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Kane Trading
on:
Jim's 10 Favorite
'I
want to blow up my account'
Trader Tricks
The following is meant to be satirical, done in a fun format,
hopefully to better get my point across. Given my mathematical background, I
decided to do this in an If/Then format.
If: You are trading without
a fully comprehensive 'Trading Plan',
Then: You might as well take all of the
money from your account, bring it out to the back yard, douse it with lighter
fluid, light it up, break out the marshmallows and weenies, and make better use
of your money.
Note: All of the following tricks would actually be covered under a
comprehensive 'Trading Plan', so you really only need the first one.
If: You
deviate from your 'Trading Plan',
Then: You might as well take all of the money from
your account, bring it out to the back yard, douse it with lighter fluid, light
it up, break out the marshmallows and weenies, and make better use of your
money.
If: You trade without a stop in place,
Then: You
might as well take all of the money from your account, bring it out to the back
yard, douse it with lighter fluid, light it up, break out the marshmallows and
weenies, and make better use of your money.
If: You over leverage your account
with these ridiculously low margins they offer, or risk more than a small
fraction of your account (I prefer a 1% theoretical) on a given trade, or put
too much into a single position (even if it is still below your theoretical
risk per trade), or into multiple correlated positions,
Then: You might as well take
all of the money from your account, bring it out to the back yard, douse it
with lighter fluid, light it up, break out the marshmallows and weenies, and
make better use of your money.
If: You trade without 'context' from at least two
higher timeframes from your setup timeframe (the 'traded timeframe'),
Then: You
might as well take all of the money from your account, bring it out to the back
yard, douse it with lighter fluid, light it up, break out the marshmallows and
weenies, and make better use of your money.
If: You put more than 10%-20% maximum
into the setup part of your 'Trading Plan',
Then: You might as well take all of the
money from your account, bring it out to the back yard, douse it with lighter
fluid, light it up, break out the marshmallows and weenies, and make better use
of your money.
If: You think you are ready to be a professional trader with
less time, effort, money, and resources than it takes to be a doctor,
commercial airline pilot, professional athlete, architect, or similar
professional,
Then: You might as well take all of the money from your
account, bring it out to the back yard, douse it with lighter fluid, light it
up, break out the marshmallows and weenies, and make better use of your
money.
If: You think you can start a trading business grossly
undercapitalized (or any business for that matter),
Then: You might as well take
all of the money from your account, bring it out to the back yard, douse it
with lighter fluid, light it up, break out the marshmallows and weenies, and
make better use of your money.
If: You keep trading when you are sick, tired,
have a headache, just had a fight with your husband or wife, have a family
crisis, are depressed, or are going through any serious event in your life, and
so on,
Then: You might as well take all of the money from your
account, bring it out to the back yard, douse it with lighter fluid, light it
up, break out the marshmallows and weenies, and make better use of your
money.
If: You think this is an easy game, a way to make millions
in your pajamas, that all that junk you see on infomercials is 'real', as well
as all that stuff you get in the mail and at just about all those 'we'll teach
you to trade in a weekend' seminars, and that you can make a living on a few
thousand dollars trading part time in a highly leveraged market like futures or
FOREX,
Then: You might as well take all of the money from your
account, bring it out to the back yard, douse it with lighter fluid, light it
up, break out the marshmallows and weenies, and make better use of your
money.
Disclaimer: This is meant to be satirical, for fun. I hope everyone
took it that way. No one should ever light anything up in their back yard with
lighter fluid. Do not try this at home, no matter how many of the above
you are guilty of!
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