Advice wanted from any experienced traders

[black bear]

manage this

I agree that having a supposedly profitable system is not enough. The supposedly profitable system will not be actually profitable without competent management.

However, a number of books written by non-traders advance the notion that money management will save the trader regardless of how crappy his system is, assuming he has one, and large numbers of traders who don't trade reinforce this nonsense on message boards. Beginners cling to the notion because it enables them to avoid the work of developing a strategy, much less a trading plan, and to believe that all they have to do is manage those losses. At least until the money runs out.

If people spent a fraction of the time learning how to trade that they do rationalizing their failures, the percentage of trader wannabees who succeed would rise dramatically.

Hi db

good post and point made imho

odds

30% SR = 10% chance of 7 losers in a row 5% chance of 9 in a row and 1% chance of 13 in a row

such is life I would anticipate 2 such runs almost back to back

always kicks you when your down...................Life:-0

 

[blueclaret]

Thanks for the link Shanghai, i hope ur better at trading than Curbs is at managing! At the moment I am just going through Elders book in real detail and trying to really understand TA and set up a system and paper trade until i am comfortable. I will get entries and exits after I have gone through this. God its hard work. Enjoy the camp!