nac Calling JOBBERS/SCALPERS
- Thread starter nac
- Start date
My friend, I think you make more loss than Nac so you are using such statement and getting fustrade. Guiding and helping others should be done in a more good way and not by insult the members. Even if you are not happy with Nac performance and want him to improvement than say it with good words.
Thank you
It seems all these mistake are common for all traders (say at least 90% -- thats y 90% traders are losing?) and I think the only two factors fear and greed is the reason for this . How to control fear and greed ? Is not fear can be controlled when our trading position/strategies follows limited loss pattern ( by applying some hedging ) and greed can be controlled by reducing our ability to take position ( like placing all money other than trading money in some other regional banks where no online transfer etc available or giving it your grand father in the village?-)
Yes thambi, why not 
"Press your winners hard exclusively" means When you know trade has proved to be correct, you should add into that. Now POP (Phantom Of Pit) suggests to enter into a trade with only 1/3rd of the position initially and add into it only when the trade is behaving according to your plan. This will save you from larger losses as if you have a loss, it will be only for 1/3rd of the position.
Remember this technique may not be applicable for all forms of trading like jobbing which our nac in into, here you may not get oppurtunity to add later. But if you are trend day trader and/or position trader, its quite effective technique.
I would recommend you to read the book "Phantom of Pits", (see previous posts of mine to get the link)
"Press your winners hard exclusively" means When you know trade has proved to be correct, you should add into that. Now POP (Phantom Of Pit) suggests to enter into a trade with only 1/3rd of the position initially and add into it only when the trade is behaving according to your plan. This will save you from larger losses as if you have a loss, it will be only for 1/3rd of the position.
Remember this technique may not be applicable for all forms of trading like jobbing which our nac in into, here you may not get oppurtunity to add later. But if you are trend day trader and/or position trader, its quite effective technique.
I would recommend you to read the book "Phantom of Pits", (see previous posts of mine to get the link)
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Now I understood very very clearly about first two rules of POP's
RULE ONE:
WE ARE WRONG UNTIL PROVEN CORRECT! (We do not assume we are correct until proven wrong.) POSITIONS ESTABLISHED MUST BE REDUCED AND REMOVED UNTIL OR UNLESS THE MARKET PROVES THE POSITION CORRECT! (We allow the market to verify correct positions.)
RULE TWO:
PRESS YOUR WINNERS CORRECTLY WITHOUT EXCEPTION
RULE ONE:
WE ARE WRONG UNTIL PROVEN CORRECT! (We do not assume we are correct until proven wrong.) POSITIONS ESTABLISHED MUST BE REDUCED AND REMOVED UNTIL OR UNLESS THE MARKET PROVES THE POSITION CORRECT! (We allow the market to verify correct positions.)
RULE TWO:
PRESS YOUR WINNERS CORRECTLY WITHOUT EXCEPTION
why do you think there are so many people in this forum. Simply because everyone has experienced losses some time or other and find some bond with nac.
So,how do you talk to someone with whom you feel some bond. without inhibitions, just saying whats in my mind after reading his post.no effort to sugarcoat my words. as long as nac is not offended i'm fine and if he says i hurt him i'll promtly withdraw my words with big sorry.
I personally trade in very hostile environment but i'm still making a living out of trading. As far as making bigger loss than nac is concerned i can tell that when i began trading i lost 30% over period of 4 months, and most of it in first 10 days due to reckless trading. subsequently kept losing for further 3 months because would book profits too early due to shaken confidence. but as i gradually reduced my losses i grew in confidence. So that was the maximum i have lost till date.
Now, since i said this,i'll like to add that this is also the reason i do not find jobbing particularly effective especially in this age of algo trading.
So,how do you talk to someone with whom you feel some bond. without inhibitions, just saying whats in my mind after reading his post.no effort to sugarcoat my words. as long as nac is not offended i'm fine and if he says i hurt him i'll promtly withdraw my words with big sorry.
I personally trade in very hostile environment but i'm still making a living out of trading. As far as making bigger loss than nac is concerned i can tell that when i began trading i lost 30% over period of 4 months, and most of it in first 10 days due to reckless trading. subsequently kept losing for further 3 months because would book profits too early due to shaken confidence. but as i gradually reduced my losses i grew in confidence. So that was the maximum i have lost till date.
Now, since i said this,i'll like to add that this is also the reason i do not find jobbing particularly effective especially in this age of algo trading.
This can happen only if your grandfather has only one son that is your father. otherwise grandfather will give the money to the son who is financially weaker than your father and you will be doomed. this is what happens in most cases especially if the weaker one stays with the grandfather in village:!
ha ha ha (nice one sanjay).
Sadiq, i am not sure, if you were having fun with your remarks on Greed and Fear, but if you were serious then there is little understanding mismatch.
I don't know how you will use Hedging to reduce loss, (at best hedging can be used to control risk and also manage exposure, and sometimes to safeguard against volatility).
the Greed (which is an enemy of the trader), is not in the exact picture which you have painted. It's not the Greed of trading more contracts or overtrading, Greed becomes an enemy within the trade, where due to greed either we don't book our profits when we should (since our greed wants more) or when we have loss we don't want to book loss (because our greed doesn't want us to end in negative, we want only positive results). The kind of greed which sometimes entangles me is after a recent high when there is a smallpullback my greed doesn't want to book profit at this level because greed says since we had little larger profit before pullback, lets wait atleast till we reach same level (i.e expecting double top), only to see a stock decline further.
All best guys for tomorrow's trade. Have fun.
Sadiq, i am not sure, if you were having fun with your remarks on Greed and Fear, but if you were serious then there is little understanding mismatch.
I don't know how you will use Hedging to reduce loss, (at best hedging can be used to control risk and also manage exposure, and sometimes to safeguard against volatility).
the Greed (which is an enemy of the trader), is not in the exact picture which you have painted. It's not the Greed of trading more contracts or overtrading, Greed becomes an enemy within the trade, where due to greed either we don't book our profits when we should (since our greed wants more) or when we have loss we don't want to book loss (because our greed doesn't want us to end in negative, we want only positive results). The kind of greed which sometimes entangles me is after a recent high when there is a smallpullback my greed doesn't want to book profit at this level because greed says since we had little larger profit before pullback, lets wait atleast till we reach same level (i.e expecting double top), only to see a stock decline further.
All best guys for tomorrow's trade. Have fun.
Aaditya sir, I think you are very very reading books on trading subject, hence you have gained much knowledage. I have not read many books but mostly rely on my commons sense. Looking at your advice I am thinking of reading some of your recomemadation books. Are these book available on internet copy.
Also how easily has you implimented the books matter in your trading style. I think it will not be very easy to do everything mentioned inthe book. Also I think reading lot of matter from different writters can confuse our minds and make things bad than what we may be today. So how you do evalue the writter and his book. Is it on the basic of best seller book or famous writter or somethings else. Kindly guide us all for our overall beneift.
Thank to you and best luck.
Also how easily has you implimented the books matter in your trading style. I think it will not be very easy to do everything mentioned inthe book. Also I think reading lot of matter from different writters can confuse our minds and make things bad than what we may be today. So how you do evalue the writter and his book. Is it on the basic of best seller book or famous writter or somethings else. Kindly guide us all for our overall beneift.
Thank to you and best luck.
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