Edited a duplicate of the ANN post.
âThe proof is in the puddingâ
I guess time will tell.
Hope someone took that PBA free $ this morning. I know my subscribers did 
Am I missing something? When I look at the MT trader program link, I am seeing a cumulative negative return over several months? How does that extrapolate?
Great Brett! Glad things went well on that PBA trade.
There was a reply from Yury about the MT traderâs negative return in an earlier post.
Something traders battle with hanging on to a losing trade. At least three negative effects:
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It drains your precious trading capital.
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It keeps you focused on the losing trade that you miss what the market has in store in the now.
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It just weakens your confidence and up-beat spirit.
Cut losses quickly but let the profits run. Hopefully this would be a great week for that.
Enjoy.
Statement for another holy war. 
Iâve read a lot on it.
Hi Andrey. Why another holy war? Isnât that something many traders struggle with? I am sure most brokers can verify that fact. What impacted you most about what youâve read?
Thanks for the post by the way.
Iâve read a lot of discussions (sometimes really hot) about opposite approaches: <1> cut losses (use stops) or <2> never use stops, you donât have loss until you close position with the loss. Price will be back sooner or later. They never came up with consolidated decision.
I think that it depends on the trading technique you use and canât be a common rule.
It would be interesting to get you in a debate with TSH. He has some very harsh opinions about systems as such and seems to thing that discretion is the âonlyâ way to trade. His claim is that backtesting is all overoptimized backfit garbage. I generally disagree for some of the reasons you point out here.
John
Andrey,
I like the diversity of your answer. 1. Some environments need stopsâŚlong-term trading, some signal set-ups where your personal computer is involved. If power is lost then what? For some traders, there must always be a stop 'cause you just never know what might happen. 2. No stopâŚif youâre there watching the screen and have a certain style of trading where you use rescues, stops get in the way. The market also has a way of going after them. 3. You donât realize the loss until you close the losing trade, and there are traders who can let it roll around until it comes back in profit. Thatâs their style and they make money. It really all depends. The trader really has to know what theyâre doing and why, based on their capital, what theyâre trading and their temperament/risk tolerance. So I agree with your conclusion.
Thanks for the thoughts!
Hi John, thanks for posting. I do think back-testing has its place if what youâre trying to observe is specific enough so our human subjectivity and hopefulness regarding our system wonât kick in. I think thatâs really the only way to know how effective a trading system is. If thereâs a better way Iâd love to hear about it.
Take care
Hello Traders,
Hereâs a quote by Bruce Kovner (Market Wizards by Jack Schwager)
You have to be willing to make mistakes regularly: there is nothing wrong with itâŚmaking your best judgement, being wrong, making your next best judgement, being wrong, making your third best judgement, and then doubling your money.
Once your trading edge has a reasonably good probability of success, donât allow discouragement to set in and try to convince you to quit. Manage your risk and keep going.
Have a great week!
Another great week to trade. âTrade what you see not what you thinkâ is a popular trading rule to live by. Stay in control of what youâre doing. Protect your emotional equity.
Enjoy the journey. If you trade well (following your rules) your week should turn out better.
All the best.
Just wanted to share a thought I had as I was thinking about the trading week ahead:
It doesnât really matter what a trader thinks the market is going to do. What DOES matter is what the trader thinks about what the market is telling him/her that it IS doing. Just wait for it to finish speaking and you should see your âtellâ to enter or exit a trade.
Trade well.
A new week ahead coming into a holiday weekend for some. Plus⌠Non-Farm Payroll on Friday. Be cautious as always.
Thought for the week:
Trade what you see when you see itâŚper your system. Trust yourself. If your edge is a good one, no need to be afraid.
Have a great one.
A question:
Why does it seem that traders are more eager to hear about a trading strategy than developing themselves? Maybe subconsciously there is still the belief that there is a Holy Grail Trading System that will âtake awayâ their fears of losing etc. Even if a system that was 100% accurate came along, the âwrongâ heart-mindset would mess things up.
Any thoughts traders?
Let the market lead. Just follow.
A trading thought for this week:
One can have no smaller or greater mastery than mastery of oneself. Leonardo da Vinci.
Let this be a week where the determination is made to follow your rules no matter what. If your system is a good one and well-defined, then it should be a great week.
Take charge of it!
The hard part to make trading a little easier.
- Donât Just Buy or Sell a Pair. Must have a vison on the chart where it should be bought or sold.
- The time you are trading.
- What News could effect the trading the next several hours.
- donât think you need to be in the market 24/7.
5 Donât try to outhink the market.
6.If you have a couple bad days in the market get out and wait a couple days. You will start to overthink and this can kill the average trader. - Thursday late afternoon start to have a plan on how to act on trades that might come up early Fri am you want out of the market Friday before the close for the weekend.
I run a system called BANK THE PIPS and these are the keys I follow.
