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Scot:
I couldn't agree with you more. I'm the first to admit I'm a rank "Newbie", but it
didn't take long for me to notice
that money management is a totally forgotten important aspect of a good trading
methodology.
In fact without proper Money Management and Risk Managment Skills, I'm dead meat!
Frankly I believe that If you don't have Money Management and Risk Managment Rules
integrated into your trading
system or methodolgy, you don't have a complete trading "system" or "method".
As a primitve "cave-man" style of Risk-Management, I started my trading account with
only $5,000.00 to see if it would
last the "magical" 6 months, while I was still on the "newbie" tader learning curve.
If I had the $5,000 or more in six months great!
If I didn't, it was to be written off as part of my "capital investment" along with
software, courses, books, etc.;
as part of the "cost" of geeting into trading futures. That's hardly a premise to
trade by.
I've heard every "rule of thumb" figure from 10% to 33% to 40% to 50% of available
that should be allocated to a particular
trade. Whenever I have inquired as to how that magical percentile was determined, I
more than often got the evasive bs escapist reply.
I have tried to impose from within these "mental" stops and barriers, but the
percentage always seems to creep up and I always
find myself "over-trading". Depending on my broker as an "external stop" to tell me
when I"m "over-trading" isn't so smart either.
I would really like locate any WebSites, Books, Software, information, and more
on-line discussions that deal with the topic in a
more scientific manner.
I'd like to come up with a robust, viable, working, set of Money/Risk Management rules
that are easy to establish and follow.
I've been searching High and Low all over the Net and I've included below what I've
found to date, I'd really like to hear opinions from those of
you out there, what you think, and where else I can go searching.
I've included links to where I've been exploring. I'd really like to hear from any
traders who've been dealing with Money/Risk Management
techniques.
I don't have a problem receiving e-mail from vendors...as long as they're honest and
don't try to con or SPAM me!
If you are a vendor and have a mony/risk management product or book to sell please
declare who you really are, your position in the company, and your interest, what
product you're selling, what price, etc. without the hyperbole, exageration, BS,
etc...I will simply delete the e-mail if I don't like it!
So check out where I've been gang and let me know what you think.
Thanks
Tony Parker
TONY'S MONEY MANAGEMENT LINKS
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Smartlog - Shareware Simple Futures/Options Trade Tracking Excel Spreadsheet. Just
got it and am learning to use it. Cheap!
http://ourworld.compuserve.com/homepages/svirsky/smartlog.htm
Gibbons-Burkes Stuff... Lot's of stuff Don't know what's good What's bad!
ftp://ftp.io.com/pub/usr/gibbonsb/futures/pc/
Futures Magazine Software Link List Lot's of stuff Don't know what's good What's bad!
http://futuresmag.com/resources/fosites3.html#anchor7368243
Futures Magazine Free Downloads Lot's of stuff Don't know what's good What's bad!
http://futuresmag.com/industry/downloads/downloads.html
Probability of Ruin
http://futuresmag.com/industry/downloads/optf_por.exe
Optimalf Z-Score Money Managment Methods
http://futuresmag.com/industry/downloads/xls498.zip
OptimalF Shareware Want's Money! Has anyone tried or is using It now?
http://www.garlic.com/moneysoftware/optf_por.exe
OptimalF Page Shareware & Software Want's More Money Has Anyone tried it or using it
now?
http://www.garlic.com/moneysoftware/balence.html
Scot Billington wrote:
> MONEY MANAGEMENT
>
> I recently saw an experiment in which a $100,000 account was traded using
> various money management techniques. After 11 years of simulated trading
> using the same trade results, the final equity of the account ranged from
> $382,000 to over $640 million. That difference shows the power of money
> management.
>
<SNIP>
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