Making a 100 a day | Traders Hideout - futures trading strategies, market news, trading charts and platforms

Traders Hideout

Discuss day trading practices and futures trading strategies on this forum for all markets. This forum is also for discussing and reviews for brokers, data feeds, and commercial or third party add-ons


Making a 100 a day

  #21 (permalink)

Legendary Market Wizard
Amsterdam area
Trading Experience: Advanced
Platform: NinjaTrader, IB TWS
Broker/Data: InteractiveBrokers, Kinetick
Favorite Futures: CL, ES
Pa Dax's Avatar
Posts: 752 since Oct 2017
Thanks: 862 given, 3,798 received

The 1st goal is don't lose money. Hence you want to risk about 1 to 2% per trade. The 2nd goal is to make money, hence you want to go for a reward bigger than your risk so you can be right less than half the time and still make money. The third goal is to make a lot of money, that's why you have to trade in such a way that allows you to, as @rrracer says to trade another day after a loss.

Most of us don't realize before they trade live that when in a trade, your personality often changes. You experience every countermove as a threat. You're desperate to get out with tiny profits, take large losses, etc. etc. It takes time to learn the skills to manage a trade and you need enough money or a small enough position to allow yourself that time. It's something sim trading doesn't do and very much underestimated in my opinion.

Visit my futures io Trade Journal Reply With Quote
The following 7 users say Thank You to Pa Dax for this post: