. Tell your story

  • #401
  • Edited 4:30am Dec 14, 2013 3:53am | Edited 4:30am
Quoting Stephen Thom
{quote} Yes it is amazing how performance/results improve when you are comfortable with your potential loss. Good entry, tight stop and let it run. So much easier when the risk is irrelevant. This, OMO is where most people fail. Professional traders don't chase profits, they manage risk. How long it took me to realise this and trade it. It is so true (sadly) that this business only becomes profitable when it becomes boring, when one becomes emotionally detached from it but this is only possible with minimal risk. The main point is that it IS possible...
I liked your post.

Quote
Yes it is amazing how performance/results improve when you are comfortable with your potential loss. Good entry, tight stop and let it run. So much easier when the risk is irrelevante.

But still on this matter, I'd like to know: Are you (and I'm asking to all of those reading this) more confortable with a small SL or a big one?
It might be an old question, but as I see it, many have success using SL both ways...

One thing is for sure: "quick" is a subjective concept.
Best Regards!
  • #402
  • Edited 4:36am Dec 14, 2013 4:22am | Edited 4:36am
Quoting Hatzerim
I'd like to know: Are you (and I'm asking to all of those reading this) more confortable with a small SL or a big one?
I would be comfortable without SL at all had such a rule been in my plan [of course I trade with it - it's not the point].

In order to succeed one must be absolutely comfortable with whatever he's doing no matter what it is [that 'whatever' thing is supposed to make some good sense but that's another story - emphasis here is on execution]. Thus, word 'comfortable' *ideally* shouldn't appear at all... But [argh!...], many people still don't pay enough attention to that
Quoting Mikkk01
'tricky psychological crap'
so - related problems are, let alone do exist - they are the most severe impediments! - Not only in trading, though, in this industry they're represented in the most obvious way.

To conclude: feel uncomfortable or extent of 'comfort' differs... whatsoever - go study psychology - get rid of that crap...
The single most important factor is having control of your own life.
  • #403
  • Dec 14, 2013 4:46am Dec 14, 2013 4:46am
Quoting Hatzerim
{quote} I liked your post. {quote} But still on this matter, I'd like to know: Are you (and I'm asking to all of those reading this) more confortable with a small SL or a big one? It might be an old question, but as I see it, many have success using SL both ways... One thing is for sure: "quick" is a subjective concept.
Quick is definitely a subjective concept, so is the word, "comfortable".

I am comfortable with not allowing a spike in price or some bad print occur while I am taking a piss to stop me out of the market. So I am most comfortable with no stops at all until I can assess the situation and make a decision.
If you are good at something, never do it for free--Joker
  • #404
  • Dec 14, 2013 5:03am Dec 14, 2013 5:03am
Quoting jmn5611
I am most comfortable with no stops at all until I can assess the situation and make a decision.
You mean you enter without a stop set?
The single most important factor is having control of your own life.
  • #405
  • Dec 14, 2013 5:13am Dec 14, 2013 5:13am
Quoting Mikkk01
{quote} You mean you enter without a stop set?
Yes, I do. But again this boils down to expectations. I do not feel the need to chase 10 pips here and 5 pips there. I trade in a manner that whatever fundamental events occur, I will be on the right side of that event. What happens day to day has no meaning for me, as I have said before. I am concerned with quarter over quarter, just like the big boys are.
If you are good at something, never do it for free--Joker
  • #406
  • Dec 14, 2013 5:42am Dec 14, 2013 5:42am
Quoting jmn5611
{quote} Yes, I do. But again this boils down to expectations. I do not feel the need to chase 10 pips here and 5 pips there. I trade in a manner that whatever fundamental events occur, I will be on the right side of that event. What happens day to day has no meaning for me, as I have said before. I am concerned with quarter over quarter, just like the big boys are.

That's right!


Take your time - price won't go far!!!


But... once you'll get burnt for that - maybe tomorrow, maybe in 2030 - you'll see...

The single most important factor is having control of your own life.
  • #407
  • Dec 14, 2013 5:51am Dec 14, 2013 5:51am
Quoting Mikkk01
{quote} That's right! Take your time - price won't go far!!! But... once you'll get burnt for that - maybe tomorrow, maybe in 2030 - you'll see...
Price can go quite far, but you are not yet able to think in more than one direction, so therefore multi-dimensional trading is beyond your scope. You will get there, hopefully before 2030.
If you are good at something, never do it for free--Joker
  • #408
  • Dec 14, 2013 6:27am Dec 14, 2013 6:27am
Quoting jmn5611
{quote} Price can go quite far, but you are not yet able to think in more than one direction, so therefore multi-dimensional trading is beyond your scope. You will get there, hopefully before 2030.
Ok, ok - enjoy!

