The biggest challenge I am facing is finding a process that I can execute with the limited time I have available that I believe will generate the best possible returns in the long run. I am not comfortable simply putting my money into the S&P500 and hoping. Certainly it has been pretty good for the last 10 to 11 years, but I do not want to be sitting in a buy and hold position for the next 10 to 15 years and end up with zero or less returns. So I am looking for something better.
I have tried some option selling strategies, but to win the probability game leaves you tied to a computer executing a lot of trades to get an edge. I have just not been able to get this to work.
But, what I am understanding from your book on Trend Following makes sense to me and appeals to my desire to establish a clear process to pull profits from the market.
I don’t know if you will actually read this but here goes. I am a brand new trader from South Africa. I am currently completing a PhD degree in Public Law at the University of Cape Town. My area of focus is on transnational organised crime in Africa and I would love to carry out my academic work (which is my passion) without worrying about how I will pay the bills. That is why I am exploring the option of forex trading.
So far I am learning as much as I can and have not had major concerns aside from finding reliable and consistent information. It appears that a lot of people are trying to make money from forex trading by selling courses, signals, seminars etc. However, I am hopeful that your platform will turn out to be a valuable source of learning material.
Thanks for reading this. My biggest problem is not getting out of losing trades fast enough… like those calendar put spreads I just bought on June 3rd – UGH! It’s hard to adjust when the market does such a volatile about face. I’m actually a fairly adept trader, so what I meant as a bear trade turns into a bull put calendar, and I will dance around for the next 6 weeks hoping to sell enough premium against my long put, whose value nearly evaporated in a heartbeat, just to get to break-even. Sorry, was that a run-on sentence? So when I’m wrong on a trade, instead of just getting out quickly, I often waste a ton of time and energy in my fight to get even. I found a crisp looking copy of your book “TurtleTrader” on my bookshelf yesterday, and was shocked when I opened it to find I had underlined things in it. My brain must be going, as I didn’t recall when or where I got it, and didn’t recall reading it. Looks like I didn’t make it to the end, but I’m going to carefully read every page this time, I promise!
I live in South Africa, I’ve only been trading for about 6 months and have doubled and halved my account 4 times now (boom and bust as Mark Douglas puts it). I grew up with nothing and has worked myself up into a very good corporate finance position (which is not my passion) but I think growing with without any money left me with some subconscious challenges which might be holding me back. I’m open to any suggestions with regards to helping me overcome this if you have any.
I find that when I’m successful in my trading (i.e. doubling my account) I become to aggressive and as a result I pyramid my leverage to quickly which results in my stop becoming to narrow and expensive. I guess my biggest challenge is sticking to my rules, being too impatient and over trading.
The biggest problem that I faced was once I first created my first system, I had serious problems using way too many indicators and constantly switching them when I lose a few trades. This for me was the hardest thing to get over. The best thing was that I started with a very small amount of money, so I didn’t lose any significant amounts. I am know a trend follower in heart and use indicators but only to guide me on the strength of the trends I am trading. I have your trend following book and can relate to everything written. I currently just bought your complete turtle trader book. I one day hope to be featured in books like these, trading is my life. I have a full time job that allows me to pay bills and constantly add funds to 1 of many accounts that I have. I currently trade Forex, Stocks, Options and Cryptocurrencies. Use my same trading methods on all but with different time frames. Sorry that I went a little beyond the scope of the question, its just this is what I love to do and its very hard to find like minded people to even discuss this stuff with. Thank you for your time.
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