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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.

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