Millionaire in 10 weeks & Conversation with broker | Psychology and Money Management


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Psychology and Money Management


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Millionaire in 10 weeks & Conversation with broker

  #55 (permalink)

Market Wizard
New Orleans, La (Mardi Gras City)
 
Trading Experience: Advanced
Platform: NinjaTrader
Broker/Data: Ninjatrader / Optimus Futures / AmpFutures
Favorite Futures: ES / 6E / 6B / CL
 
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Posts: 1,272 since Aug 2009
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MerlinWorld View Post
Let's not mix my Money Management Technique with my Trading System shall we? It's 2 different things.

I have always believed it is better to shoot for the stars and hit the ceiling
Than to shoot for the ceiling and never get off the floor.
Aim high and dream huge.
(also see my signature)

So...I hope this helps without seeming negative.

Not mixing trading system with money management is part of the problem.

Money Management is nothing if you don't have MONEY.
In order to manage your trading money, you must be making money.
(seems obvious)

If you have a trading system and no money management, you will soon have no money...
If you have money management and no trading system, you will soon have no money...
Results are the same...

If your trading is not making money, you are loosing money no matter how well you manage it..

So the first step is to create an 'edge' that will make money to manage.

Does that make sense?

Rejoice in the Thunderstorms of Life . . .
Knowing it's not about Clouds or Wind. . .
But Learning to Dance in the Rain ! ! !
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