Trading with no rules

This is a discussion on Trading with no rules within the General Trading Chat forums, part of the Reception category; [QUOTE=daytraderjoel;1084436] Originally Posted by 1984 I do not use any form of signals or any technical analysis for my trading, ...

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Old Mar 21, 2010, 7:55pm   #25
Joined Sep 2009
Re: Trading with no rules

1984 started this thread [QUOTE=daytraderjoel;1084436]
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Originally Posted by 1984 View Post
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

I use spread betting. Usually I only trade indicies.
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Old Mar 21, 2010, 8:10pm   #26
Joined Sep 2009
Re: Trading with no rules

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Originally Posted by trader_dante View Post
Yes, I do.

I am trying to get some rules for risk control though.


I am actually thinking of taking some time away from trading myself to fully think through the whole area of risk conrol.
I am fairly good at reducing risk but still occasionally find myself in positions where I really do not want to be.
I am sure I should introduce some formal rules in this area. However I am equally sure a simple stop loss will reduce my profits.
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Old Mar 21, 2010, 8:52pm   #27
Joined Feb 2010
Re: Trading with no rules

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Originally Posted by maiden22 View Post
Risk control is probably the most important rule of all.

As for trading "rules", systems etc, well most systems (in my opinion) are no better (not as good in fact) as flipping a coin, or buying when the dog farts and selling when he falls asleep.
I have a friend in Holland who actually asks his dog which stocks to trade. He'll give him 2 options and then wait for a response. Not sure if a fart counts but the slightest ear movement and he's off and running.
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Old Mar 21, 2010, 9:05pm   #28
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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.
Stick with it I have been lambasted a few times for mentioning I trade with no stops and I too now question that all the time mostly from what others have said. I trade sometimes in a similar way to you. I'll be making a mental note (sometimes I jot down figures) of prices and known resistance levels i.e I know if a price hits a number it won't stick because it hasn't used that as a s/r before. I know now that what I write are pivots and s/r levels but only because I came to this forum But imagine knowing and I mean knowing once a price goes up it won't correct on a handful of numbers.. so you're safe to keep taking more profit..its a real edge.

The idea of not having stops may sound strange but not when we are watching prices VERY closely. Can I ask you a question? How many trades would you do on a pair each day? Using the above methods I do at least 40 trades in a session on one pair. You''ll find I'm sure that its only possible with this method.
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Old Mar 22, 2010, 12:30am   #29
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Re: Trading with no rules

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Originally Posted by Mr Flibble View Post
Stick with it I have been lambasted a few times for mentioning I trade with no stops and I too now question that all the time mostly from what others have said. I trade sometimes in a similar way to you. I'll be making a mental note (sometimes I jot down figures) of prices and known resistance levels i.e I know if a price hits a number it won't stick because it hasn't used that as a s/r before. I know now that what I write are pivots and s/r levels but only because I came to this forum But imagine knowing and I mean knowing once a price goes up it won't correct on a handful of numbers.. so you're safe to keep taking more profit..its a real edge.

The idea of not having stops may sound strange but not when we are watching prices VERY closely. Can I ask you a question? How many trades would you do on a pair each day? Using the above methods I do at least 40 trades in a session on one pair. You''ll find I'm sure that its only possible with this method.


I usually do between five and twenty trades per day.
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Old Mar 23, 2010, 4:57am   #30
 
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Re: Trading with no rules

oh, yes, my sister trades in this way just like you, she is not a so-called professional trader, she just takes trading as a kind of part-time investment, she also has another full-time job, and, she has really earned money from this kind of "non-professional" "part-time" trading, as you.
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