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I think an integral part of trading is nearly blowing up, most ppl don't acquire the right money management headset/mindframe until they have lost significant capital
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You're close, yet ever so far away. The one and only lesson that must be learned from blowing up your account is this-- You have to face the cold hard truth that you have no idea what you are doing. And until you admit it to yourself and then figure out a winning edge, you must never ever place a trade until you do. Only 5% have figured it out. Which probably translates to 99.9% of people on this site should never ever even start thinking about trading. Only when and if you wake up one morning and can truthfully say--- I without a shred of doubt have a winning edge, then and only then can you place a trade.
Can you help answer these questions from other members on NexusFi?
....And then, once you have that edge, you need to have the discipline to wait for that edge to show up and reject all setups that aren't the edge. I found an edge a couple of years ago, but had trouble resisting the temptation to jump in at other moves. Only until I learned to ignore everything but my designated setups and the particular market conditions they occurred in, did I start seeing consistency.
One could learn everything there is to learn about juggling balls, windsurfing, or driving a car, by reading the techniques in books. Nothing ever gets even close to doing it for real.
As a beginner I learned that I have to make a plan before I start trading, I know that it is tempting to start big and invest a lot of money, but it's a mistake. The best way is to start small and make a slow progress SO THAT THE LOSE WILL NOT BE THAT BIG...
SO THAT THE LOSE WILL NOT BE THAT BIG..
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You have already lost, but just don't know it yet. If you really truthfully have an edge, you know that you will make money every day.
I have spent quite a lot of time reviewing longer term track records of some of the best traders out there and notice that some of them even have losing months. Some of them even have successive losing months. Yet some of these traders who have had losing months are regarded as the best in the world. Heck, some of them even feature in Market Wizards. If these traders who are obviously some of the best in the world can't make money every day, does it mean they have no edge???
Respectfully, I make a living at this. I will not brag or lie that I make millions, I don't, but I make an average of $400-500/day which suits my risk/reward ratio and capital without risking too much ever. I take all profits out and use the same account size, because any of these brokers can collapse at any time for multiple reasons. I have an edge, a small one and thats what I rely upon
Great post! $400-$500/day is all you need. Same reason for never holding a trade over night, is the same reason for taking money out of your account. Any thing can happen. MF Global any one?
For me, as a trader you need to find your own method and your own risk profile and just keep making the same kinds of setups like a bricklayer. It's the only way I have made money at this, that's for sure. The only trades I will hold overnight are ES options trades, I will often fade the day's move overnight with some and the risk is limited to the cost of the option