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Thanks for posting, it's an interesting topic. A few thoughts I have...
- No stop (or very large stop) strategies are brutal psychologically. I prefer my job to be low-stress. I was a "gunslinger" back in the day; ran no stops and whatnot and the bad days are....bad.
- I believe there is a place for no stop strategies but I would argue that options are a better way to use them. Cheap OTM long calls/puts can do a lot of work for you with exact risk controls. Obviously you would have to alter your trade frequency, slippage, etc. but SPY weeklies are a viable vehicle for intraday trading.
- If you're having a big problem getting stopped out than you need to work on your entries. Order book and footprint/heatmap tools are excellent for finding precise entries and possible stop run locations.
- Listen to most professional traders who have been consistent over long stretches and you'll hear a common refrain; TAKE LOSSES EARLY. You can back test all day long with incredible results but if you're trading full-time you will eventually get bit with a bad run. Why stress over that?
The following 6 users say Thank You to DaretoDo for this post:
The standard estimation for how long it takes a business to be profitable is about two to three years.
A 15%-20% profit margin for a business is considered good.
In trading, the baseline is 3.5-4:1. What were the parameters that concluded that? Was it any of our chart setups or our in and out signals? No, it’s not.
All three of these “standards” above are no different than the standard 2 ply toilet paper. There has to be a standard. We need a baseline to measure perfomance.
Whether it is doing business or trading, if you use a standard approach, you'll get standard results. I on the other hand, like to wipe my ass with 5 ply toilet paper.
The following 3 users say Thank You to Madness for this post:
My original post is meant to open minds into thinking outside of the box. If this approach works for me, it can work for others. But clearly, some people just don’t get it. They just regurgitated “standard” remarks, related to standard trading, found on the standard internet. God forbid you attempt to deviate from their flat earth thinking, they will beat you with a stick until you comply to their indoctrination. Stay open minded, and keep experimenting.
The following 4 users say Thank You to Madness for this post: