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best advise i ever got for trading
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best advise i ever got for trading

  #1 (permalink)
Elite Member
phoenix, az
 
Futures Experience: Intermediate
Platform: ninjatrader
Favorite Futures: oil
 
Posts: 6 since Jul 2012
Thanks: 0 given, 10 received

best advise i ever got for trading

the best thing i was ever told about trading is to "always look for any reason to not take a trade"
if the trade dont seem like its a sure thing then just let it pass. there will always be another.
i have tried chasing trades, and tried catching the falling knife way too much till i learned that simple rule.

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  #2 (permalink)
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  #3 (permalink)
Elite Member
Singapore
 
Futures Experience: Beginner
Platform: CMC Markets, Phillips Capital
Favorite Futures: Forex, Stocks
 
mrBean888's Avatar
 
Posts: 176 since Mar 2012
Thanks: 220 given, 139 received


This is really good advice. So simple and yet hard to do.

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  #4 (permalink)
Trading Apprentice
United States
 
Futures Experience: Intermediate
Platform: Tradestation, Think or Swim , Oanda
Favorite Futures: ES
 
Yangtrader's Avatar
 
Posts: 7 since Jul 2012
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best advice is:

ride winners, cut losers short. This is a trend following statement, each individual has to decide on what that means. Take a $100,000 account. lets say you only trade the es, first thing is how much will you lose on a trade ( cut losers short). I would risk no more than 2% per trade, that may be a high figure to some but I am very aggressive. So 2% of $100,000 is $2,000. You can then position size from there. If you have $5,000 in margin per contract you can trade a max of 20 contracts. Lets say we have a strong feeling that the es is going up today, buy 2 contracts and you will win/lose $100 for each es point. That gives me a max stop loss of 20 es points, 2 es - 20 points = $2,000 max % loss. If this is a winner you then have to decide how long to ride the wave before you get out!


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  #5 (permalink)
Trading Apprentice
Chicago, Illinois, USA
 
Futures Experience: Beginner
Platform: Gecko
Favorite Futures: S&P 500
 
Posts: 2 since Aug 2012
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PAPERXX

PROBLEM IS WHIPSAW

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  #6 (permalink)
Trading Apprentice
Lahore Pakistan
 
Futures Experience: Intermediate
Platform: NT
Favorite Futures: GOLD, oil , stocks
 
Posts: 40 since Aug 2012
Thanks: 12 given, 6 received

if following a system, which shows only 51% success rate in back testing. with strict money management , and following the system strictly , it can be a winner.

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  #7 (permalink)
Elite Member
Dartmouth NS
 
Futures Experience: Intermediate
Platform: MC, MC.Net, NT, TWS
Broker/Data: IB / IQFeed / Kids
Favorite Futures: Forex, stocks
 
bnichols's Avatar
 
Posts: 638 since Feb 2010
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Quoting 
always look for any reason to not take a trade

Right up there with learn to manage your losers first since winners can take care of themselves.

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  #8 (permalink)
Trading Apprentice
Barcelona
 
Futures Experience: Intermediate
Platform: NinjaTrader and MetaTrader
Favorite Futures: ES
 
Posts: 28 since Oct 2012
Thanks: 2 given, 4 received

Kostolany said...

"We should not be rich, just independent" by Kostolany

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  #9 (permalink)
Banned: Piracy
Magadan Russia
 
Futures Experience: Master
Platform: NT
Favorite Futures: FDAX
 
Posts: 79 since Nov 2010
Thanks: 17 given, 14 received

The best advice i got, was to use proper market variables.

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  #10 (permalink)
 Vendor: www.indicatorx.com 
Bridgwater, UK
 
Futures Experience: Beginner
Platform: Ninjatrader
Broker/Data: MB Trading
Favorite Futures: Forex
 
mokodo's Avatar
 
Posts: 384 since Jun 2011
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Kenny Rogers - The Gambler - YouTube

You got to know when to hold 'em, know when to fold 'em,
Know when to walk away and know when to run.
You never count your money when you're sittin' at the table.
There'll be time enough for countin' when the dealin's done.

Bless you Mr Rogers Sir

know thyself
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