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Account been approved! Going to have my first day of tradingthis week LA
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Account been approved! Going to have my first day of tradingthis week LA

  #151 (permalink)
Trading for Fun
london
 
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Favorite Futures: Glockenspiel
 
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Albnd View Post
I have no interest in defending Mike or anyone else, but... just let me know: why do you keep posting here if you disagree with almost everything?

Do you agree with everything?

I didn't realise I did. However, given 90% lose, and the ideas here are really nothing ground breaking, it's probably a good thing if I do, don't you think?

Anyway, your statement is quite false. I do not 'keep posting' here. I am not a serial poster as I spend most of my time trading, not talking about trading. I believe before today, I havent posted in over a week in fact.

To answer your question though, the answer is mostly amusement and casual interest. Certainly not education. FT71 webinars were quite interesting. I also like Cashish's thread.

It's nice to see one has followers though

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  #152 (permalink)
Elite Member
In the heat
 
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PandaWarrior's Avatar
 
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TheDude View Post
Do you agree with everything?

I didn't realise I did. However, given 90% lose, and the ideas here are really nothing ground breaking, it's probably a good thing if I do, don't you think?

Anyway, your statement is quite false. I do not 'keep posting' here. I am not a serial poster as I spend most of my time trading, not talking about trading. I believe before today, I havent posted in over a week in fact.

To answer your question though, the answer is mostly amusement and casual interest. Certainly not education. FT71 webinars were quite interesting. I also like Cashish's thread.

It's nice to see one has followers though

No more

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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  #153 (permalink)
bRoKeN
Houston, TX/USA
 
Futures Experience: Beginner
Platform: Sierra Chart
Broker/Data: Sierra Charts Data Feed
Favorite Futures: Futures
 
Chrismind's Avatar
 
Posts: 68 since May 2013
Thanks: 40 given, 101 received


Budfox,

Well it's been about a month. I'm curious how things are progressing for you. Are you having any improvements with your trading? I hope things are going well.

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  #154 (permalink)
Membership Temporarily Revoked
Toronto
 
Futures Experience: Beginner
Platform: Sierra
Broker/Data: MB
Favorite Futures: ES
 
Posts: 313 since Jun 2013
Thanks: 182 given, 58 received

driving around in circles

Hi Chris,

Sorry for the late reply. WEll, I will continue to be honest, I blew my tiny account again.

I plan on just "toppping it up" with 50 to pass the margin requirements, and then trade using the setups that have proven to be successful for me. Yes, I do have an extensive trading journal.

After two consecutive losing trades>> I go back to trading for demo for the next week, and as soon as I bring my win ratio to 70%>> I go back to real live again. Do you guys think this is a good rule? I know most people have a similiar rule (three consectuve losses and back to demo). Right now my win/loss ratio is about 50/50 (thats being conservative)

I do start to panic before entering a trade in live, so I sort of play music and walk away from the terminal for the first few mins of the trade.


Its the waking up early mornings that is the real hard part of trading. but meh I gotta man up.


I need to work harder at my trading career. It would be an insult to everyone on this board if I quit.

I also do have aspirations to get funded in the future....still need to work out some kinks first. Perhaps I need a more definitive trading plan, perhaps exact rules to how to 1) ENTER a trade 2) where to place stops 3) EXIT a trade .

But I will take the advice of Winston Churchhill and "Never Give Up".

Chrismind View Post
Budfox,

Well it's been about a month. I'm curious how things are progressing for you. Are you having any improvements with your trading? I hope things are going well.


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  #155 (permalink)
Elite Member
In the heat
 
Futures Experience: None
Platform: NT
Favorite Futures: Energy
 
PandaWarrior's Avatar
 
Posts: 3,155 since Mar 2010
Thanks: 6,306 given, 13,250 received


budfox View Post
Hi Chris,

Sorry for the late reply. WEll, I will continue to be honest, I blew my tiny account again.

I plan on just "toppping it up" with 50 to pass the margin requirements, and then trade using the setups that have proven to be successful for me. Yes, I do have an extensive trading journal.

After two consecutive losing trades>> I go back to trading for demo for the next week, and as soon as I bring my win ratio to 70%>> I go back to real live again. Do you guys think this is a good rule? I know most people have a similiar rule (three consectuve losses and back to demo). Right now my win/loss ratio is about 50/50 (thats being conservative)

I do start to panic before entering a trade in live, so I sort of play music and walk away from the terminal for the first few mins of the trade.


Its the waking up early mornings that is the real hard part of trading. but meh I gotta man up.


I need to work harder at my trading career. It would be an insult to everyone on this board if I quit.

I also do have aspirations to get funded in the future....still need to work out some kinks first. Perhaps I need a more definitive trading plan, perhaps exact rules to how to 1) ENTER a trade 2) where to place stops 3) EXIT a trade .

