RWFXM - KINGDOM 토론

Oh good God, so many people trying to convince you're wrong but most of them fail to show a growing equity curve. Those who can't do, teach, right? :)
Reminds me the old story about the monkeys and the ladder:
https://www.crossfit.ca/index.php/Mainpage/index-single/making_monkeys/
Let's not be silly monkeys that want to pull their fellow down...

I disagree - you don't need to be the best trader in the world to teach trading and to know and spot others mistakes just like you don't need to be the best scientist in the world to teach science, the best football player to be a be a good manager etc. etc.

OK. Look at it this way. They say 'you can if you think you can'.
If he wants to belong to the winning 1-2-5 % of traders, he has to think differently than the rest of us?
In case you think you can't, does it mean he has to think he can't?

Sophistry at it's best.
The 95% of traders lose for various reasons, I'm sure some of them lose because they aren't prepared to admit when they got things wrong.
Starting from a view point that 95% of traders fail and then saying 'What should I do that they don't do' could lead to all sorts of interesting scenarios. A lot of which will also lead you into the 95% category.

Yes, I agree with you. But I still don't understand the convincing part. I mean - I find yorkshire puds tasteless. I don't like them. Everybody can accept this and nobody tries to prove me wrong. Event the fanatic pud fans understand some might have a different taste.
Why is it different with trading? Someone says he does not use SL and a dozen people fall upon him to say 'you can't do that' - like monkeys in the story above?

speki posted:
    Yes, I agree with you. But I still don't understand the convincing part. I mean - I find yorkshire puds tasteless. I don't like them. Everybody can accept this and nobody tries to prove me wrong. Event the fanatic pud fans understand some might have a different taste.
Why is it different with trading? Someone says he does not use SL and a dozen people fall upon him to say 'you can't do that' - like monkeys in the story above?

If you don't like yorkshire puds it's not dangerous for the others.
Not using SLs trading other's money is.

There is a difference between not using a stop loss and not closing your trades out for a loss.

I think that is the distinction that we need to be clear about here.

I'm sure there are traders out there that cope very well without an actual stop loss in place but I bet they have a very good idea of when a trade has gone too far in the wrong direction.

That's exactly it Steve and the point I was trying to make. It's having the discipline to know what your mental stop loss is and at what point the reasoning that you entered you trade has been proven wrong.

Speki - your analogy is doesn't work, you don't have to eat a Yorkshire pudding, it doesn't harm you if you don't, but not having basic risk management and discipline will harm everyone who attempts to trade.

I think most if not all successful traders will state that the most important aspects in trading are risk management, discipline, patience and understanding psychology. Without these no trader will ever be successful of a long period IMO.

The two basic things I urge Rob to look at are:

1. Risk management in terms of having some control over his exposure to market events i.e. correlated risk and knowing what his total account exposure is at any one time if his trades go against him and making sure it's not below a certain % - that is basic catastrophe risk management and avoids margin calls.

2. Discipline - knowing when to accept a loss, knowing when the reason behind your entry has been invalidated and its time to take a loss. The EJ trades down over 300 pips or so is an example, the reason behind the trade must have been invalidated long before then surely if you are only shooting for 20ish pips per trade? If not then it brings point 1 back into focus you have no risk management controls for single and correlated trades.

A margin call is a very serious event for any trader and it should ring alarm bells especially as this is the second 'blown account' in a row...there are obviously solid reasons why this occurs and he really needs to look into them in depth as a trader should never have a margin call if they have even the basic risk management in place.

Fomacc - I agree
Steve - I don't disagree coz it's a bit complicated for me.
Mike - I don't know many successfull traders so I can't tell if they'd agree. But I know someone who has his capital divided into 20 parts - 5% each - and he has a hard stop, the margin call to protect him. It is not a very serious event for him. He's in profits on average on all accounts. So I'm not so sure the MC itself would be so scary.

The guy that has his capital divided into 20 parts has made a conscious decision that his risk per trade is 5% and rather than work out his stop loss for 5% of his capital he's just decided to let the broker do it for him. Nothing wrong with doing it that way I guess but the principle is exactly the same as using a hard stop loss.

first...DISCIPLINE.second ..DISCIPLINE.third.DISCIPLINE

fourth ... show us your floating losses! 😈

speki posted:
    fourth ... show us your floating losses! 😈

LOL. Agreed. IDK why he even comments here (Victor). Speki I see your point, but honestly a lot of the contributors are in Positive equity. So our advice and suggests are not to harm people but are only to shed light on risk management. That is purely the topic here and nothing more.

I've enjoyed reading this journey into his mind and that hopefully you've understand.

Robert know.

Czech forum investors send special thanks that do not lose your money.

I see You.

When there's money involved, people become soo serious. As if money could buy anything important in life? 😄

Heslop you don't need to show the floating stuff. I have yet to see the person who hides floating profits. Moreover people tend to shut up (and stop updating their stuff) when they're in shit. Like my daughter, wouldn't say boo to a goose when there's poop in the diapers. I enjoy the silence for a minute or two ... but then I can't stand the smell. 😁

Don't take my 'point' too seriously. There was no real point in it. I had a great time re-reading that old monkey story and all the posts. 😄 It was fun. Nothing more, nothing less.

zebra posted:
LOL. Agreed. IDK why he even comments here (Victor). Speki I see your point, but honestly a lot of the contributors are in Positive equity. So our advice and suggests are not to harm people but are only to shed light on risk management. That is purely the topic here and nothing more.

well

A week has passed and my offer to Will still has not been accepted.
I'm starting to seriously doubt in his good intentions of protecting everyone from me.
On the other hand, when people are shown how wrong they were they usually become very quiet and that is the only thing that can explain the silence on his part.

Anyway, since you folks had your fun and I definitely had mine reading how you would fight for some to accept your way as the one and holy way especially trying to convert someone as ignorant as myself, I am planning to delete all this garbage from this system. Yes, I expect someone to accuse me of trying to hide something - whatever.
The system stats will still be posted as they are, the discussion will be cleared but you can always find it in the archives here.
Now, I'll give you few days to fight over about this.

R

Robert,

Curious on the drop, is it due to a reduction of capital or are you in the USDJPY like me... :) I am getting killed on that little bugger. :)

Also USDCHF... I guess dollar is not a good place to be right now...

Gil

adamvok posted:
    everyone has to experience the pain, at least once :)

Or Twice

I am still in the USDJPY
if you look in the history I was trying to protect the position by hedging but it didn't go much lower so I just got out of the hedge with a loss - sometimes you have to accept those.

R