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Support from wife/kids/loved ones in your trading
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Support from wife/kids/loved ones in your trading

  #131 (permalink)
Elite Member
Prince George BC Canada
 
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treydog999 View Post
I think its less of a consideration because I dont really care how they trade. Assuming its my kid they would have done some research on the subject and tested it out since that is what I personally do. However they may take a different approach to trading all together. The risk management allows them to survive and not go broke whatever trading strategy or style or instrument.

Risk management is a very important part of a trading plan.

You know your own children so you will know if they have the discipline to follow their plan.
How do you control risk without knowing how they plan to trade?

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #132 (permalink)
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deaddog View Post
Risk management is a very important part of a trading plan.

You know your own children so you will know if they have the discipline to follow their plan.
How do you control risk without knowing how they plan to trade?

Based on how much they lose at a stop loss to % equity of the account. How they enter or sizing or whatever is up to them. Cap the % equity they can lose per trade, per day, per month etc.

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  #133 (permalink)
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treydog999 View Post
Based on how much they lose at a stop loss to % equity of the account. How they enter or sizing or whatever is up to them. Cap the % equity they can lose per trade, per day, per month etc.

Sounds simple enough but we are talking about inexperienced traders.

How many traders blow up because they don't honor their stops. How about revenge trading?
How do you cap the losses without looking over their shoulder?

At least with a trading plan that you have reviewed you are putting the responsibily of following the plan on their shoulders. It is easy to rationalize your actions after the fact, but if you have a written action plan it is difficult to come up with a reason for not following your own plan.

I am in agreement that capital preservation should be the number one concern. I would just feel a lot more comfortable if I knew exactly how they planned to do it.

It is hard to find the Truth when you start your search with a preconceived notion of what the Truth will be.
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  #134 (permalink)
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deaddog View Post
Sounds simple enough but we are talking about inexperienced traders.

How many traders blow up because they don't honor their stops. How about revenge trading?
How do you cap the losses without looking over their shoulder?

At least with a trading plan that you have reviewed you are putting the responsibily of following the plan on their shoulders. It is easy to rationalize your actions after the fact, but if you have a written action plan it is difficult to come up with a reason for not following your own plan.

I am in agreement that capital preservation should be the number one concern. I would just feel a lot more comfortable if I knew exactly how they planned to do it.

It was implied i was looking over their shoulder. since i mentioned in my first post real time and daily mark to market . Set hard limits, either broker or platform wise, and alerts and your good to go. If you're doing this like a real firm then you use your risk management middle ware to lock em out and reduce/flatten their positions. pretty easy stuff to be honest.

If you don't have any of that and you get the daily report in your email like all brokers do, you see the loss greater than the agreed upon limit. The kid is fired and I pull the plug. Exactly like real life, and simple as pie.

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  #135 (permalink)
Trading Apprentice
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I have had great streaks of profit days... Some of them ranging to 15 continuous winning days and that just builds up a lot of ego and overconfidence... I know sometimes 10 15 days of amazing trading days is like an imbalance and probability has to take control because if my winning percentage is 60 and I have won 10s of trades, then I guess it is a matter of time that my personality will start to see a losing streak... Say after this streak, I lost one day and that day I trade further and make it break even somehow, that pushes me over the edge because my downfall starts there. From the next day onwards, within 2 or 3 days, I lose nearly all of the profit I had from the winning streak and if only I had a nickel every time I had done this, I would be way more profitable than my current numbers....

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  #136 (permalink)
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Recent posts in the forum reminded me of this thread.

How many of you have the support of your spouse or girlfriend in trading?

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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  #137 (permalink)
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I have total support from Mrs. PC. Course it helps when you're making forward progress in the 'ol account balance department. She agreed to put some money from savings into my trading recently, and we're talking about putting some more in next year.

Someday, and that day may never come, I'll call upon you to do a service for me.
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  #138 (permalink)
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Big Mike View Post
Recent posts in the forum reminded me of this thread.

How many of you have the support of your spouse or girlfriend in trading?

Mike




No supporth here I am alone

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  #139 (permalink)
Site Administrator
Manta, Ecuador
 
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cami02 View Post
No supporth here I am alone

Your girlfriend or wife doesn't agree with you trading? What does she say?

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
 
  #140 (permalink)
Elite Member
orange
 
Futures Experience: Beginner
Platform: ninja
Favorite Futures: futures
 
Posts: 33 since Jun 2011
Thanks: 2 given, 17 received



Big Mike View Post
Your girlfriend or wife doesn't agree with you trading? What does she say?

Mike



Is my boyfriend who does not support me . He abandoned me last week. But I still have strenght to keep trying.

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