Day Trading & Forex Forum

pedro01

So if someone asks if they can plant some magic beans in their garden to grow a money tree, they should ignore those that say it cannot be done ?

There's plenty of stuff that cannot be done.

Only taking positive advice is called "confirmation bias" - you should read up on it, it's the cause of many lost shirts.

trader_dante

I simply mean, mate, there are a lot of people that will tell you something cannot be done because they cannot do it themselves.

Look at all the goons that shout off on these boards saying that you CANNOT make money spread betting for example...what a lot of horse****.

__________________
Trading Price Action: An absolute insult to the amount of time some people have spent studying financial mathematics.

trader_dante

Here are just some of the facts I've been told in my trading career from other "traders":

"You cannot make money spread betting as the companies are corrupt and will not let you win"

"Pin bars don't work".

"You cannot make money trading news"

"You cannot make money using tight stops"

"Technical analysis doesn't work with any consistency"

"You should never let a winner turn into a loser"

"You can never go broke taking small profits - You cannot make money trying to go for home runs"

And many, many more. So many I can't remember most of them.

And the funniest thing is, between me and some of the guys I sit with, we have, in our own trading, disproved every single one.

__________________
Trading Price Action: An absolute insult to the amount of time some people have spent studying financial mathematics.

pedro01

I hear that...

Actually if someone can give me instructions for this one : "You should never let a winner turn into a loser" it would be most appreciated !!

Joey25

Yes, do let winners turn into losers.

(That's meant seriously, by the way)

pedro01

obviously - I just want to know this method of trading without doing that

foredog

Maybe it should be more like...don't let a large profit turn into a larrge loss.

eg if you're up 2 pips/points/ticks don't immediately pull stop up to Breakeven

BUT

if you've risked 50 and you're up 150 then don't give back 200 shooting for 10 more.

__________________
Thinking of paying for a course, read this first http://www.trade2win.com/boards/gene...tml#post707344

My blog of a simple GBPUSD system http://simpledibs.blogspot.com/ or here http://www.trade2win.com/boards/trad...side-bars.html

trader_dante

It really all depends on your style of trading...a scalper is not going to let a 10 tick win turn into a loser at all....unless they really can't help it...position traders will probably be much more likely to see price fluctuate onside and offside, particularly if their analysis is good but their timing isn't...

I know that for my personal strategy, the quickest way to turn it from a winning strategy into a losing one is to to move your stop to breakeven or lock in profit too quickly. This is regardless of how much I am up. On Cable right now the latest setup is up 293 pips and the stop is placed where I will take a loss of 30 pips.

__________________
Trading Price Action: An absolute insult to the amount of time some people have spent studying financial mathematics.