What do you wish you had been told?

[forker]

Surely risk/stop size = position size? Therefore you decide the risk? Why is this stupid?

I think he is thinking on terms of %

 

[RMB299]

Don't blindly take advice from others without researching/testing/understanding it for yourself first.

Your strategy must be one that you understand and believe in before you start pouring your capital into the markets.

 

[bedsit]

You choose the risk, the market chooses the reward.

That's the only way, unless one can give oracle predictions.

 

[Atilla]

AIM LOW

REACH YOUR GOALS

and avoid dissapointment!

 

[MikeMorris]

Success is a journey it is not a destination

 

[EricTheTrader]

That never to start trading without using a Demo Acct. I have just learned that from my broker LucrorFx, a New Zealand brokerage when I started with them. Experience in Invaluable.

 

[TheBramble]

There's another stupid bit of thinking. Your risk doesn't equal your stop size.

Your stop is your primary basis for determination of initial risk and position size.

 

[Hotch]

Work from simple axioms and make your own conclusions.

 

[William King]

Do not step in the market if you have a goal of being rich in over a night....

 

[HowardCohodas]

More relevant stuff, less irrelevant stuff with the wisdom to know the difference.

 

[Elisium]

Hi, I just start trading and got one very good advise:

Trade only with the money you can afford to lose.

In all other cases you are under the pressure of greed. And it will turn you down sooner or later.

 

[HowardCohodas]

Hi, I just start trading and got one very good advise:

Trade only with the money you can afford to lose.

In all other cases you are under the pressure of greed. And it will turn you down sooner or later.

This is a good thought but often misunderstand. "Afford to lose" must be looked at both financially and emotionally. For some, losing more than they can afford emotionally is what leads to loosing more than they can afford financially.

A man's got to know his limitations.

 

[timsk]

. . . That most of the hard and fast facts about the market are fairly simple and easy to verify, e.g. the hours that a particular market trades and the price it opens and closes at etc. Pretty much everything else is someone's personal opinion and their reality is not my reality: what works for them may not work for me. Correction: it probably won't work for me! In fairness, I expect I was told these things early on, but it was a long time before I accepted them - and longer still before I really embraced them.
Tim.

 

[Elisium]

This is a good thought but often misunderstand. "Afford to lose" must be looked at both financially and emotionally. For some, losing more than they can afford emotionally is what leads to loosing more than they can afford financially.

This is all about human. When you trade there are two main feelings: greed - I want more, fear - I will lose this. If you can control this emotions - you can reach the stars! You should have your own system! Goal and risk! Make your own iron rules for yourself. On this hand hand i think automatic trading systems are excellent solution, because all emotions are out of table.

 

[meanreversion]

is what leads to loosing more than they can afford financially.

Howard, good grief man. "Loosing"? I would not have thought it possible that someone as erudite as yourself could make such a basic error.

 

[meanreversion]

On this hand hand i think automatic trading systems are excellent solution, because all emotions are out of table.

I run an automated system and I can assure you that it is NOT an emotionless experience.

Whether you're "discretionary" or "mechanical", you will be beset by the typical human emotions, although the advantage of an algo is that you're less liable to make mistakes.

 

[robster970]

Howard, good grief man. "Loosing"? I would not have thought it possible that someone as araldite as yourself could make such a basic error.

I know - it's a sensational departure for both of you.

LOL

 

[meanreversion]

Araldite - is that the bad ass glue?

 

[HowardCohodas]

Howard, good grief man. "Loosing"? I would not have thought it possible that someone as erudite as yourself could make such a basic error.

I guess the jet-lag excuse is wearing thin, so I'll return to bed and catch up on sleep before attempting something as complex as proof-reading.

 

[bedsit]

Howard, good grief man. "Loosing"? I would not have thought it possible that someone as erudite as yourself could make such a basic error.

Losing - the most hated word.

One has to learn how to spell it properly and at the same time accept it as an inevitable part of trading.