Hi tomerton, yes I followed my own system rules, nothing new, I guess I just took bits and pieces from other systems that made sense to me. Then I think the key is to implement a mm system that combats and compliments your own individual phycology. For example for me I have a need to b/e asap, then I can let a trade run and run with no psychological need to close it for profit.
Yes the draw down was due to over correlation but at the same time so were the profits. The draw down was not so frightening because I started with nothing, so had little to loose. But as my account is growing this is changing.
My wife has just called me strange because I am on here on Christmas morning, so I guess I ought to go and do the family thing. (I also found myself entering an order this morning in the wee hours!)
Ps. my "Holding over Christmas" thread was as much about finding other swing/position traders on here as anything. T2W is so full of day traders, I really think it could do with a swing/position section of it's own.
Have a good Christmas everyone, and continue to fight the power of bankers/long only pension funds and salesmen brokers by having a successful trading 2015.
Hi Jason101 - Over-correlation is a way to cheat against your own mm rules: its not going to work out well in the long run. In the early phases of trading, top priority has to be protecting your capital, not extending your profits.
Good to hear your emphasis on psychology - it has to be 80% of this game and still doesn't get the recognition it deserves. You might know already but Mark Douglas is a top writer on this aspect of trading: should be essential reading for traders of all hues.
Good to hear your emphasis on psychology - it has to be 80% of this game and still doesn't get the recognition it deserves. You might know already but Mark Douglas is a top writer on this aspect of trading: should be essential reading for traders of all hues.
Hi joe7777 - OK, I'm bored, I'm going to reply.
If you're genuinely scouting for talented traders, you've been badly briefed. Any trader making 25% a month consistently doesn't need you, your partner or any clients. Even if they started with only $5,000 and didn't withdraw any profits from the account, they'd be a millionaire by the end of Year 2. What do they need you for?
So the replies you get will be from traders who don't make 25% a month and are prepared to lie that they have. The next question is whether you are prepared to pass on their lies to your clients.
The question after that is, what sort of large investor client thinks they can bring you in to find traders who can consistently make 25% a month? If they're such mugs over this, how did they get to be such large investors in the first place? Or maybe you don't yet have any large investors?
So, you think you're going to be running an operation with mugs on the staff and mugs as clients. Doesn't say much for you as a partner or employer does it?
Please tell me I'm judging unfairly and I've got this all wrong. Can't wait for Christmas to be over.
If you're genuinely scouting for talented traders, you've been badly briefed. Any trader making 25% a month consistently doesn't need you, your partner or any clients. Even if they started with only $5,000 and didn't withdraw any profits from the account, they'd be a millionaire by the end of Year 2. What do they need you for?
So the replies you get will be from traders who don't make 25% a month and are prepared to lie that they have. The next question is whether you are prepared to pass on their lies to your clients.
The question after that is, what sort of large investor client thinks they can bring you in to find traders who can consistently make 25% a month? If they're such mugs over this, how did they get to be such large investors in the first place? Or maybe you don't yet have any large investors?
So, you think you're going to be running an operation with mugs on the staff and mugs as clients. Doesn't say much for you as a partner or employer does it?
Please tell me I'm judging unfairly and I've got this all wrong. Can't wait for Christmas to be over.
I have investors who have traders making over 25% a months already
These are elite traders- and your right they call there terms
like 50% splits minimum
They trade their money and other peoples money - they trade large size
some have multiple stategies and multiple styles - they are workaholics
its a big game to them and some have constant new ideas they need new capital for.
Many of them are not smarter then you or I they just work harder and longer.
These are the top one %
Some of them don t like dealing with investors and other issues so we eliminate
that for them.
We give them the best enviroment they could ask for.
Then there are the new wiz kids too.
Thank you for your questions
These are elite traders- and your right they call there terms
like 50% splits minimum
They trade their money and other peoples money - they trade large size
some have multiple stategies and multiple styles - they are workaholics
its a big game to them and some have constant new ideas they need new capital for.
Many of them are not smarter then you or I they just work harder and longer.
These are the top one %
Some of them don t like dealing with investors and other issues so we eliminate
that for them.
We give them the best enviroment they could ask for.
Then there are the new wiz kids too.
Thank you for your questions
lawrence-lugar
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Windlesham1
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I make well over 25 % a month but only trade about 1/5 of my account- up over 30% in last 11 months