Suggestions for mastering speculation

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Old Oct 8, 2008, 5:57pm   #15
 
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9B You don't have to enter and exit all at once.
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Old Oct 8, 2008, 6:05pm   #16
 
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Originally Posted by Jaydee View Post
Yes, in principle that all sounds fine to me - what you said is how I see it.

Going back to the topic of wearing some pain relative to the volatility, do you see how in some cases (speadbetting, longer term trading, etc) it isn't necessarily a bad idea? For example, on a two week ES trade, you wouldn't have a 5 tick stop in such a situation would you? I know you're only a short-term trader, but hypothetically how would you work this?
Jaydee,

Volatility, by anyoneís definition has not existed for me since I learned and put into real practice the meaning of proficient and efficient trading. It took many 1000ís of hours of study and practice and many expensive lessons to learn this. Trading is the art of speculation, and the art of speculation means trading in the direction you believe (through logic, reason and analysis) the market will move. Anything else is a guess. I honestly do not understand what you mean by the pain of volatility. I look at my screen and wait to see a positive indication to trade or I do nothing, and thatís it.
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Old Oct 8, 2008, 6:25pm   #17
 
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Originally Posted by new_trader View Post
I honestly do not understand what you mean by the pain of volatility. I look at my screen and wait to see a positive indication to trade or I do nothing, and thatís it.
All I mean is how do you define how large your stop level should be and how would you define the size of your stop level if you were a longer term trader?
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Old Oct 8, 2008, 6:44pm   #18
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Originally Posted by ahardy66 View Post
What do you mean by that? Surely that's a recipe to let your emotions take control?
If your emotions are in control of you they are not cultivated.
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Old Oct 8, 2008, 6:55pm   #19
 
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Originally Posted by Jaydee View Post
All I mean is how do you define how large your stop level should be and how would you define the size of your stop level if you were a longer term trader?
Let me explain it like this:

A sniper tells you that they only pull the trigger if they are certain that the bullet they are firing is going to kill their target.

Do you need to ask, what about if you are firing from a different distance?

Do you need to ask, what about in different weather conditions?

Do you need to ask, what if the target is moving?

The sniper repeats, they only pull the trigger if they are certain the bullet they are firing is going to kill their target.

In the same way, I am saying that stops are a function of proficiency.
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Old Oct 8, 2008, 7:00pm   #20
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No, stops are a function of time.
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Old Oct 8, 2008, 7:01pm   #21
 
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Quote:
Originally Posted by new_trader View Post
Let me explain it like this:

A sniper tells you that they only pull the trigger if they are certain that the bullet they are firing is going to kill their target.

Do you need to ask, what about if you are firing from a different distance?

Do you need to ask, what about in different weather conditions?

Do you need to ask, what if the target is moving?

The sniper repeats, they only pull the trigger if they are certain the bullet they are firing is going to kill their target.

In the same way, I am saying that stops are a function of proficiency.
Only proficiency?

So you are telling me that you would have a 5 tick stop on an ES trade that you planned on running over a period of days rather than intraday?
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