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best advise i ever got for trading


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best advise i ever got for trading

  #1 (permalink)
 ohiok5 
phoenix, az
 
Experience: Intermediate
Platform: ninjatrader
Trading: oil
Posts: 6 since Jul 2012
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the best thing i was ever told about trading is to "always look for any reason to not take a trade"
if the trade dont seem like its a sure thing then just let it pass. there will always be another.
i have tried chasing trades, and tried catching the falling knife way too much till i learned that simple rule.

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  #3 (permalink)
 
mrBean888's Avatar
 mrBean888 
Singapore
 
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This is really good advice. So simple and yet hard to do.

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  #4 (permalink)
Yangtrader
United States
 
Posts: 7 since Jul 2012
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best advice is:

ride winners, cut losers short. This is a trend following statement, each individual has to decide on what that means. Take a $100,000 account. lets say you only trade the es, first thing is how much will you lose on a trade ( cut losers short). I would risk no more than 2% per trade, that may be a high figure to some but I am very aggressive. So 2% of $100,000 is $2,000. You can then position size from there. If you have $5,000 in margin per contract you can trade a max of 20 contracts. Lets say we have a strong feeling that the es is going up today, buy 2 contracts and you will win/lose $100 for each es point. That gives me a max stop loss of 20 es points, 2 es - 20 points = $2,000 max % loss. If this is a winner you then have to decide how long to ride the wave before you get out!


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  #5 (permalink)
PAPERXX
Chicago, Illinois, USA
 
Posts: 2 since Aug 2012
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PROBLEM IS WHIPSAW

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  #6 (permalink)
asimsaim
Lahore Pakistan
 
Posts: 40 since Aug 2012
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if following a system, which shows only 51% success rate in back testing. with strict money management , and following the system strictly , it can be a winner.

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  #7 (permalink)
 
bnichols's Avatar
 bnichols 
Dartmouth NS
 
Experience: Intermediate
Platform: MC, MC.Net, NT, TWS
Broker: IB / IQFeed / Kids
Trading: Forex, stocks
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Quoting 
always look for any reason to not take a trade

Right up there with learn to manage your losers first since winners can take care of themselves.

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  #8 (permalink)
dream3r
Barcelona
 
Posts: 28 since Oct 2012
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"We should not be rich, just independent" by Kostolany

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  #9 (permalink)
 tst1 
Magadan Russia
 
Posts: 79 since Nov 2010

The best advice i got, was to use proper market variables.

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  #10 (permalink)
 
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 mokodo 
Bridgwater, UK
 
Experience: Beginner
Platform: Ninjatrader
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Kenny Rogers - The Gambler - YouTube

You got to know when to hold 'em, know when to fold 'em,
Know when to walk away and know when to run.
You never count your money when you're sittin' at the table.
There'll be time enough for countin' when the dealin's done.

Bless you Mr Rogers Sir

know thyself
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Last Updated on November 30, 2012


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