My three trading rules

Cartman · 8 January 2009

MRC & Co said:
Na, not still holding the short, could've, should've, would've but didn't! Did night SPI fall much from it's highs after close at 4:30pm? Don't have charts available here.

a sell any time up to 7.30 our time was a good move --- well done

MRC & Co said:
But I'm in a bit diff scenario, if I hit my stop, I can just ask for more

lol --- i want more too ---- but my wife says do it with one contract !! --- (im under more pressure !!! lol )

MRC & Co · 8 January 2009

Cuttle, no idea. But they cut you off daily at a certain level unless you can justify otherwise. Big guys decide for themselves, but they are exceptional traders.

Cartman, I am talking about SPI, anytime upto 7:30pm you are talking of? I don't have any shorts on through night SPI (nor do I have any idea what it's done since 4:30pm), so no well done required.

tech/a · 8 January 2009

Good/Sound business management TH

Cartman · 8 January 2009

MRC & Co said:
Cartman, I am talking about SPI, anytime upto 7:30pm you are talking of? I don't have any shorts on through night SPI (nor do I have any idea what it's done since 4:30pm), so no well done required.

sorry Mirc --- thought u meant u shorted on the spike close and were still holding till ??? which would have meant a sell at any time up till 7.30 our time was a winner ----

that wasnt the case ?? --- my misunderstanding -----

its the burbon lol !!! Cheers.

Wysiwyg · 8 January 2009

Cartman said:
hey TH --- (luv ya work )

this kind of method is used by 'GOOD" punters in the racing game as well --- (not that im saying punting is anything like day-trading lol --- well actually thats exactly what im saying

when a professional punter is 'in the zone' ----- the instinct becomes so focused that the brain seems to decipher the information on a higher level --

and that is when the 'punter' SHOULD be aggressive ---

As tech/a said, it`s a different game because during the race you can get out if you`re losing or increase you`re stake if you`re winning.

Frequency is the main difference between a long term punter and a short term punter.

MRC & Co · 8 January 2009

Cartman said:
sorry Mirc --- thought u meant u shorted on the spike close and were still holding till ??? which would have meant a sell at any time up till 7.30 our time was a winner ----

.

Na, shorted on the spike, especially hard towards the end, but closed out all intraday (4:29.59pm). Expected a further retracement towards the very end. Should have held until night SPI opened and then closed out. But there is always next time for that punt.

Thx for the post though TH, videos post if you get time should be good.

Cheers

Trembling Hand · 8 January 2009

Cartman said:
this kind of method is used by 'GOOD" punters in the racing game as well --- (not that im saying punting is anything like day-trading lol --- well actually thats exactly what im saying
i think the biggest mistake many of us make as punters/traders is to try and play 'catch up' on our bad days ---- when we should be walking away --- and going in hard when the Karma gods are smiling -----

I often think that punters never get anywhere because they are always betting for the big win instead of managing loses.

MRC & Co said:
Ah, I thought you were talking of individual outlier trades TH. But yes, I know what your talking about in the post. I guess once your capital grows too large to even do .5% of it per day on the SPI, you can then just start with as bigger size as suits your style (including the type of day it is) and not give yourself an exact daily stop (allowing you enough trades to let your expectancy come into play), and just let your stop be down to your own intuition........

yep figure you may have seen this

tech/a said:
Good/Sound business management TH

That's all it is really. taking care of Biz.

Trembling Hand · 8 January 2009

MRC & Co said:
Thx for the post though TH, videos post if you get time should be good.

Next couple of weeks holiday time again tomorrow. Spend some of the out-liners

MRC & Co · 8 January 2009

Trembling Hand said:
yep figure you may have seen this

lol, yeh, but many get pretty damn aggressive from the get go each day. As aggressive as their style permits. While many (including myself), trade with a strategy more similar to yourself.

I guess they gather, if your risking even 2% of your capital per day (and your win % is not based on per trade but per day, and this being like 90%), then the probabilities of even a 20% DD are slim. Of course, if a bad patch arises, they will then scale down their lots until they get back into the swing of things. One way to look at it.

Holiday time again, ha ha ha! You have the life!

Cartman · 8 January 2009

Trembling Hand said:
I often think that punters never get anywhere because they are always betting for the big win instead of managing loses.

im talking 'smart punters' TH ------ smart punters know when the game is against them and walk away (and dont chase losses) ---- which i think is what u r describing with yr system ---

U know when yr 'in the zone' and push the limits ---- if its not working, u know when to walk away ----- most punters (ive been guilty in the past, but fixing that issue) do the opposite ----

tech/a · 8 January 2009

That's all it is really. taking care of Biz.

