Trading with no rules

This is a discussion on Trading with no rules within the General Trading Chat forums, part of the Reception category; Thanks to everyone for replies to date. I was expecting a bit of a battering! As I said I have ...

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Old Mar 18, 2010, 2:32pm   #15
Joined Sep 2009
Re: Trading with no rules

1984 started this thread Thanks to everyone for replies to date. I was expecting a bit of a battering!

As I said I have misgivings myself about trading this way but believe I must keep doing it until the market proves it does not work. I should point out that when I started trading I placed a number of, what I now realise to be incredibly risky, bets. I was lucky and these bets came right. This gave me a cushion which allowed me to cover the numerous subsequent mistakes. While my trading is very loose I am hugely aware of risk and become more so every day.

By the way I use the word bet advisedly.
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Old Mar 18, 2010, 10:34pm   #16
Joined Nov 2001
Re: Trading with no rules

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Originally Posted by 1984 View Post
Thanks to everyone for replies to date. I was expecting a bit of a battering!

As I said I have misgivings myself about trading this way but believe I must keep doing it until the market proves it does not work. I should point out that when I started trading I placed a number of, what I now realise to be incredibly risky, bets. I was lucky and these bets came right. This gave me a cushion which allowed me to cover the numerous subsequent mistakes. While my trading is very loose I am hugely aware of risk and become more so every day.

By the way I use the word bet advisedly.
Those incredibly risky bets of yours can be offset by keeping close stops. I think that there is a lot to be gained by trading in this way. Even so, why are yours risky? I leave the turning areas alone and concentrate on trying to enter on a trend, preferably a pullback.

All interesting stuff and not for textbook traders!
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Old Mar 18, 2010, 10:36pm   #17
Joined Nov 2008
Re: Trading with no rules

Quote:
Originally Posted by 1984 View Post
Thanks to everyone for replies to date. I was expecting a bit of a battering!

As I said I have misgivings myself about trading this way but believe I must keep doing it until the market proves it does not work. I should point out that when I started trading I placed a number of, what I now realise to be incredibly risky, bets. I was lucky and these bets came right. This gave me a cushion which allowed me to cover the numerous subsequent mistakes. While my trading is very loose I am hugely aware of risk and become more so every day.

By the way I use the word bet advisedly.
Why? Trade, punt, bet...same ting...
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Old Mar 19, 2010, 12:28pm   #18
 
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Re: Trading with no rules

ok.... so you do not take any technician help for trading..... i was also doing the same but i got huge loss so i started taking advises..... it may not be applicable on you but it is always safe to control trading or changing strategies before it is too late......
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Old Mar 19, 2010, 12:38pm   #19
 
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Re: Trading with no rules

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Originally Posted by jreshu View Post
ok.... so you do not take any technician help for trading..... i was also doing the same but i got huge loss so i started taking advises..... it may not be applicable on you but it is always safe to control trading or changing strategies before it is too late......
Keep away from snake oil salesmen. Plenty of FREE strategies on this site
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Old Mar 19, 2010, 12:45pm   #20
Joined Nov 2001
Re: Trading with no rules

Huge losses are not acceptable, whether you take advice, follow rules, or not. Trade management is the most inportant part of the whole thing.

What I am saying, but I seem to be getting deeper in here than I wanted, is that your entry points, taken at random, can argueably be said to coincide with any chosen horizontal line, average, fib, indicator, or whatever. Most of all this is a load of old codswallop, made to ensnare wouldbe traders into making a career out of this.

It's based on what the eye can see, commonsense and a realistic stop. The stop is where you want it to be, to keep your account looking healthy. The "logical" places to put stops are too far away, quite often, but they are used because the "rules" say so. My stops are numerical ones. How much am I going to risk on this trade? that dictates where my stop goes.
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Old Mar 20, 2010, 7:16pm   #21
Joined Nov 2001
Re: Trading with no rules

I've been thinking about this. We do trade with rules, you know, just like everyone else. The difference is that they are our rules. Nevertheless, I think that successful trades make us wonder what made them so and we try to repeat the process.
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