Trading with no rules

This is a discussion on Trading with no rules within the General Trading Chat forums, part of the Reception category; Originally Posted by 1984 Thanks to everyone for replies to date. I was expecting a bit of a battering! As ...

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Old Mar 18, 2010, 9:36pm   #17
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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.
Why? Trade, punt, bet...same ting...
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Old Mar 19, 2010, 11:28am   #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, 11:38am   #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, 11:45am   #20
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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, 6:16pm   #21
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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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Old Mar 20, 2010, 9:58pm   #22
 
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Re: Trading with no rules

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Originally Posted by 1984 View Post
Anyone else trade in this way ?
Yes, I do.

I am trying to get some rules for risk control though.
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Old Mar 20, 2010, 10:01pm   #23
 
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Re: Trading with no rules

[QUOTE=1984;1080334]I do not use any form of signals or any technical analysis for my trading, nor do I understand a lot of it. I simply stare at the prices all day and buy or sell when I get the urge. I trade full time and am in my fifth year of profit ( I make my living from trading). I only mention this so that other traders take this seriously (after they stop laughing !). The only area where I have rules is risk control. The reason I am posting this is I admit to feeling massive stress/fear trading this way when everything you read suggests I need to do more. I also acknowedge I am not trading long enough to be sure this will continue to work. I had no experience before I started trading. Anyone else trade in this way ?

Comments most welcome.what market are u trading? futures, equity, or fx
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Old Mar 21, 2010, 7:52pm   #24
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Re: Trading with no rules

1984 started this thread
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Originally Posted by Splitlink View Post
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.
You are quite correct, but I find if I try to formalise rules I cannot cover all the variables.
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