TomPaperPractice

@my_monay hey man, i saw your frustrated comments you wrote in the chat today. I looked over some of your recent trades, and one thing stood out right away to me. i saw many losses over 10%, and even some over the 20% area. the number 1 rule in trading is to cut your losses quickly. never trade on hope. cut your losses quickly, and if you still believe in your initial read of the stock, you can always get back in later at a different price. cut your losses more quickly and that should help you a lot. try to keep your average loss below 5%. that will help you protect your money. don't forget, protecting your money and not losing it is almost MORE important then how much money you are making. good luck! i'll try to be of assistance, and i'm sure there are many other people in the chat who are far more successful than me (like michael goode, ask him a question in chat through private message and he'll help you) who are willing to help

TomPaperPractice
TomPaperPractice Jul 08, 15 10:08 AM

also, maybe try paper trading for awhile until you refine your strategy, that way while you're learning, you won't actually lose any real money

my_monay
my_monay Jul 14, 15 8:12 PM

I appreciate your advice man, and yes this is very frustrating.

Join now or log in to leave a comment
TomPaperPractice

i funded my real money account, so for now, i'll be laying off of the paper trades and posting more on my other profitly. I consider this a pretty successful test. my real money profitly account is TomG (thomas gatehouse)

Join now or log in to leave a comment
TomPaperPractice

@TomPaperPractice just became a fully transparent trader today!

Received 1 Karma
TomPaperPractice
TomPaperPractice Dec 17, 14 8:28 AM

i'm not 100% certain, but since the market data for the paper account comes from the real account, I believe you have to have a funded real account (if its not funded, you can't sign up for/pay for the martek data) to be certain though, you couuld get in touch with the IB customer service

knightworkstrader
knightworkstrader Feb 18, 15 9:57 AM

Tom! accounts looking good, nice steady growth (even though its paper) how are you finding trading, have you been doing it since only last december?

TomPaperPractice
TomPaperPractice Mar 05, 15 11:38 AM

@whiteknightandy hey, sorry it took so long to answer. no, ive been trading for awhile now, a few years. i've done options scalping, longer term options spreads, swing trading small caps, now trying tim's strategy.

TomPaperPractice
TomPaperPractice Mar 05, 15 11:40 AM

@whiteknightandy my favourite is still options scalping. i love the fast quick moves and getting in and out quickly, but i wasnt very good at it and could never find a way to stay consistantly profitbale. so i decided to move on.

Join now or log in to leave a comment
Page
of 1