Newbie trader's first taste of success

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icarus17
Posts: 2
Joined: Sat Sep 09, 2017 11:18 pm

Mon Sep 11, 2017 7:14 pm

So today was my first green PNL - just wanted to thank all the helpful gents on here for the time and effort they put in. Looking forward to sticking around and learning more as time passes.
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iambic_pentameter
Posts: 184
Joined: Wed May 18, 2016 1:24 pm

Mon Sep 11, 2017 9:55 pm

Well done.

At this stage of the journey, the main objective is to protect your bank so don't worry that the figures seem small.

What I would say, is that despite having 2 losing trades on the trot, you seemed to bounce back and get 5 in a row - that's a great result.

Iambic

Bluesky
Posts: 365
Joined: Mon Sep 19, 2016 9:26 pm

Tue Sep 12, 2017 8:06 am

Well done Icarus I agree with iambics comments, but would just like to add a couple of notes of caution.

1. As you no doubt realise one days results don't really mean much in the big scheme of things.

2. Bearing 1. above in mind, your average loss is a fair bit bigger than you average win. Now is this usually the case, or with so few results to look at we cant really make that assumption. Average wins and average losses depends upon ones style. Some people (scalpers for example) can have a very high win rate with quite a few scratch trades and a very small number of losses. The average size loss however will often be much bigger than the average size win.

Conversely some traders can have a win rate below 50% but can still do very well because their average sized win is much bigger than their average sized loss. Most successful financial traders I have met typically had win rates of between 30 and 50%. Win rates of 30% can be very tough to deal with though because the losing runs can last a long time.

stueytrader
Posts: 148
Joined: Tue Dec 15, 2015 6:47 pm

Tue Sep 12, 2017 11:49 am

But I'd like to add to the posts above: remain positive.

It will hit you hard the first time you have a very bad day or 7 days in row like that, but that also will not mean much in the bigger scheme. If you keep going with good principles, you can carry on your progress, and/or bounce back when the bad times come.

Stu.

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