In this video I explain you with a real time trading context, what the major difference is between a trader and an analyst. Because that's how you'll easily make the difference between the one that actually trade and manage its risks, and the one that just talks and do nothing ! Always remember that if you want to learn how to analyse a market, the follow analysts ! If you want to learn how to trade and manage the risks, follow traders... ! Because being right or wrong is nothing but bullshit in a speculative prospective !
Love the analysis. I think I traded this almost exactly the way you did. Similar thought process...worth the potential gain for the relatively small risk.
Your thoughts here confirm my bias as well! Hope you are correct.
MrRenev
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20 minutes? that's way too long...
What's this obssession with "risk management"?
Like it's an art to learn or something, like it's the main aspect of trading.
Calculating ror = 30 seconds. Making sure you can sustain 1 position slipping 20 ATR = 15 seconds. Making sure you are not in several correlated trades = 15 seconds.
Here, 1 minute. That's all the time you need to allocate to "risk management".
"I am a risk mangement expert" is like saying "I am awful at speculating and I have 0 common sense but by working hours on obvious things I can make sure I lose my money slowly".
@harribatu, Your comment would carry much more weight if you had not already made 4 personal attacks against me in the past 2 months.
Now, you are going to think really hard about which one of us needs meds allright?
harribatu
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@MrRenev, 2 and a half. I reckon the first one was half compliment, I used "sometimes" as a time adverb. I admire your work, it's always pretty illustrative, and honestly I do not want to bother you again. I know we both are privileged minds and wish I could know more about markets. My apologies and keep giving us these imaginative analysis because is something the world is lacking of.
Seny i rauxa!
MrRenev
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@harribatu, Please don't appologize I feel bad now.
You and I aren't so different...
AndreyBogomazov
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Can't one be both?
Alisa89
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Thanks!!!
DataPatron
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Hi Phil, thanks for this. My personal (and not general of course) approach is to hedge immediately when the market moves against my position (1-2% risk max). It works to me mainly psychologically to not be scared (and sleep well :) to stay in open positions until market shows me clearly it's direction..
zmassey
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I do like your approach of trading within context which seems to work really well with risk management. Thanks for your insights.
Your thoughts here confirm my bias as well! Hope you are correct.