Do you have the 'make money' gene? How about the 'keep the money'?

[jeffalvinson]

I believe success is not any one single thing, but a combination of things I call Systematic Disciplined Management:

Systematic:
You need a trading system that works the majority of the time
over a long period of market history that included uptrends, downtrends and trade range markets.
This system needs pre-defined entries, exits and stops, and it keeps plugging away with the same consistent methodology over and over again, month after month, year after year.

Discipline:
You need the will power and intestinal fortitude to follow that systematic trading method without question in the face of adverse market conditions and execute the plan exactly as written, no questions asked!

Management:
You need a trade management plan for profit, loss and hold time that is consistent on all your trades and has a reasonable Reward to Risk ratio with respect to the trading system's
Win/Loss Ratio.


It takes a strong mind set to be able to trade like that,
and quite honestly I still struggle with it after nearly a decade of trading.


Jeff

 

[Voodoo-king]

Quote from Cesko:

I don’t think people are unable to, just unwilling to....
Then you should be able to explain that to insane person to gather himself, discipline himself to straighten up his thinking.
Remember "being normal" is relative term.

I have no idea about how to do that, all I was trying to say is that everything is a choice. A person might chose to listen to reason or he might chose to ignore it. Some are born with fewer choices than others, but still everything is a choice. A person might not be smart enough to be a successful trader, but still everything is a choice. If ur that person and tries to be, u try to choose the impossible. Sometimes I wish I could fly like superman, I can’t but it doesn’t mean I don’t have a choice.

Insanity is just an idea, my idea of it might differ from urs. I don’t think I’m insane risking the amount of money I do in the market, most people probably disagree. If to be sane is to be normal, then u have to be insane just to make money in the market, most traders lose money a commercial on bloomberg tells me.

If u enjoy making money in the market u would be insane not to. If u enjoy wasting money on slot machines u would be insane not to. This has nothing to do with discipline, its choosing what ur nature prefers doing. If people are choosing to do insane things, then the society is insane for not giving better choices….ehm or maybe not.