[thalestrader]

Originally Posted by Cory2679 »

... it's that you just couldn't afford to get unlucky.

Or can I?

Look at it this way: If you had, say, $10,000,000 in cash in various accounts, and if you knew that over time 90%+ of your trades were either a 1R profit or breakeven, and that of the 10% losses the average was .23R, do you think you could start a 5K trading account, trade it at an insanely higher risk level than would typically be recommended to avoid ruin, and be able to afford to lose it all? Sure. Because you are unlikely to lose it all to begin with, and if you do, you open your wallet, and another 5K falls out for you to replenish the account.

Now, could I afford to have my daughter or myself blow out a $25 account? Well, I do not have anything close to 10,000,000, but I did buy more that $25 worth of Girl Scout cookies yesterday. If I can blow $25 on cookies, I can blow $25 in a bucket shop. And I can probably afford to do it over and over again.

The only thing I did wrong was that I abandoned the way I trade last week, Had I traded that little micro account as I usually would trade, the balance would be higher than it had started rather than lower.

Its funny that this conversation comes up with the arrival of ST from ET. He showed up last year at ET claiming to use a money management approach to day trading the ES that enabled him to double his money every few days. My currency trading friend directed me to his thread, and I was ready to watch not because I did not believe him, but because I did believe him, I know it can be done. Unfortunately, it was ET, and so the trolls were all over him before he could even get started, and in his case it looks as though the trolls where right he was nothing but a fraud, and possibly a drunken one, as he posted but one or two trades and spent the rest of his time spewing insults at the trolls.

At any rate, someone learning to trade a small account with limited resources ought to adhere to sound money management principles.

Once you know what you are doing and what to expect from your trading, you can, as my currency trading friend says, "afford to have a little fun." He, for example, as a microlot account that he calls his "Sandbox." He plays in it, He routinely runs it from $250 to $8-10K and then blows it up and adds another $250. So what? His serious trades are done in his futures account, and he averages a solid 200+ticks/week profit, and he is trading decent size. He has a right play in a Sandbox if he wishes, and so do I. In the end, it comes down to a matter of responsibility: Would I trade my last $5000 in a Sandbox? No way! But, if I want to "have a little fun," that's what I'm going to do.

Best Wishes,

Thales

[thalestrader]

Closest thing I see to an opportunity at the moment is a short on the EURGBP, but while I'd be interest in trading this pair for swing trade, I do not trade it for small moves. But, it looks to be presenting to us that it is considering a pause in the show it has put on since striking its low last week.

Best Wishes,

Thales

[thalestrader]

Current look at the ES ... I have no position - the trade lines (blue/red/green) where placed last night before I shut down, but I did not actually place the buy stop, and I am just taking notes ES is at a level at which I am looking for sell indications, That doesn't mean we get them, but I am looking for them.



Best Wishes,

Thales

[thalestrader]

Originally Posted by thalestrader »

ES is at a level at which I am looking for sell indications

Something like that ...





Best Wishes,

Thales

[Mr_black]

Originally Posted by Mr_black »

No fill yet

I will cancel the sell stop

[DugDug]

How do you show the picture in the message... not just as a thumbnail that someone needs to click on?

[thalestrader]

Originally Posted by DugDug »

How do you show the picture in the message... not just as a thumbnail that someone needs to click on?

Here you go:

http://www.traderslaboratory.com/for...perly-805.html

Best Wishes,

Thales

[forrestang]

Originally Posted by DugDug »

How do you show the picture in the message... not just as a thumbnail that someone needs to click on?

Get the url of your desired picture.


I do this via uploading the picture


After that click the links like below, and copy the url, then past into the the thing shown in the first pic after clicking that button.


----Edit----
looks like Thales beat me to it.