I will also...
The single most important factor is having control of your own life.
  • #409
  • Dec 14, 2013 10:53am Dec 14, 2013 10:53am
Quoting Mikkk01
{quote} go study psychology - get rid of that crap...
Powerful quote!
  • #410
  • Dec 14, 2013 11:23am Dec 14, 2013 11:23am
Quoting tradista
{quote} Powerful quote!
The single most important factor is having control of your own life.
  • #411
  • Dec 14, 2013 11:53am Dec 14, 2013 11:53am
Hello all....I'm a new member but I've been trading for 10 years....I've taken my lumps to the point of me walking away from trading for about a year and a half. I've been consistently at it for about 2 years again and wanted to test some of the theories that I've read across a number of these boards. Bottom line is that I've come down to having $566.00 usd in my account and at this point I'm ready for success and am willing to put in the work to make it happen. My set up although unorthodox us my system and I will stick to it. the first step in my goal of becoming financially free is to take my 566.00 dollars and multiply it to 6000.00 usd. My timeframe to do this is 45 days. My trading vehicles will be nzd/usd and gbp/nzd. I would like to post my trades as I make them and use this forum to encourage those silent traders who are ready to give up. Wish me luck!
  • #412
  • Dec 14, 2013 6:01pm Dec 14, 2013 6:01pm
If I may add, I use mental (based on market price action) and time stops (hard set) as I haven't had any trade hit a s/l so far but then again I do not keep positions for hours or days like most people. Live trading is a lot different from backtesting theory and talk, it's def a psychological thing even though half my trades are executed by remote algos.
  • #413
  • Dec 16, 2013 11:24am Dec 16, 2013 11:24am
If someone can take 1.5K to 1M in 3 years trading penny stocks then I don't see any reason it can't be done trading forex.
  • #414
  • Dec 16, 2013 11:36am Dec 16, 2013 11:36am
Quoting Hatzerim
{quote} I liked your post. {quote} But still on this matter, I'd like to know: Are you (and I'm asking to all of those reading this) more confortable with a small SL or a big one? It might be an old question, but as I see it, many have success using SL both ways... One thing is for sure: "quick" is a subjective concept.
Apologies for the delay replying. My personal opinion?style of trading is that i find i don't need a big sl. I would also add that lets say i get stooped out for -10/15 if i had let it gon further it would have been -20, 30 or even more. Very occasionally i will get stopped out only for the trade to turn in my favour. Working this way not only limits your losses but also gives great RR. Hope this helps.
  • #415
  • Dec 16, 2013 12:49pm Dec 16, 2013 12:49pm
Quoting Stephen Thom
{quote} Apologies for the delay replying. My personal opinion?style of trading is that i find i don't need a big sl. I would also add that lets say i get stooped out for -10/15 if i had let it gon further it would have been -20, 30 or even more. Very occasionally i will get stopped out only for the trade to turn in my favour. Working this way not only limits your losses but also gives great RR. Hope this helps.
Thanks for your answer.
Best Regards!
  • #416
  • Dec 16, 2013 1:39pm Dec 16, 2013 1:39pm
10 yrs and still not profitable? man you are a loser like me, lol

Quoting heckynah
Hello all....I'm a new member but I've been trading for 10 years....I've taken my lumps to the point of me walking away from trading for about a year and a half. I've been consistently at it for about 2 years again and wanted to test some of the theories that I've read across a number of these boards. Bottom line is that I've come down to having $566.00 usd in my account and at this point I'm ready for success and am willing to put in the work to make it happen. My set up although unorthodox us my system and I will stick to it. the first step in...
  • #417
  • Dec 16, 2013 1:48pm Dec 16, 2013 1:48pm
Quoting heckynah
Hello all....I'm a new member but I've been trading for 10 years....I've taken my lumps to the point of me walking away from trading for about a year and a half. I've been consistently at it for about 2 years again and wanted to test some of the theories that I've read across a number of these boards. Bottom line is that I've come down to having $566.00 usd in my account and at this point I'm ready for success and am willing to put in the work to make it happen. My set up although unorthodox us my system and I will stick to it. the first step in...
Your goal is unrealistic and will push you to failure. Please understand I say that not as a discouragement but to prevent you from risking far more than is appropriate. How much are you risking per trade? Are you certain that your "system" even has an edge? People here run "systems" all the time and think that if they just stick with it over the long term they'll make money. The truth be told, profitability has absolutely nothing to do with their psychology and everything to do with using a system with the predictive power of an Ouija board. If the reason for your system working doesn't make sense in terms of real market mechanics, you need to re-evaluate. Finding the right combination of some stupid moving averages isn't ever going to happen, although it gives you false hope.

Quoting charvo
10 yrs and still not profitable? man you are a loser like me, lol {quote}
My post applies to you as well then. Please consider it.
  • #418
  • Dec 16, 2013 2:12pm Dec 16, 2013 2:12pm
Figured il give it a shot...wish me luck....I've crawled my way up to $611.00
  • #419
  • Dec 16, 2013 5:08pm Dec 16, 2013 5:08pm
So I guess you don't trade for a living. (10 years not profitable) This post isn't for real, right? Well if it is and off topic... Yikes! The right thing to tell you is: Putting a time limit on expected gains may not be good for your health, I mean wealth. Now on the other hand, all you may want to really hear is Good Luck, so Good Luck, I hope it works out.

Quoting heckynah
Hello all....I'm a new member but I've been trading for 10 years....I've taken my lumps to the point of me walking away from trading for about a year and a half. I've been consistently at it for about 2 years again and wanted to test some of the theories that I've read across a number of these boards. Bottom line is that I've come down to having $566.00 usd in my account and at this point I'm ready for success and am willing to put in the work to make it happen. My set up although unorthodox us my system and I will stick to it. the first step in...
SPC * Swollen PocketZ Crew!
  • #420
  • Dec 16, 2013 8:30pm Dec 16, 2013 8:30pm
Quoting Kanzler
The truth be told, profitability has absolutely nothing to do with their psychology and everything to do with using a system with the predictive power of an Ouija board.
Quoting Mikkk01
this is bullshit, sir
.
I won't even elaborate here...
The single most important factor is having control of your own life.
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