Advice from a seasoned trader: 20 answers from over 30 years of trading in bityard. part1


I am trading in bityard, Why say in futures market must learn to lose money first?
This is not a joke, as I often say, though some people laugh as much when they hear it as when they hear the comedian’s punchline. Let me talk about the real meaning of this sentence from several aspects.

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(1) Pay your bills clearly

At first, the people who enter the market with insufficient preparation and ignorance, there are many people who lose money muddily, that is, they lose money without clarity.
I saw it firsthand during the 1994 coffee boom in the United States, when customers with empty orders pointed to their computers and shouted at brokers, “You stop that!”

How do you hold it? Soon they were out of the futures market within minutes. Is this a wrong compensation?

This client does not know how to set a stop loss, also do not know time potential to recognize the loss. Do not know how to control the risk, is the money lost unclear? It was also the client’s first order, and I never saw the client again. I think maybe he from now on with futures bar! Because in the end he didn’t understand how it could be, and futures were just a memory of disaster and fear for him.

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How to make clear?

It’s about understanding the big risks, and losing money on your own plan, on your own thinking, on your own expectations.
It sounds bad and like a joke, but it’s not. I’m not asking you to be proactive in finding money to lose. I’m not asking you to lose money on purpose.
The goal, of course, is to make money, and what I’m saying is that each time we should have a specific plan: if the market moves in the opposite direction, at which price to enter the market, how much money to lose when we leave. Being sensible enough to admit losing a battle. But that doesn’t mean we lost the war. There is no need to worry, the chances will come again, as long as we have the strength to win at any time.
What I mean by clear loss is that you should know in advance how it will affect your overall operations, whether it will have a significant impact, and what tactical and strategic adjustments you will need to make if you lose the money. But also the effect on mentality.
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(2) The compensation should be reasonable

Not every loser in the market is a bad one, and not every gainer is a good one. The key to a good trader is to make reasonable losses and make rules.

What does that mean?

First of all, the proportion of profit risk should be reasonable, which is how much risk to seek how much profit.
For example: if the market goes back to prepare to claim 30 thousand yuan to leave. If you get it right, you can make $3000 before you reach the next resistance and support level. Is that a good reason to get in?
If the market goes against you really lose money to leave, so I think you lose unreasonable, because you took the risk of ten times greater than the profit, seems to have completely forgotten the concept of small.
You are a “big, small”, even if you win nine times in a row is not enough to make a loss.
But how sure are you to make a profit continuously? With such a train of thought operation, not before entering the market has been successful.

If the ratio of profit to risk were reversed, don’t you think the loss would be more reasonable?

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Secondly, should recognize the loss of the price in an effective support and resistance level, that is to say, should be identified as you recognize the loss of the entrance, so that they have a reason to defend.
Pass is much empty contend for intense price, here we can prove the development trend of general situation with minimal cost. The futures market often plays a classic play with a small and broad scope at these hotly contested crossings.

Third, if the market is in a hurry to attack the market and violent down market, you have to follow the trend, the above two conditions have no reference value. How to do?

1) Small single volume follow up with the market to continue to the expected direction of progress and then gradually add warehouse, the first thought of risk control.
2) The momentum reverses slightly or stagnates, leaving immediately without regard to profits and losses. Remember, any market we dare to do, because we can decisively control the risk.
Some say doing a single should be bold, some say it should be steady. In fact, they are all right. They are global stability and local boldness. Overall stability, individual boldness. Both are indispensable)

Why is it said that unilateral trend cannot be reversed?

A one-sided market is theoretically a great opportunity to make money, but people who are used to ups and downs are shocked by this seemingly irrational market.

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For example, in terms of unilateral price rises, think that has risen very high, sooner or later to fall? Still choose a higher price to do empty! As far as MY experience is concerned, in the unilateral market because the market does not set a stop loss, so a wave of market damage or even kicked out of the people in.
Moreover, it is extremely difficult to persuade people to go long in a one-sided trend. Then, and still now, I always stress not to do the opposite. Why is that?
First of all, we often talk about the “one-way irreversible market” but who really understands this sentence? What is potential? What is the big picture? Unilateral city is the biggest trend! Can you spot the bigger picture? You do the opposite, this is more stupid than giving up the opportunity! ? It was a good opportunity that turned you into a disaster.
It’s hard to find a graphic metaphor for this stupidity in real life. If that’s not a inverse what else is?
Nothing is absolute, of course, and if you do see an extremely effective historical resistance level, it doesn’t make any sense to try shorting, but stop losses should be in place. Only firm stop-loss discipline is absolutely necessary in futures markets.

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