10 Pips a Day to Wealth - guaranteed

[cooter]

	Quote:	wsam29
	Heck people think to be a trader, one must always trade or be on the look out for a trade. People may be trading for the sake of trading and not about the money, but then they say to themselves, that contradicts what traders do, its not about the money. Heck it took me a long time to get over that. It is about the money, you need to have a total lack of disregard when you lose, but keep it when you gain it. Still a total contradiction if you ask me and makes no sense. There are many reasons in my mind why people cannot follow that, win or lose, call it a day mentality. Some people just like the action. Some what to make a point to themselves and to others that they know what the heck they are doing.

It's all about the money, unless you're a compulsive gambler. In which case, you'll just keep trading regardless of the outcome - good or bad.

No limits, no morals, total financial anarchy! Well...not really. Quit while you're ahead or behind, and come back for another day - would that be the best way of summarizing what you are saying?

[bakrob99]

You have got to be able to have +20 and +30 days if you are going to try to make +10 every day. No one ... Nobody ... Nada ... makes their goal Every Single Day
... 3 Stops and you're out for the day.

... If you get up +10 or +20 then keep trading until you get stopped -then quit.

[torero]

I think there is another problem, it's the mental exhaustion and stability. No one consistently stay in one emotional or mental state of well-being everyday for next 10 years, no one. So making a 10 tick a day every requires perfectionism. Plus, when you're down (stopped out) a few times, you're more unstable because you need to "make up" or "catch up", usually that the mental thought will start eating you up.

As for exhaustion, not everyone can go at it 6-7hr a day trading everyday. Heck, after 3 hrs or 6 trades, I'm exhausted. As the day or trade numbers wear on, I start to get sloppy, start giving back. This is mental exhaustion. Of course, anyone can train themselves to endure longer hours to stay mental focused throughout the day, productivity may wind down eventually.

I disagree with the upside limit, it's pretty much "limit your profits and let your losses run" philsophy. The only way I counter that is my stops have be 1/2 the size of the upside limit or even lower.

[cooter]

	Quote:	torero
	The only way I counter that is my stops have be 1/2 the size of the upside limit or even lower.

So you have very TIGHT stops then. Am I to infer that you get stopped out more often than not, unless your entries are very precise and correct?

[weiwei]

I think this is all related to how one individual thinks. Each person has a level that he is most comfortable with.

I once read a article saids that for Donald Trump to think he is a millionaire is an insult to him,(he have to be an billionaire), but for a lot of people being a millionaire is a big achievment.

This same point of view can apply to traders, what level is comfortable each traders is not going to be the same.

If you are getting to a level that you are not comfortable with, guess what. One will do thing that bring him back to that comfortable level.

So my view is that, so many traders are having problem to achieve that 10 ticks or pips per day is because their subconcisous mind is not comfortable for him to be that way.

This is why it is so many traders have to do adjust thier attitude to be able to step up to the next level.

maybe one would want to exam upon himself to see if that is the issue.

weiwei

[cooter]

Yes, there are some traders who scalp for ticks, others who trade for points. It all depends on your frame of mind.

As I've said elsewhere, the reason why Tiger Woods almost never misses the cut (at one point his streak was 108 in a row) is because, unlike most other golfers, he truly doesn't play to make the cut, he plays to WIN.

A subtle, yet powerful difference in attitude and approach wouldn't you say?

[brownsfan019]

	Quote:	torero
	I disagree with the upside limit, it's pretty much "limit your profits and let your losses run" philsophy.

When I said you are limiting your upside, that's what I meant - your profits (upside) are limited and your stops could run for awhile... That's bad odds even for a simple guy like me to figure out!

[walterw]

Let me add my 2 cents here : one thing is the RRR on a trade, wich means that the trade has more potencial reward vs potencial risk... that has to be embeded on your technical aproach, whatever maybe... now if a trader on a portion of the day with x amount of trades has met his daily target... and ... the rest of the day for him is sinonimous of allien territory then he should be asuming that HIS session is over.... this happens for people who principally do scalping.... the scalper universe is very little, a complete session is an ocean for him... so he prefers to scalp at the lake of the first hour where he knows what fish there are there.... he is not interested to go for great sharks in the ocean where maybe he will end killed....

So this aspect of quiting trading after certain time of the day and making good profits on your land its really a matter for scalpers.... it by no means compromises his RRR vision... your trades MUST have a godd RRR embeded on the technical aproach.... thats basically how it works... at least for me cheers Walter.

[walterw]

So far my only Daytrade type setup I am willing to trade on the rest of the session its the super coil break trade, havent been trading it for a while , maybe I will start considering it... today there was a sweet super coil break... will make a thread on that... cheers Walter.

and yes that kind of trade... let the wins make run.... :rolleyes:: ) nice new smilies ¡¡¡ how about this one chatterbox jejeje

[torero]

	Quote:	cooter
	So you have very TIGHT stops then. Am I to infer that you get stopped out more often than not, unless your entries are very precise and correct?

I have 4 setups, 3 of them have stops that are between1 to 2 points (ER2 speaking), while one i only need 1/2 point to know if the trade works or not and go the other way. I don't get stopped often on this one because it has 2 possibility (2 trades), one up or one down. If market gives me neither, I pass. So I hit 50-50, I still come out ahead due to higher RR. Plus this one come at most once everyday or every other day. The 1/2 point setup has a between 1-2 point target (sometimes higher like today) while the others with larger stops have a larger target as well. The RR is about 2.5:1 if not higher. The 1/2 pt stop setup has larger RR.