money is never wasted if it protects you from undesired risks... think about it this way, why are there now weekly options? simplest answer: because it is the cheapest way to protect a portfolio profits from events taking place over the weekend or overnight.. super cheap to protect your position and view from the unexpected... is it a waste?? what happens if the founders of google die in a plane crash overnight, for arguments sake - they have no succession plan in force, and you are holding 5% of your portfolio or 2Billion or so or whatever? do you think you still wasted that money if it protects you against said event? such is the nature of derivatives... people tend to forget the whole point of why they exist..
blame it on the fact that I am still sick with the flu.. sucks.. it slows down my thought process and I miss little thigns sometimes... but that is why I dont trade while I am sick... i merely chill and goof..
I am in trading already for 4 years, and i can't tell that i am an advanced trader or master of it))) I think every day we are learning and getting good knowledges, so i am just begginer, and it is good, information is everything for me
The following user says Thank You to Master P for this post:
I have a general question and I hope it is not too far off topic. For members on this thread that are not yet profitable, have you taken one of the documented strategies that are on this list (other threads) and tried them? I have my own strategies that are profitable, but I've recently wondered why people are not profitable with the help that is out there? There are whole threads on BigMike's devoted to one particular method and they are supposed to be making profits. So why can't everyone just jump on those?
Well, my personal experience is it is extremely hard to trade other people systems.
To trade well you need good discipline, and if you don't trust the system completely you just can't trade it. First bigger drawdawn and you will start to doubt it. Only if you have developed the system yourself can you trust it enough to keep good discipline and take the trades it tells you to.
Other people systems and strategies are a great way to learn what works and what doesn't, and I use them mostly to try new strategies, or optimize existing ones, but I would never follow them blindly.
The following user says Thank You to Messk for this post:
I don't believe anyone trades a truly mechanical system without updating that system which requires experience and skill.
To take someone off the street and say, here, go trade this system is a bit challenging.
It is not that one doesn't 'trust' as I did and lost over 200K 'trusting' other systems to perform all the way down to '0'. These were systems that performed exceptionally well over the last few years, etc... What I learned is that market dynamics change and as a new technical trader, then it is much more difficult to trade the system appropriately or alter it in any way.
Any system can make money. I am on SIM for 1 year now since deciding that being break even is not the way to go. My system is highly discretionary utilizing a bit of price action. Could I be profitable live. YES. Could I be REALLY profitable live! Not yet. Well then, is it my 'system' or is it me. Both, but mostly ME.
As a fundamental trader, I was profitable over 12 years. But I don't consider that counting or at a scale where I want to be.
If you have a system that can make 200K per day, sign me up and I will buy-in, but I need to see some bank and IRS statements at this point.
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.
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The following user says Thank You to Big Mike for this post: