Getting Set Up To Max Out

P

police

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90% of people lose money and 10% make money. Sit down and ask yourself this:

Of the 90% who lose, how many of them have huge weknesses in their trading tools and mechanics and yet are unwilling to do something about it?

Now, of the 10% who are winning, how many of them have been Maxing Out?

Now, lets look at those who are Maxing Out: what is their approach? Is it :

lets be Professional OR lets just take flyers?

let me get a great set-up OR lets just see i get on and make a few adjustments when i get burnt?

let me make sure I have a as much relevent market news as I need OR well lets just play that one by ear and watch news every now and again?

let me get state of the art software and a damn fine trading line OR well the internet and this free software does just about a good enough job?

let me speak regularly to connected guys like market specific brokers and traders OR i dont value knowing stuff that does not make the newspapers?

etc etc etc

BEFORE you all jump on this, remember we are talking about MAXING OUT, thats having regular big winning days, not just the odd dream trade once every twelve months
 
police said:
90% of people lose money and 10% make money. Sit down and ask yourself this:

Of the 90% who lose, how many of them have huge weknesses in their trading tools and mechanics and yet are unwilling to do something about it?

Now, of the 10% who are winning, how many of them have been Maxing Out?

Now, lets look at those who are Maxing Out: what is their approach? Is it :

lets be Professional OR lets just take flyers?

let me get a great set-up OR lets just see i get on and make a few adjustments when i get burnt?

let me make sure I have a as much relevent market news as I need OR well lets just play that one by ear and watch news every now and again?

let me get state of the art software and a damn fine trading line OR well the internet and this free software does just about a good enough job?

let me speak regularly to connected guys like market specific brokers and traders OR i dont value knowing stuff that does not make the newspapers?

etc etc etc

BEFORE you all jump on this, remember we are talking about MAXING OUT, thats having regular big winning days, not just the odd dream trade once every twelve months
Click to expand...

A few months ago I started trading an account for a friend just to see how much we could run it up. This account started with a free bonus and required no deposit.

I have MAXED this account out so much that when my friend rang up to make a withdrawal the dealer on the end said he had never seen anything like this without a deposit.

Can you explain how I've done this when the company I trade with has:

a) Larger spreads than almost every other company (sometimes as much as double e.g. Usd/Jpy - 4)

b) One of the most BASIC platforms that it is possible to trade off

c) No news service whatsoever

Incidentally, I have a laptop that:

d) Is so slow that having more than a few screens open causes it to become unresponsive

e) My Charts run off Java and often crash even on a quick machine

Finally, I have:

f) Not much time to trade since working a full time job as a journalist

And only speak with:

g) Others on forums that for the most part aren't winning traders themselves
 
no one said you could not make money, but yet again dante you have not read what is posted and simply dived in. I would say to you , that you have talent - now take that talent - work with it and get yourself set up like Tudor and then you may be the next super star - use those profits and invest in your self
 
police said:
90% of people lose money and 10% make money. Sit down and ask yourself this:
Click to expand...
Sit down and ask yourself. Is this truly so? Or is this based on what you've read on the internet? Or based on the fact you don't know a whole lot of people who are successful?

police said:
Of the 90% who lose, how many of them have huge weknesses in their trading tools and mechanics and yet are unwilling to do something about it?
Click to expand...
Out of the x% that lose, it's more likely 90% of them don't have a plan and at on what they think is "instinct" or a "feeling" about what the market will do.

police said:
let me make sure I have a as much relevent market news as I need OR well lets just play that one by ear and watch news every now and again?
Click to expand...
Shut down every news/RSS-feed, stop reading any financial newspapers and trade what you see instead what you hear and read.

police said:
let me get state of the art software and a damn fine trading line OR well the internet and this free software does just about a good enough job?
Click to expand...
If you got quotes and charts, you've got all you need. And even charts are debatable. No fancy software needed, just pencil & paper.

police said:
let me speak regularly to connected guys like market specific brokers and traders OR i dont value knowing stuff that does not make the newspapers?
Click to expand...
Don't speak to anybody else. Especially other traders or brokers. Don't listen to anything else, except for what the tape is telling you.

police said:
BEFORE you all jump on this, remember we are talking about MAXING OUT, thats having regular big winning days, not just the odd dream trade once every twelve months
Click to expand...

No, you don't need anything to max out. You only need time, patience, work and discipline. As in any endeavour.
 
Seriously I was so amazed at his post I thought he must have been a news or system vendor at first.

I saw on another thread that someone called me a "self professed guru" for my thread on making money trading. The self-professed part makes it somewhat of an insult.

However, when I read threads like this I am glad I am spending the time on MY thread because many new traders will read this and think they don't stand a chance unless they have some state of the art setup and that is simply not the case.

