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best advise i ever got for trading
Started:July 9th, 2012 (09:45 PM) by ohiok5 Views / Replies:1,889 / 11
Last Reply:November 30th, 2012 (07:59 PM) Attachments:0

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best advise i ever got for trading

Old July 9th, 2012, 09:45 PM   #1 (permalink)
Elite Member
phoenix, az
Futures Experience: Intermediate
Platform: ninjatrader
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Posts: 6 since Jul 2012
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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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Old July 9th, 2012, 09:45 PM   #2 (permalink)
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Old July 16th, 2012, 11:03 AM   #3 (permalink)
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Futures Experience: Beginner
Platform: CMC Markets, Phillips Capital
Favorite Futures: Forex, Stocks
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This is really good advice. So simple and yet hard to do.

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Old July 16th, 2012, 01:14 PM   #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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Old August 12th, 2012, 03:08 PM   #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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Futures Edge on FIO

How much money do you need to trade futures successfully?


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Old August 17th, 2012, 02:08 PM   #6 (permalink)
Trading Apprentice
Lahore Pakistan
Futures Experience: Intermediate
Platform: NT
Favorite Futures: GOLD, oil , stocks
Posts: 40 since Aug 2012
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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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Old August 20th, 2012, 06:51 PM   #7 (permalink)
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Dartmouth NS
Futures Experience: Intermediate
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Broker/Data: IB / IQFeed / Kids
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bnichols's Avatar
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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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Old October 2nd, 2012, 04:38 AM   #8 (permalink)
Trading Apprentice
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Kostolany said...

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

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Old October 2nd, 2012, 05:26 AM   #9 (permalink)
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Magadan Russia
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Posts: 79 since Nov 2010
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The best advice i got, was to use proper market variables.

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Old October 2nd, 2012, 07:02 AM   #10 (permalink)
Bridgwater, UK
Futures Experience: Beginner
Platform: Ninjatrader
Broker/Data: MB Trading
Favorite Futures: Forex
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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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