MO's MBT Micro

free & uncensored discussion arena for TheRumpledOne

Moderator: moderators

User avatar
MightyOne
rank: 5000+ posts
rank: 5000+ posts
Posts: 5251
Joined: Wed Dec 10, 2008 6:33 pm
Reputation: 47
Gender: Male

Postby MightyOne » Thu Dec 17, 2009 2:53 am

Brookmyre wrote:Hi Mo,

why is 1/6 such a significant number?



Because it works for me :lol:

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

User avatar
MightyOne
rank: 5000+ posts
rank: 5000+ posts
Posts: 5251
Joined: Wed Dec 10, 2008 6:33 pm
Reputation: 47
Gender: Male

Postby MightyOne » Thu Dec 17, 2009 3:15 am

aliassmith wrote:I see why MightyOne has a strong hatred for moving
stoplosses to break even. The "big boys" made a run
on my order 4 times before it moved in my direction.


I forget which of the market wizards said it, but they said something like:

"If I protected open profits as aggressively as I protect my capital then I would never make a lot of money."


If you are going to reduce risk then you should do it by selling off a portion of your position.

User avatar
Braathen
rank: 500+ posts
rank: 500+ posts
Posts: 612
Joined: Mon Jul 20, 2009 6:21 pm
Reputation: 1
Location: Infront of the PC O_o
Gender: Male

Postby Braathen » Thu Dec 17, 2009 3:18 am

Its been a great 2 weeks with using 1/6th range.. its not magic or nothin but it paints a larger picture for u.. it really opened my eyes to what i was actually doing.. Thanks MO again again.. I really dunno how u come up with this stuff.. my brain just isnt that creative.. or maybe i should stop smoking s**t all day.. i dunno.. just to puor a little out here.. still feel lost :(
"Trading is the ability to see & to plan & to act; it is not crystal balls, precision entries, and ego stroking."
MO-

aliassmith
rank: 1000+ posts
rank: 1000+ posts
Posts: 1668
Joined: Tue Jul 28, 2009 9:50 pm
Reputation: 22
Gender: Male

Postby aliassmith » Thu Dec 17, 2009 4:36 am

MightyOne wrote:
aliassmith wrote:I see why MightyOne has a strong hatred for moving
stoplosses to break even. The "big boys" made a run
on my order 4 times before it moved in my direction.


I forget which of the market wizards said it, but they said something like:

"If I protected open profits as aggressively as I protect my capital then I would never make a lot of money."


If you are going to reduce risk then you should do it by selling off a portion of your position.


Currently I have my standard order as half of what my order should be and enter two times. This way I can eliminate one to reduce risk instead of moving stops up.
Trade Your Way as Long as It Makes Money!

User avatar
aVi
rank: 50+ posts
rank: 50+ posts
Posts: 84
Joined: Tue Mar 24, 2009 4:30 am
Reputation: 0
Location: The Island w/ Kate
Gender: Male

Postby aVi » Sun Dec 20, 2009 10:46 pm

MightyOne wrote: I forget which of the market wizards said it, but they said something like:

"If I protected open profits as aggressively as I protect my capital then I would never make a lot of money."


If you are going to reduce risk then you should do it by selling off a portion of your position.


Do you remember if that is from Market Wizards or New Market Wizards? That sounds like an interview I need to read from start to finish. :?
Wake up Mr. Green...

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.

User avatar
MightyOne
rank: 5000+ posts
rank: 5000+ posts
Posts: 5251
Joined: Wed Dec 10, 2008 6:33 pm
Reputation: 47
Gender: Male

Postby MightyOne » Mon Dec 21, 2009 9:22 am

aVi wrote:
MightyOne wrote: I forget which of the market wizards said it, but they said something like:

"If I protected open profits as aggressively as I protect my capital then I would never make a lot of money."


If you are going to reduce risk then you should do it by selling off a portion of your position.


Do you remember if that is from Market Wizards or New Market Wizards? That sounds like an interview I need to read from start to finish. :?


It is from The New Market Wizards.

From what I see they take really long term trades (at the very least several hours) and/or trade options.

I keep looking for a (less than 1 hour chart) day trader who trades large position sizes, but I cannot find one.

Everyone is right if given enough time to be correct.

ie

Who knows what will happen an hour from now, but some time in the future I will be proven correct :lol:

aliassmith
rank: 1000+ posts
rank: 1000+ posts
Posts: 1668
Joined: Tue Jul 28, 2009 9:50 pm
Reputation: 22
Gender: Male

Postby aliassmith » Mon Dec 21, 2009 2:50 pm

The New Market Wizards..... an interesting read :)

One lesson that could be drawn from Lipschutz's trading style is
that you don't have to get in or out of a position all at once. Lipschutz
scales in and out of virtually all his trades. One sensible piece of
advice for most traders is this: Avoid the temptation of wanting to be
completely right.
Trade Your Way as Long as It Makes Money!

aliassmith
rank: 1000+ posts
rank: 1000+ posts
Posts: 1668
Joined: Tue Jul 28, 2009 9:50 pm
Reputation: 22
Gender: Male

Postby aliassmith » Tue Dec 22, 2009 2:15 pm

The New Market Wizards...


Many managers will book their profits when they're up a lot early in the
year. It's my philosophy, which has been reinforced by Mr. Soros, that
when you earn the right to be aggressive, you should be aggressive.
The years that you start off with a large gain are the times that you should
go for it.
Trade Your Way as Long as It Makes Money!

aliassmith
rank: 1000+ posts
rank: 1000+ posts
Posts: 1668
Joined: Tue Jul 28, 2009 9:50 pm
Reputation: 22
Gender: Male

Postby aliassmith » Wed Dec 23, 2009 2:51 pm

The New Market Wizards...

The key to building wealth is to preserve capital and wait
patiently for the right opportunity to make the extraordinary
gains.
Trade Your Way as Long as It Makes Money!

aliassmith
rank: 1000+ posts
rank: 1000+ posts
Posts: 1668
Joined: Tue Jul 28, 2009 9:50 pm
Reputation: 22
Gender: Male

Postby aliassmith » Thu Dec 24, 2009 2:13 pm

The New Market Wizards...

I don't set price targets. I get out when the market action tells
me it's time to get out, rather than based on any consideration
of how far the price has gone. You have to be willing to take
what the market gives you. If it doesn't give you very much,
you can't hesitate to get out with a small profit.
Trade Your Way as Long as It Makes Money!

Please add www.kreslik.com to your ad blocker white list.
Thank you for your support.


Return to “TheRumpledOne”