I am not saying that police is wrong. If the setup he has outlined is how he makes his money then he is justified in showing how an edge can be obtained by being "wired in". But to suggest that no one can make money without it is ridiculous in my opinion.
 
trader_dante said:
A few months ago I started trading an account for a friend just to see how much we could run it up. This account started with a free bonus and required no deposit.

I have MAXED this account out so much that when my friend rang up to make a withdrawal the dealer on the end said he had never seen anything like this without a deposit.
Click to expand...

Is there such thing as free account? Are you referring to a credit or demo account trader_dante?
 
SpreadBunny said:
Is there such thing as free account? Are you referring to a credit or demo account trader_dante?
Click to expand...

There was when I did it :)

Lots of SB accounts do this to get new users.

Usually they offer something along the lines of £100 upwards in free credit that can't be withdrawn for around 6 months.

It is worth nothing that most of these accounts have minimum trading limits (e.g. £3 on the Dax) so you don't get many opportunities to be wrong.
 
I see, one of those sign up credit £££ sb firms give you. I think they ask for minimum deposit and few trades before they credit you and can't take it out from the account for 3 months or something...
 
Yep, not seen any truly free demo accounts. Most say they'll match your deposit up to £50 (or something) providing you make three trades in a week, while a goose walks by your office window as long as you're wearing grey underwear that was bought at M&S on a Tuesday. They haven't confirmed whether I was supposed to have carried out the trades on a Tuesday or if my pants were supposed to be bought on a Tuesday. ;)
 
SpreadBunny said:
I see, one of those sign up credit £££ sb firms give you. I think they ask for minimum deposit and few trades before they credit you and can't take it out from the account for 3 months or something...
Click to expand...

I got in very early and they offered the money free with no need to place a trade first or deposit any money. (They have since changed the rules)

The dealer was very surprised when we rang to ask for some money out and said "I know this sounds crazy but correct me if I'm wrong...have you ran this up without making a single deposit?!" :)
 
IMO nearly all traders that are success stories do so by bathing themselves in the market. They live and breathe it. They can give you an opinion on anything that happens to their market, is likely to happen , or is likely to affect it.

This is NOT the only way to trade. I know that. But I think if you look at the best traders, and I mean THE BEST, you will find that 99% of them know their markets inside out, day in and day out. And they will be backing themselves up by ensuring they continue to be fully wired-in.
 
Police is a Risk Manager so the best access to all elements, as he sees it, would be a vital. However, “Risk” could be in any department or context – trading, compliance, finance (accounting), and applicable to numerous industries, not just the financial markets.

“...to suggest that no one can make money without it is ridiculous in my opinion.” Precisely. How do (did) pit traders manage? Or is price all they need? (Any form of electronic communication was banned on LIFFE at one time.)

Grant.
 
shadowninja said:
Yep, not seen any truly free demo accounts. Most say they'll match your deposit up to £50 (or something) providing you make three trades in a week, while a goose walks by your office window as long as you're wearing grey underwear that was bought at M&S on a Tuesday. They haven't confirmed whether I was supposed to have carried out the trades on a Tuesday or if my pants were supposed to be bought on a Tuesday. ;)
Click to expand...
Surely, you must be wearing grey underwear on Tuesday. I'm surprised you even look at goose considering you are a ducky. :cheesy:

trader_dante said:
I got in very early and they offered the money free with no need to place a trade first or deposit any money. (They have since changed the rules)

The dealer was very surprised when we rang to ask for some money out and said "I know this sounds crazy but correct me if I'm wrong...have you ran this up without making a single deposit?!" :)
Click to expand...
NICE one LOL :cheesy: I know you want to tell us how much you made....so go on... TELL US!
 
Post of the month

firewalker99 said:
Sit down and ask yourself. Is this truly so? Or is this based on what you've read on the internet? Or based on the fact you don't know a whole lot of people who are successful?


Out of the x% that lose, it's more likely 90% of them don't have a plan and at on what they think is "instinct" or a "feeling" about what the market will do.


Shut down every news/RSS-feed, stop reading any financial newspapers and trade what you see instead what you hear and read.


If you got quotes and charts, you've got all you need. And even charts are debatable. No fancy software needed, just pencil & paper.


Don't speak to anybody else. Especially other traders or brokers. Don't listen to anything else, except for what the tape is telling you.



"No, you don't need anything to max out. You only need time, patience, work and discipline. As in any endeavour."
Click to expand...


Hi FW

He talks the talk

if he follows above he must walk the walk :LOL: :LOL: :LOL:

No, you don't need anything to max out. You only need time, patience, work and discipline. As in any endeavour

Rip em up FW

Andy AKA
 
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