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Here is an article of a CBOT floor trader Chip Kenyon. He was a local in the bond pit. I worked on the floor from 1987 to 2001 and I would have to say he and Tom Baldwin were the most impressive traders I saw. He traded incredible size and he was the hardest working local i saw in the Pit. He donated $ for an Ice Rink at Middlebury College, which is named Chip Kenyon Arena.
" My neighbor always said we have to get the right breed in the business. I tried to help out 13 guys but only 1 of them made it. We want to pass it down to the next generation and have stable guys in the business."
I don't feel bad after reading this. My man Fish tried to help 1,000 or so and only 30 or so made it. There are many reasons for it but the traders i have interacted with can pick direction right, can get location right but keep mucking it up with TIGHT Stop loss and expecting QUICK returns.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
" 1) Misread price action in CL late afternoon when it broke above 92 area and missed longs.Short 92.60 , 92.90 and 93.25 area. Holding into Globex. Looks like once every two weeks i miss longs and have to meet CL on the other side and sweat bullets for a day and manage position till FAT LADY sings. " ROPE A DOPE"."
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
Picking top? Requires lot of experience to pull something like this. I ONLY use disaster stop loss.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
I am not sure what gives you the impression that i do not recommend using stop loss. It's pretty clear just in my last post
" I ONLY use disaster stop loss."
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
I am wrong everyday in terms of timing, position size, price path etc. As far as how do i know if i am wrong from CONTEXTEUAL point of view?
CL has been in a bearish trend over last 5 weeks. If CL moves to the upside at least 2 days in a row outside her daily ATR, i will start thinking that maybe trend change is underway. CL ATR is about 160 -200 ticks. If it moves 400 ticks to the upside without any deep pullbacks, my disaster stop loss will be hit and i will have to rethink about CL being in a bearish trend. How an instruement tries to reverse a trend is very important. It's just not a matter of ticks.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.
150 ticks. Whatever the stop loss limit one uses- main idea is that any one position should not -vely impact ones portfolio more than 1-2 % of equity.
My posts are not meant to give financial advice neither do they imply that my method is special. "THIS IS WHAT I COULD BE IF I HAD A TOTALLY CARE FREE STATE OF MIND DURING TRADING" Mark Douglas.