But I will take the advice of Winston Churchhill and "Never Give Up".

What does win rate have to do with anything?

Simplicity is the ultimate sophistication, Leonardo da Vinci


Most people chose unhappiness over uncertainty, Tim Ferris
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The following 3 users say Thank You to PandaWarrior for this post:
 
  #156 (permalink)
Membership Temporarily Revoked
Toronto
 
Futures Experience: Beginner
Platform: Sierra
Broker/Data: MB
Favorite Futures: ES
 
Posts: 313 since Jun 2013
Thanks: 182 given, 58 received

lol


PandaWarrior View Post
What does win rate have to do with anything?

I read somewhere on this site, that before going (or going back) to live trading you should have at least a 70% win rate in demo.

So I want to have a really high win rate in demo (especially since live is almost always harder), especially with a smaller account I want minimize the chances/odds of losses.

Based on the back test my system looks good, but I need to focus on the mistaks listed in my 'Losing Trade Analysis" Journal.

Thank You for your concern.

How are things going for the panda? I hope you are being profitable in live trading.

I am also reading Mind over markets (recommended to me by DarkPool, I think it was).

Have a good week everyone.

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  #157 (permalink)
Site Administrator
Manta, Ecuador
 
Futures Experience: Advanced
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budfox View Post
I read somewhere on this site, that before going (or going back) to live trading you should have at least a 70% win rate in demo.

OK. But the question is "what does win rate have to do with anything"?

What would your answer be?


Quoting 
I want to have a really high win rate in demo (especially since live is almost always harder), especially with a smaller account I want minimize the chances/odds of losses.

For the record, if the above is why you want your win rate to be high (to "minimize the chances of losses") then you need to seriously re-evaluate some things. You need to have a basic understanding of risk reward.

What @PandaWarrior was trying to make you think about was that win rate has very little to do with being a profitable trader. While some profitable traders may have high win rates, others have low win rates. Generally noobies/rookies are drawn to the high win rates but they give little to no consideration about the actual risk.

Risk is more or less the only thing that matters. Win rate is not the same as risk.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #158 (permalink)
Membership Temporarily Revoked
Toronto
 
Futures Experience: Beginner
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Posts: 313 since Jun 2013
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Consistent profit thats why


Big Mike View Post
OK. But the question is "what does win rate have to do with anything"?

What would your answer be?



For the record, if the above is why you want your win rate to be high (to "minimize the chances of losses") then you need to seriously re-evaluate some things. You need to have a basic understanding of risk reward.

What @PandaWarrior was trying to make you think about was that win rate has very little to do with being a profitable trader. While some profitable traders may have high win rates, others have low win rates. Generally noobies/rookies are drawn to the high win rates but they give little to no consideration about the actual risk.

Risk is more or less the only thing that matters. Win rate is not the same as risk.

Mike

Well, I have a tiny account, and a few losses will burn it out (like I have done many times now), I want my win rate to improve so I have less losing trades, I know exactly where to place my stops based on the setup.

I'm focussing on being consistent> not have a bunch of small losers and one big winner.. > more like bunch of small winners and occaisionally some small(er) losers and occaisonally some big winners.

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  #159 (permalink)
Site Administrator
Manta, Ecuador
 
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Platform: My own custom solution
Favorite Futures: E-mini ES S&P 500
 
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Posts: 46,240 since Jun 2009
Thanks: 29,356 given, 83,237 received


budfox View Post
Well, I have a tiny account, and a few losses will burn it out (like I have done many times now), I want my win rate to improve so I have less losing trades, I know exactly where to place my stops based on the setup.

I'm focussing on being consistent> not have a bunch of small losers and one big winner.. > more like bunch of small winners and occaisionally some small(er) losers and occaisonally some big winners.

You still aren't listening or understanding. I highly recommend you do specific research into this area to gain an understanding about risk/reward vs win rate. Win percentage is basically a worthless metric by itself, yet few rookie's ever ask more than "what is the win %?".

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
The following user says Thank You to Big Mike for this post:
 
  #160 (permalink)
Market Wizard
Cleveland Ohio/United States
 
Futures Experience: Advanced
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Favorite Futures: futures
 
Posts: 2,388 since Jul 2012
Thanks: 1,139 given, 4,387 received
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Big Mike View Post
You still aren't listening or understanding. I highly recommend you do specific research into this area to gain an understanding about risk/reward vs win rate. Win percentage is basically a worthless metric by itself, yet few rookie's ever ask more than "what is the win %?".

Mike


@budfox -

Try reading this. Avoiding trading paralysis by analysis


FWIW:

I have a profitable system that wins over 90% of the time. Small wins, big losses.

I also have a profitable system that wins 30% of the time. Big wins, small losses.


So, don't put too much emphasis on win rate. It is win rate, combined with risk:reward, that really matters.

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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