Trader's edge?

[oildaytrader]

Is there really any such thing as a trader's edge?What is a doctor's edge?

Every profession requires theoretical knowledge, practical experience and the skill to execute the job.There are other personal qualities required to be a doctor , and many personal skills like risk management, mindset,personal management and discipline are required.A doctor has to spend almost 10 years learning and practising from the early
gcses in science.It is the doctor's repertoire of skills which make him competent.

Does a trader really have an edge?The trader is either competent or he isn't.Most of you wouldn't know this.Just cause a trader has a system , does he have an edge?All systems fail!.

You are either competent or you are incompetent.FULL STOP.

 

[Lord Flasheart]

Just a bit of course knowledgecan make the difference I guess
How you getting on these days odt

 

[oildaytrader]

Just a bit of course knowledgecan make the difference I guess
How you getting on these days odt

I am doing fine and I have no problem making money everyday from the market.I take calculated risks all day and get rewarded.My manual trading is doing well and my automated systems are also running on live accounts, the automated system is having a drawdown.

 

[Lord Flasheart]

excellent,what manual method are you using

 

[oildaytrader]

excellent,what manual method are you using

It is my own unique discretionary method trading multiple pairs and instruments and scalping around 100 to 150 trades a day.I trade what I see on 6 majors .There is no fixed trading method, no fixed money management, no fixed targets and I get in and out of trades before any lagging signals ,lagging indicators, without any set ups,without any system ,without exit signals................as long as my profit targets are met .It works for me consistently.

 

[goose4]

It is my own unique discretionary method trading multiple pairs and instruments and scalping around 100 to 150 trades a day.I trade what I see on 6 majors .There is no fixed trading method, no fixed money management, no fixed targets and I get in and out of trades before any lagging signals ,lagging indicators, without any set ups,without any system ,without exit signals................as long as my profit targets are met .It works for me consistently.

You trade without a stop loss?

How many pips do you average this style?

 

[meanreversion]

It is my own unique discretionary method trading multiple pairs and instruments and scalping around 100 to 150 trades a day.

Here we go again. So, 150 trades a day done manually. In addition, you have 47 automated systems.

You are the brokers' best friend - have IG sent you a Mont Blanc pen yet?

 

[masnachu]

It is my own unique discretionary method trading multiple pairs and instruments and scalping around 100 to 150 trades a day.I trade what I see on 6 majors .There is no fixed trading method, no fixed money management, no fixed targets and I get in and out of trades before any lagging signals ,lagging indicators, without any set ups,without any system ,without exit signals................as long as my profit targets are met .It works for me consistently.

Still at it then....

Look, start off small, try going 1 sentence without contradicting yourself, then work your way up to a whole paragraph.

 

[oildaytrader]

Still at it then....

Look, start off small, try going 1 sentence without contradicting yourself, then work your way up to a whole paragraph.

discretionary profit targets depending on the risk reward ratio, hedged open trades and sentiment.No fixed target does not mean no targets, just means no fixed targets.

 

[wackypete2]

Here we go again. So, 150 trades a day done manually. In addition, you have 47 automated systems.

You are the brokers' best friend - have IG sent you a Mont Blanc pen yet?

I am imagining you waiting in the brush, crouched down, just waiting for ODT to post another thread like this so you can pounce on it.

Peter

 

[oildaytrader]

You trade without a stop loss?

How many pips do you average this style?

I always trade with a 20 pip stop.

Overall I lose pips but still make money.I will explain.

First trade is a loss of 20 pips , second trade is a loss of 20 pips ,third trade is a profit of 15 pips and 4 th trade is profit of 10 pips.Net loss = 20 pips

First trade is 1 lots *$10 , second trade is 1 lots *$10,third trade is 2 lots and fourth trade is 3 lots= net profit of 20 pips *$10 =$200.

I make about 200 pips daily "$10 per pip.

 

[meanreversion]

I am imagining you waiting in the brush, crouched down, just waiting for ODT to post another thread like this so you can pounce on it.

Peter

Eugh, I am imagining a scary, wild-eyed George Michael on Hampstead Heath, please don't put these images into my head?!?!?

 

[meanreversion]

I always trade with a 20 pip stop.

Overall I lose pips but still make money.I will explain.

First trade is a loss of 20 pips , second trade is a loss of 20 pips ,third trade is a profit of 15 pips and 4 th trade is profit of 10 pips.Net loss = 20 pips

First trade is 1 lots *$10 , second trade is 1 lots *$10,third trade is 2 lots and fourth trade is 3 lots= net profit of 20 pips *$10 =$200.

I make about 200 pips daily "$10 per pip.

$500k a year, nice!

 

[goose4]

I always trade with a 20 pip stop.

Overall I lose pips but still make money.I will explain.

First trade is a loss of 20 pips , second trade is a loss of 20 pips ,third trade is a profit of 15 pips and 4 th trade is profit of 10 pips.Net loss = 20 pips

First trade is 1 lots *$10 , second trade is 1 lots *$10,third trade is 2 lots and fourth trade is 3 lots= net profit of 20 pips *$10 =$200.

I make about 200 pips daily "$10 per pip.

Well done.

Thats quite amazing.

Day trading is a game of chance.

Do you have a link to your methods or journal?

Thanks..

 

[meanreversion]

It looks a bit Martingale-ish doesn't it .. increase bet size after losing trade?

 

[Splitlink]

I am doing fine and I have no problem making money everyday from the market.I take calculated risks all day and get rewarded.My manual trading is doing well and my automated systems are also running on live accounts, the automated system is having a drawdown.

Be careful, mate, or you will lose the edge that you never knew you had!

Don't tell old Flasheart, he's a devious soul.

 

[HowardCohodas]

Is there really any such thing as a trader's edge?What is a doctor's edge?

Every profession requires theoretical knowledge, practical experience and the skill to execute the job.There are other personal qualities required to be a doctor , and many personal skills like risk management, mindset,personal management and discipline are required.A doctor has to spend almost 10 years learning and practising from the early
gcses in science.It is the doctor's repertoire of skills which make him competent.

Does a trader really have an edge?The trader is either competent or he isn't.Most of you wouldn't know this.Just cause a trader has a system , does he have an edge?All systems fail!.

You are either competent or you are incompetent.FULL STOP.

Your doctor analogy is spot on.

However I would quibble about a few of your conclusions.

Levels of competence vary with doctors, traders and all other professions I have encountered. I like the doctor analogy for another reason. The doctor is taught "First do no harm." That's a good outlook for a trader as well. Many professionals are poor at policing the incompetent. Traders tend to be self limiting when the are incompetent. They run out of money.

My second quibble is a personal view. In my model, a trader cannot have a system, just a strategy. The trader is part of the "system." Even great strategies fail in the hand of an incompetent trader where he is the problem.

 

[meanreversion]

ODT and Cohodas, combining their efforts to being back LULZ to t2w. Well done chaps!!!

 

[oildaytrader]

$500k a year, nice!

That is only the tip of the ice.

Compounding on a weekly basis
Compounding can applied weekly , if 10 % is made in a week , total 110 % is used to trade in the following week. The compounding will increase the annual return to over 15,000 % per annum, if trading is done only during the day sessions returns will be much less .Here is a compounding weekly chart. See compounding excel sheet and image below of $ 500 k start with 10 % compounding , makes around $50 m a year from $500k , equivalent to 10,000 % a year.

 

[meanreversion]

My word, you'll be richer than Buffett in a few years! You go girl