Quote from jonbig04:
IMHO
Their edge isn't based on their own analysis, so they don't trust it to work as much as they would if they put the time and effort into it and could see what the market is telling them.
Also, I believe that mental discipline is a huge part of trading and if not addressed no profitable system will save you, simply bc you won't be able to execute. Of course discipline without an edge is equally futile. You need both.
No its not stupid, it's the truth.Quote from Sky123987:
this is so stupid. the mkt doesn't care what your personality is. Rather than try to focus on what's your personality is just try to focus on what you'll make you the most $ / risk
Quote from illiquid:
Most aspiring (as well temporarily successful) traders fail because they believe all they require is an "edge". But hint hint, they don't call them "edges" for nothing, for they are meant to be smoothed away over time.
Trading is difficult to teach because the most effective traders know their markets inside out and take each situation as they come, one by one, while novices want easy to apply templates for rinse and repeat patterns. When I think in terms of my own trading, I can no longer understand/apply the concept of "edge" beyond pure experience and action; either I know the market and time frame I am trading, and take the proper steps to take full advantage, or I don't -- and lose. What experience gives you above all else is knowing exactly why you win or lose, as opposed to just guessing/tweaking the "odds" in retrospect.
Quote from Pa(b)st Prime:
Short Term Technical Trading: I'm going to be both emphatic and controversial. There's is no system based on short term indicators generating anything other than real time random performance. It's utterly naive to believe the next few ticks can be handicapped by a stale set of variable equations. Now I know some of you are thinking I'm out of touch. That's because you've just successfully back tested some esoteric system with divergences, crossovers and filters. You're sure this new optimized system is gold. Think again. First the obvious. The Goldman's, Morgan's and big bucks CTA's with their vast computing power and impeccable tick data have already tested every conceivable indicator under the sun. Even if you're onto something remotely consistent you'll be subject to all the problems of high frequency short term trading such as commission costs, unable price orders and slippage. Now here's the good news. There's many signals derived from longer term strategies that will produce quality short term trades. Which signal has a more reliable chance of generating quick follow through? A new 5 minute high or a new monthly high? As a technician doesn't it make better sense to monitor a wider array of markets and spot higher percentage opportunities then to âspecializeâ in a single market and take a series of weak signals derived from noise?
Quote from MandelbrotSet:
Traders trade according to their personality, not their system.
The system has to fit the personality of the trader to work, otherwise they will fail.
***
You just have to keep working at it ... try to determine whether you like to trade a trending system or a counter-trending, more trading range based system, and then try to build on that knowledge.
Best wishes.