Holy crap

Rooster34 · Jul 15, 2010

I'm currently reading Trading day by day by chick goslin and rereading some
williams stuff looking at his indicators. And you know what? Even trying to paper trade this stuff is the one of the most emotionally challenging things I have done.

Find a trend, pretend trade it. Get stopped out. Rinse, lather, and repeat. I'm glad it's not real money I'm using right now.
And the only solution I'm seeing is trade without stops, or at leas very wide stops and I would need a significantly larger account for that to work.

BBPI_FXTrader · Jul 16, 2010

what timeframe are you trading on ?

Rooster34 · Jul 16, 2010

I am papertrading futures on a swing trading timeframe. Thing is everyone on here pretty much said in order to trade futures you need a beefy account. Turns out they were right. At least I'm not loosing real money.

Shakone · Jul 16, 2010

Forget the no stops route. Without good money management, you have very little chance. And with no stops (neither mental nor hard) you cannot even do money management sensibly. Large stops mean you need to have large targets.

Trading with the trend is good. But where in the trend are you entering? The better your entry, the smaller your stop can be.

er2wizard · Jul 17, 2010

No Stops? That's financial suicide. Jumping on a moving train will rip your arms off. Concentrate on where to enter. Where to exit. By that I mean, you need to know where the pivots are going to be. Without knowing where to enter and where to exit, you're doing nothing more than playing a video game. Your goal with paper trading is calibrating your entries with an auto stop of say 5 ticks or so. If you hit the pivot right and it goes the direction you anticipated your next goal is to exit when you hit the next pivot turning the direction against you. Fib extensions and retracements are valuable tools for this.

iota · Jul 22, 2010

At the other end of the scale 2 days paper trading and I'm up £1,071.46 on a £5k deposit and had to stop myself getting excited earlier when I realised I've actually made jack.

Glegekan · Apr 20, 2011

using trend - should we trade as soon as crossover is detected or should we wait till we see how big likely the 'wave' before riding on?

Splitlink · Apr 20, 2011

Rooster34 said:
I'm currently reading Trading day by day by chick goslin and rereading some
williams stuff looking at his indicators. And you know what? Even trying to paper trade this stuff is the one of the most emotionally challenging things I have done.

Find a trend, pretend trade it. Get stopped out. Rinse, lather, and repeat. I'm glad it's not real money I'm using right now.
And the only solution I'm seeing is trade without stops, or at leas very wide stops and I would need a significantly larger account for that to work.

Everyone says "no stops, that's the road to ruin!" They are right. Why admit that you were wrong on direction and entry, get out , wait and try again.

Joseff · Apr 20, 2011

Rooster34 said:
I'm currently reading Trading day by day by chick goslin and rereading some
williams stuff looking at his indicators. And you know what? Even trying to paper trade this stuff is the one of the most emotionally challenging things I have done.

Find a trend, pretend trade it. Get stopped out. Rinse, lather, and repeat. I'm glad it's not real money I'm using right now.
And the only solution I'm seeing is trade without stops, or at leas very wide stops and I would need a significantly larger account for that to work.

To trade without SL you need to have 3-5 years for trading experience.

Josef

Splitlink · Apr 20, 2011

Even if it is only to avoid a problem if the computor crashes! It happens to me a few times a year.
I would not be without a safety net.

jiggly · Apr 22, 2011

The exit is more important than the entry.

If you dont know where to get out then you cant work out your trade size, which in turn leads to not being able to place an appropriate stop loss. Do you want to be hoping your losing trades turn around when their in the red? Then you have lead yourself into the trap of letting your losses run, which just precedes blowing ones account.

A change in thinking is required!

Splitlink · Apr 22, 2011

jiggly said:
The exit is more important than the entry.

If you dont know where to get out then you cant work out your trade size, which in turn leads to not being able to place an appropriate stop loss. Do you want to be hoping your losing trades turn around when their in the red? Then you have lead yourself into the trap of letting your losses run, which just precedes blowing ones account.

A change in thinking is required!

Some people like to live dangerously, don't they? Think of the thrill of staring at a blank screen when you have a trade without a stop on, especially when there is plenty of volatility! If it is a 1987, or Twin Towers crash, try to get a broker to pick up the phone. In your dreams!

jiggly · Apr 22, 2011

Splitlink said:
Some people like to live dangerously, don't they? Think of the thrill of staring at a blank screen when you have a trade without a stop on, especially when there is plenty of volatility! If it is a 1987, or Twin Towers crash, try to get a broker to pick up the phone. In your dreams!

Yes some people do like to live dangerously, and I would rather make money trading and spend it on the trills of skydiving and fast cars.

The market provides opportunity for everyone.

Holy crap

Rooster34

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