I mean, as the market is unpredictable, some time it won't go as many people's expectation and would go to some rare trends, really big trend, the probability may be low, but when it happens it may be tremendous profitable, I an wondering that does a professional trader will do that mix with mostly traditional trading or they just hate that kind of things happen? what is the best choice we deal with that?
Does trading really need imagination or inspiration?
- Thread starter pengwu550
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You do not know what is going to happen next. That is the reality of it! So, your emphasis should be in things you can control! What you have control over is your risk! If you are going to trade, you need to observe proper risk management and position size. Treat each trade equally because you never know ahead of time which trade would be the big winner, so why keep guessing? Windfall profits will fall in your lap when you least expect it. You do not have to look for it!
you do need a lot of imagination to come up with a sound trading plan if you don't have a mentor (this better be someone you know personally since there are a lot of snake oil vendors out there) ... al the rest is patience, discipline (not trading when you shouldn't), sticking to your rules, money-management, buy support, sell resistance ...
More perspiration and determination
Trading needs a lot of creativity and inspiration. Doing the same as everyone else gets you nowhere, unlike in 99% of other professions (1). Coming up with a trading plan/strategy/system or whatever you wish to call it requires a lot of creative thinking, it's really an art as there's really no guidebook (for why see point 1). True success stories rarely are interested in mentoring or giving away their ideas, salesmen are always eager to "give" it away. So the quality of information you can get is very lopsided.
I can't stress enough how underrated creativity is when it comes to creating a plan. Now, execution is the opposite of that, you need to be firm and conservative. You have to flip your personality depending on whether you're creating or executing, it could explain why few can do it.
I notice many beginners on ET do the opposite. They are conservative and unimaginative when creating a plan (take some indicators, worn out patterns) but when they execute, things go wrong and they turn creative to salvage their accounts. It all ends badly.
I can't stress enough how underrated creativity is when it comes to creating a plan. Now, execution is the opposite of that, you need to be firm and conservative. You have to flip your personality depending on whether you're creating or executing, it could explain why few can do it.
I notice many beginners on ET do the opposite. They are conservative and unimaginative when creating a plan (take some indicators, worn out patterns) but when they execute, things go wrong and they turn creative to salvage their accounts. It all ends badly.
Paraphrasing Yogi Berra, "Trading is 90% mental. The other half, physical."
There is some grunt work. You have to do some work. If you are too lazy to even put in an effort, just buy a lottery ticket! Nobody is going to write your trading plan, do your trading log to record your trades for you, nobody is going to analyze your past trades to fix your mistakes, nobody is going to give you more monies if you blow up your account because you do not have any risk management and proper position size in place. I made a lot of mistakes because I had to learn to trade on my own. Still learning because you have to keep getting better as a trader. You are lined up against hedge fund managers, big investors and traders, insiders, politicians with connections, all with information you do not have. Now, if you do not have even the basic skills of a good trader, what are your chances of succeeding? Slim to none!