Originally Posted by lycan
I do not have "zero experience". 99% of all the money I ever earned was earned in finances and it was a considerable amount. This money was lost but for personal reasons, not the failure to use stop losses. My advice to newbies
- Your positions should not be worth more than 2x your balance
- You shouldn't enter or exit these positions in a single trade
- You shouldn't trade against the carry
- You shouldn't sell at a loss, with or without a stop loss order
If a newbie follows these rules he will be better off than if he tries your approach. Those 4 reasons are the 4 biggest reasons traders fail. As you improve your understanding you can start to bend these rules because you can actually understand when it is appropriate to do so. There are times when you should reverse your trade (sell at a loss). But to make that decision based on a stop loss is retarded.
You just cannot stay away can you.
Newbies just need to read this:
99% of all the money I ever earned was earned in finances and it was a considerable amount. This money was lost but for personal reasons
[*]You shouldn't trade against the carry
So short AUD/JPY is a bad trade at the moment is it? (*hint - charts on previous page)
Those 4 reasons are the 4 biggest reasons traders fail
The main reason traders fail is not knowing what they're doing, having too high expectations and not using proper position sizing, money management and stop losses.
Newbies please do not take any advice from this failed trader. He will keep coming back and arguing his theories (which is all they are) despite promising to stop posting here so just keep in mind that he does not actually practice any of what he is talking about.
I really have no interest in indulging you any more, I'm only writing this so that anyone reading completely ignores any of your 'financial advice'.
Just think about it - "don't use stop losses", "don't have an emergency fund just go into debt instead", "trade the carry even when the value of your position will wipe out your account - oh actually no it's trading the pairs that count"...
Are you just trolling for the sake of arguing?