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Webinar: FuturesTrader71 (FT71) on Risk, Sizing, Scaling and Trade Management


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Webinar: FuturesTrader71 (FT71) on Risk, Sizing, Scaling and Trade Management

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  #11 (permalink)
 Big Mike 
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Most important: Have the right attitude to trade.

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  #12 (permalink)
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Learn how to take losses.

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Your "monkey" will try to get you out of stressful situations, just like your survival instincts take over when you step in front of a car, or when a grizzly bear is chasing you. It's an instinctive response much beyond your control.

Most people are raised placing a big significance on being right. The very next trade, despite the most perfect conditions, has a 50/50 chance of being right vs being wrong.

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  #14 (permalink)
 Big Mike 
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In trading, Losing is not Bad. Losing is the best way to prepare yourself for the next trade.

Don't sit and hope. Take the loss, move on to next trade.

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  #15 (permalink)
 Big Mike 
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Prior market action does not represent future market action.

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  #16 (permalink)
 Big Mike 
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Setups don't make money. Probabilities and confidence make money.

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 trendisyourfriend 
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- Don't look to be right. Trade the better probability.
- The very next trade, despite the most perfect conditions, has a 50/50 chance of being right vs being wrong.

50/50 + 50/50 + 50/50 + ...= 50%

How do you define better probability if all of your trades taken individually have a 50% chance to work? Does not make sense to me. If the possible outcomes of every trade is always 50% then good luck on taking the next trade. If you don't know when your edge kicks in (probability to win > 50%) then what's the deal? Why not play roulette instead?

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  #18 (permalink)
 Big Mike 
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Very. Next. Trade.

Not a string or series of trades (ie "edge").

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  #19 (permalink)
 Big Mike 
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Love the random trade analysis with 5-tick stop/target, 5-tick stop/10-tick target, and 2-lot 5-tick stop/5-tick target + 5-tick stop/10-tick target...

Absolutely awesome....

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  #20 (permalink)
 Big Mike 
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Big Mike View Post
Love the random trade analysis

Would like to see the analysis over a larger sample of trades.. any Excel guys want to do it?

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