As simple as it seeems your 3 keys are a guarentee for success in any business.

(1) Dont be undercapitalised.Trade within your limits and stay in the game!
Knowing that if you have consistent profits and low overheads you'll be nett profitable.
(2) Increase your capital base.(Then go to (1))
(3) When you get it right---compound---do it again and again.
Then go to (2)

Most turn the most simple into the most complex.
You have proven that just isnt necessary.

The real message here is in the simplicity.
Brilliant.

noirua · 8 January 2009

There is only one trading rule really, "Don't invest what you can't afford to lose."

BentRod · 8 January 2009

Trembler,
What about if you have an exceptional day and it is still early.

Will you call it a day while you are ahead or keep plugging away?

Cartman · 8 January 2009

tech/a said:
The real message here is in the simplicity.
Brilliant.

Agree Tech --- the hard part is becoming good at 'simplicity' ---- i believe TH's simplistic rules only work when u (we) have a foundation of 'positive expectancy' ---- and there are a kazillion ways of finding a positive expectancy edge --- thats where the aesthetic beauty of trading comes into play ---

after all ------- when its all said and done ---- its just a GAME isnt it !!

Cartman · 8 January 2009

BentRod said:
Trembler,
What about if you have an exceptional day and it is still early.

Will you call it a day while you are ahead or keep plugging away?

i'll beat TH to this one (maybe) ---------------

he goes for the throat !!!!!!

Trembling Hand · 8 January 2009

BentRod said:
Trembler,
What about if you have an exceptional day and it is still early.

Will you call it a day while you are ahead or keep plugging away?

Like cartman has said. Swing like all buggery when its going your way.

The only thing that stopping early on a good day will get you is a lower average day for that period.

If you push it you may give a bit back..... But some times it turns a good day into something very special. After all you have to ask why have you done so well so quickly. A lot of the time its because the day is an unusual large range day or high vol etc. That's what daytraders dream of. Why take that off and come back tomorrow when its probably going to be an inside day.

Take the bad days off. milk the good ones.

Cartman · 8 January 2009

Trembling Hand said:
If you push it you may give a bit back.....

Take the bad days off. milk the good ones.

and there lies the essence of becoming a good trader i think

( ive been a sh*t trader in the past but i like to think i 'think' like a good trader nowdays)

Knowing when to 'hold 'em --- and knowing when to 'fold 'em !!!! -----

its called experience --- and from where i sit, experience only comes after stufffing up, then 'waking up' !!!

Cartman · 9 January 2009

Wysiwyg said:
As tech/a said, it`s a different game because during the race you can get out if you`re losing or increase you`re stake if you`re winning.

Frequency is the main difference between a long term punter and a short term punter.

yep agree with that Wys --- just making the point that a good punter will compound his winnings on his good days and take the flat stake loss on a bad day ---- this style of punting bigger with 'the banks money' is a popular one in racing circles ---- takes ballz though cause u r risking yr profits ---- but if yr system is good y not.

inenigma · 9 January 2009

Good Posts. Thanks guys as this is very helpful to a newbie.......

Cartman · 10 January 2009

inenigma said:
Good Posts. Thanks guys as this is very helpful to a newbie.......

im still a newbie too lol ----- but im a newbie thats been thru the mill a cupla times so i like to think i know the other side of the street so to speak --

TH can come in and bump me off if he disagrees here ---- but i think from a newbies pov its important to realise that what he does is 'irregular, unnatural, and outside the square stuff ' --- and 'should not be tried at home' by us newbies until u have a proven strategy ----- otherwise risking yr profits just cause u r having a good day will most likely end up in losing ALL yr profits (+ some !!) on most days ---------

the strategy of compounding on a short time scale is only for Elite traders who have proven their system is sound --------- just thought it was important to say that cause a lot of punters see what people like TH are doing it and say ---- ill copy that and make a squillion -----

doesnt work that way !! -- u have to learn to trade with a proven positive expectancy b4 going for the throat ---------

personally im still going for the kneecaps --- but working my way up lol --

My three trading rules

Cartman

MRC & Co

tech/a

No Ordinary Duck

Cartman

Wysiwyg

Everyone wants money

MRC & Co

Trembling Hand

Can be found on the bid

Trembling Hand

Can be found on the bid

MRC & Co

Cartman

tech/a

No Ordinary Duck

noirua

BentRod

ZZZZzzzzZZZZzzzzzzzz

Cartman

Cartman

Trembling Hand

Can be found on the bid

Cartman

Cartman

inenigma

Oh Sh*t.... That didn't work.

Cartman

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