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Getting Started Trading with 1,000.00 Using Ninja Trader
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Getting Started Trading with 1,000.00 Using Ninja Trader

  #101 (permalink)
Trading for Fun
Kalispell montana
 
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kevinkdog View Post
Totally right Bob. Many people want to believe the dream of riches thru easy trading. Most people do not want to face or heard the reality.

Just last week, some guy wanted my advice, after he lost $150K trading in the last 18 months. I said "stop trading."

He has not responded back.

People like him are one reason these d-bag vendors survive.

Wow, that is a chuck of money. One would have thought that he would have been doing some risk management to control his losses.

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  #102 (permalink)
Market Wizard
Cleveland Ohio/United States
 
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sledmt View Post
Wow, that is a chuck of money. One would have thought that he would have been doing some risk management to control his losses.

I suspect risk management is the least of his problems...

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  #103 (permalink)
Normal Wizard
Sydney, NSW, Australia
 
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grausch View Post
10% a month compounds to ~245% p.a. To put that into perspective Ed Seykota earned 200% p.a. with 50% drawdowns during his best period - search his FAQ - I believe that was posted in 2014 and relates to a question about him going bankrupt. Mark Minervini averaged 220% p.a. for a 5 year period. Another Market Wizard who potentially managed to return more than 200% p.a. is Richard Dennis, but his performance numbers are never quoted. Dan Zanger is not a Market Wizard, but his performance during 1999 is phenomenal. I may be missing some, but you get the idea - obtaining these numbers puts you in very elite company.

I know it seems like scalping is a low-risk way to grow the account, but in reality it never really works out that way. Based on conversations with some people on this forum, there may be some who accomplish this, but the odds are extremely low. The shorter your time-frame for trading, the less likely you are to make money - once you've traded a while, you may see why.


Tell that to all the scalpers who are killing it. Tom Baldwin from Market Wizards is a scalper, he turned his $25k into 1 mil in his first year, and thats been his approach since. Paul Rotter used to do 10% of the bund volumes and he was a scalper. There is money to be made on all time frames, with incredibly diverse approaches. Thats one of the main points of market wizards.

Understanding yourself is just as important as understanding markets.
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  #104 (permalink)
Trading for Fun
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kevinkdog View Post
I suspect risk management is the least of his problems...

Wonder if he is done trading?

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  #105 (permalink)
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DbPhoenix View Post
If you want to improve your trading, what you need to do is very simple. Before you enter any trade, think that you will have to explain this trade to the world in a case study format. You have to explain the reason for entry, your risk management guidelines, and why you exited the trade. . . . Trade as if the world was standing behind your shoulders.

--Tony Oz

Good reason to journal.

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  #106 (permalink)
Market Wizard
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TickedOff View Post
Tell that to all the scalpers who are killing it. Tom Baldwin from Market Wizards is a scalper, he turned his $25k into 1 mil in his first year, and thats been his approach since. Paul Rotter used to do 10% of the bund volumes and he was a scalper. There is money to be made on all time frames, with incredibly diverse approaches. Thats one of the main points of market wizards.

HFTs are probably killing it scalping, but few if any retail traders are these days.

Tom was a floor trader, so if he is even scalping these days, it is probably through high frequency methods that his fund employs. He is not like any scalper you'd find on futures.io (formerly BMT).

As you say, Paul Rotter doesn't even scalp anymore: "However, as Paul explains in this exclusive interview with MahiFX, he no longer does scalping reflecting the way the markets have evolved. His style is now more focused on longer-term trading strategies." https://mahifx.com/blog/an-interview-with-paul-rotter-adapting-to-survive


Retail scalpers, using standard retail software, don't stand a chance against hft scalpers.

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  #107 (permalink)
Market Wizard
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sledmt View Post
Wonder if he is done trading?

He will be done once his money runs out. He told me he has health issues, and can't work and needs a "reliable income." I feel really sorry for the guy, because I know how the story will end...

If you have any questions please send me a Private Message or use the futures.io "Ask Me Anything" thread
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  #108 (permalink)
Trading for Fun
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DbPhoenix View Post
Given the turnover, it's not surprising that the same topics come up again and again and again. The only real difference between now and twenty years ago is the interest in forex, and given the characteristics of the population of beginning traders, this is not a surprise. And given that new traders are generally not prone to reading, much less study, it is neither a surprise that they don't bother to read old threads, nor even the beginning posts in current threads, nor even the posts prior to the ones to which they're responding, which is why they so often don't even know what the thread is about.

One can't expect his responses to these questions to register. They are more a form of entertainment. But there's always the possibility that something one says just might prompt the neophyte to begin to take this at least a bit more seriously.

Study and practice are the two things farthest removed from the minds of the majority.

-- Richard D. Wyckoff

I believe there is some value in this discussion. There are those that are starting out in the trading arena and will be using this discussion to develop their trading plan.

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  #109 (permalink)
Trading for Fun
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kevinkdog View Post
He will be done once his money runs out. He told me he has health issues, and can't work and needs a "reliable income." I feel really sorry for the guy, because I know how the story will end...

Over a period of 18 months, you mentioned that he lost 150K. Making some board generalizations of course, when should he have reevaluated his trading plan? After 2 months of losing more than making?

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  #110 (permalink)
Site Administrator
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Big Mike View Post
That was purely discretionary trades. I don't mean to derail this thread, just pointing out it is entirely possible.

Mike

I should have said: entirely possible, but highly improbable. In other words, very rare. I'm including myself in that equation. That's why I take out profits and put them outside the market and don't just reinvest everything.

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