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

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.

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?

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.

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.

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.

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