Money…
Are you in this for sport, or for money ($$$).
If you are in this for money, then you don’t need our approval.
Just sit down and do it. Forget the thread.
I remember posting a noobie thread some time ago, asking why traders suggest 2% risk per trade. I was messing around with a spreadsheet and discovered that with a 2:1 reward:risk and 50% win rate, my optimal risk was 25% per trade, if I remember correctly.
http://forums.babypips.com/newbie-island/42805-why-do-people-recommend-risking-2-per-trade.html
A few of the “pros” and “veterans” chuckled and laughed until someone politely posted a link to the Kelly formula. Turned out that I had discovered the Kelly formula on my own.
I learnt quite a bit about drawdown from that thread. But what I learnt the most is that many “pros” don’t know what they’re talking about and just parrot stuff they learnt. The “Amy Sangster” thread is another good example. These days I tend to do my own research and take an opinion with a dash of salt.
25% risk on every trade will kill your account… Sorry to come off as an expert “parroting” but it will blow it, psychologically destroy you after two losing trades…
But yes… You will come to this conclusion yourself 
So, are you trading with Kelly’s criteria?
I agree…
Stock Futures Trader losses it all and flips out - YouTube
You know you say your different yet risking 25% ^ your no different from this guy or many of those idiots out there who bet the farm on something that is not only rigged against you but something you don’t completely understand.
There’s a point where you need to listen because if you become so pig-headed you don’t realize those who were capable of helping you will move on and/or just laugh at you constantly with the poor man mindset. I mean how long is it going to take before someone more manipulative and antagonistic will convince you the only way your going to take this seriously is if you drop say $10,000 account, you think just bleeding $100/day/week/month is making you more successful in the long run? Fu*k no. Seriously list all the accounts here, all of them and add them up. I’m willing to bet you probably will say oh I made at least 5-20% on these accounts but I am averaging -100% consecutively.
My friend recently called me and told me, he was an equities trader back in the 60-70’s, told me his friend was thinking of jumping in to forex. He was a commodities trader at some point in time, this guy not my friend, he thinks forex will be easier blah blah blah. So naturally I say well just tell him to becareful and to test the waters first and to be… he cuts me off and says, “No no my point is I don’t think he’ll do well because he has a poor man’s mindset” He thinks he can make like 20% a day trading forex and be a multi-billionare blah blah blah, but to be honest when my friend says he can’t do it because the guy has a poor mans mind set… HE CANT DO IT BECAUSE HE HAS A POOR MAN’S MINDSET.
You sir, I tell you have a poor. mans. mindset. I know your not going to listen but I have to say it so at least by your net loss of -$20,000 and whatever hundredth or thousandth account you blew at least someone said it. **** changes real fast what works for you this week will not work the next week or the following or the preceding. Actually, I’m done I got a few more things I want to say but it’s going to be wasted.
Nah. That thread was just a mathematical exercise questioning why people recommend “2%”.
This is my current plan.
Wasn’t it Larry Williams who used the Kelly system to turn 10,000 into one million in a few months and won a competition with it. Then the next time he tried it he blew his account?
The key to making that high of risk to work is to actually have a system that has a fixed probability of winning… None exist like that… No system can guarantee not having 3 losses in a row… Even having a 50% win rate, each trade will still have a 12.5% chance of beginning a 3 loss series… This is why there is a logical rule of thumb when it comes to risk…
Your right banker, I just closed it… Your right, watch it just free fall 200 pips now, lol, seriously, i dont doubt it…
Demo or not, follow the rules…
Never heard of poor mans mindset,
Im not going to chime in and start crapping on you, your system or your thread. All im saying is, the above ^ is the part which will kill your account…
If you have a profitable system with an edge, stick to it!
Come to terms with the fact you can’t beat the market and take every pip that it has to grab, follow your system, take the pips it gives you and be out and happy with that…
If your trading profitably in the long run, your probably doing better than 90% of other people anyway - be content with that…
Good Luck, as always, ill be following
:57:
Trade would be in profit by 10 pips if i didnt close it,
Yeh but you would have had that empty feeling inside that you get when you know you broke your cardinal rule of trading…
absolutely right Banker,
hey traders, just incase your wondering whats going on, Im running my EA… Im taking the next 5 days off to work on my office… repairing original hardwood floors, ugg…
But i need to get some things done,
If you build it, they will come (the pips).
Hey Traders,
Well, I think i got my EA complete, been working on it between sanding the floor. ( getting ready to stain )
Thru manual backtest for today, it should of gotten 236 pips on 12 trades…( around 77% increase ) Around 20 pips a trade average,
The settings are 80% risk per trade, No take profit, 4 pip stop, 1 pip breakeven ( although none should lose pips ) its a train jumper type EA…
So Im going to let this run for the rest of the week and see what happens… Im going to start yet another demo, for easy, clean, stats, so if you want to follow along…
OK, off to sand
Question #1) What’s a “train jumper” ea?
Question #2) How do you take profit if there’s not take profit? Is the 4 pip stop of the trailing variety? You gotta get out of the trade somehow in order to book it as a profitable trade, right?
#1- I jump on the trade when its full steam ahead, i guess more of a breakout, but not
#2- Its a hard take profit, meaning it uses a varible.
#3- The Stop is 4 pips straight across the board, every trade, no trail, but breakeven once its hit,
I should of clarified that,
Just let him trade… Come on, at least someone is taking this a little light hearted then the rest of us stress heads
I don’t think bringing the words family and denial into the same context are going to help anyone. Sure some of us find this guy as frustrating as hell, but lets just let him have his thread.
Whats a professional, in your terms?
My work space right now, isnt professional, so inturn, I dont get the results Im after.
Im aiming for Sept 26th for a Real money deposit… Thats when I turn 2 years in FOrex…
If you understood my situation, its hard to get in the proper mindset, and kep that level for a certain amount of time. My PC screen ( 35in LCD TV ) has a messed up HDMI input, so every 40 seconds, or when a big truck goes by my house, the screen turns pink, and its annoying, and you can only imagine…
I know what Im doing… But proper preparation produces Positive Profits, and Im not right in the head yet. I have things to settle, and things going on…
As far as the family thing, they are behind me 110%, and my Wife helps me study new things… Like I said before, I have flash card challanges she tests me on…
I take this serious, this is no hobby…
Thanks for asking tho, hope that clearifies things for ya…
Great profits to you Akeakamai