Can You Define a Successful Trade?

[fxgator]

This single question seems to be at the heart of both success and failure as a trader.

I'm curious as to what others use as their measuring rod for success. Is it accuracy, net ROI per trade, a positive MFE/MAE ratio, not getting stopped out, leaving a certain % of pips on the table in each position held, etc. etc., etc. How do you define it?

When you look in the mirror in the morning and say to yourself: 'You know something, you are a successful trader," what does that mean exactly?

Define: Successful Trader.

 

[Handle123]

Define: Successful Trader.

Everyone has different agendas or goals, depends on the cycle of skill and years of trading I would think. But when I wake up in morning, to me, I am concentrating on not having a losing trade. By keeping my losing percentages extremely low, I have many more options like averaging down on each trade, so that on breakeven trades, I have made money. Most think it is getting in at perfect places is the answer, but reading the chart after that is where the profits are.

 

[trader_phil]

I guess a successfull trader is a combination of successfull trades and money earned with a touch of balance between your social life and trading life!

 

[tenthousandmen]

Quote from fxgator:

This single question seems to be at the heart of both success and failure as a trader.

I'm curious as to what others use as their measuring rod for success. Is it accuracy, net ROI per trade, a positive MFE/MAE ratio, not getting stopped out, leaving a certain % of pips on the table in each position held, etc. etc., etc. How do you define it?

When you look in the mirror in the morning and say to yourself: 'You know something, you are a successful trader," what does that mean exactly?

Define: Successful Trader.

makes money & stays legal.

 

[shopster]

Success has to do with finding and following one’s calling in life.

In trading, many apply but very few are suited for the game.

s

 

[TRS]

Quote from shopster:

Success has to do with finding and following one’s calling in life.

In trading, many apply but very few are suited for the game.

s

perseverance, discipline, confidence and humility
and a bloody good mentor helps....

money is a by-product.

 

[textrader4]

There is only one measure to determine if you are successful or not:

Your P/L.

Period.

 

[VielGeld]

+ve over a consistent period with a demonstrable edge, for the "trade" part.

Emotional stability and ability to take a loss while demonstrating focus, discipline, dedication, and extreme patience for the "trader" part.

Also, a Zen-state of mind is not required, but highly recommended!

 

[oilfxpro]

Quote from textrader4:

There is only one measure to determine if you are successful or not:

Your P/L.

Period.

The p/l and of wall street crooks is bigger.So they are successful in trading?

Trading by investment banks is robbing their clients , by robbing bonuses from funds.

 

[Ghost of Cutten]

Quote from textrader4:

There is only one measure to determine if you are successful or not:

Your P/L.

Period.

Not true, you can get a good P&L by luck, or by taking silly risks, or by using a strategy that banks coin 4 years in a row then blows up after 5 years. Successful traders can have down years, or lose large sums due to bad luck from external events.