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DAY 19 - RISK MANAGEMENT

alifari Posted 19 Mag  in #Trader's blog #Risk Management #Trader #Amateur #Professional
Risk Management - Amateur Traders vs Professional Traders
Amateur Traders don't give much importance to risk management. Many of amateur traders are under capitalized, as such they use excessive leverage to achieve their goals resulting in taking higher risk than normal. Majority of them don't place their stop loss beyond a technical price barrier, but use some arbitrary stop-loss, which price doesn't respect very often. They give too much emphasis to an individual trade rather than a series of…
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verindur avatar
verindur 20 Mag

I worry about risk management here otherwise I have a couple of orders on in different contests targeting top slot. So sometimes its not about risk management its about travelling fast. In fact it turns out to be slow at times.

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DAY 18 - PATIENCE & DISCIPLINE

alifari Posted 18 Mag  in #Trader's blog #Patience #Discipline #Trader #Amateur #Professional
Patience & Discipline - Amateur Traders vs Professional Traders

Amateur
Traders are not sufficiently selective when entering trades. When they see volatile price movements, they become impatient and enter trades in middle of nowhere based on emotion, fear & greed rather than waiting for their system to give a buy/sell signal according to their trade plan. They want to be part of market action, as soon as they open their charts and see volatile price movements. They don't think in terms of proba…
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Jignesh avatar
Jignesh 19 Mag

I read this as I'm contemplating what to do with 2 trades I just missed and are going my way.  Your timing is impeccable!

alifari avatar
alifari 19 Mag

Jignesh, it's all part of the game, we miss some, we get some, but market provides us with ample opportunities day in and day out. Gonna write something about missed trades in my next blog.

Jignesh avatar
Jignesh 20 Mag

You're right,  But it depends on the time frame you trade.  Scalpers have opportunities all the time, but say you hold trades for a few weeks, those opportunities only come 2-3 times a month.  If you miss it, it's harder to shake off.Looking forward to reading your insight on missed trades.

alifari avatar
alifari 20 Mag

I agree with u and used to think the same, but if you have a higher time frame bias and conviction that price will go in certain direction and even if you miss the first opportunity, you can drop down a time frame or two and enter on retracement with tighter SL and earn similar R profitability then the initial trade. But this logic best work on live account, but in contest it's all about high profitability, so yes I agree that it's hard to let it go.

Jignesh avatar
Jignesh 20 Mag

Yes you are right.  I'm speaking with a bit of a bias.  I've been wanting to short Gold all year.  I missed the first entry on March 16, and then missed the retracement on April 14 by $2.  It's been hard to shake that off, these are the types of trades that make my quarter.  But for the most part, usually you get a decent retracement.

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Risk Management

alifari Posted 9 Dic  in #Trader's blog #Risk Management #Amateur #Professional
Risk Management
"Risk management is the most important thing to be well understood"
Amateur Traders don't give much importance to risk management. Many of amateur traders are under capitalized, as such they use excessive leverage to achieve their goals resulting in taking higher risk than normal. Majority of them don't place their stop loss beyond a technical price barrier, but use some arbitrary stop-loss, which market doesn't get respect very often. They give too much emphasis to an individua…
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