If you had to name one quality to succeed in trading, what would it be?

Quote from jamus:

I really think anybody can be successful at trading as long as they use good money management ie cut they losses short and ride their winners. Its as simple as that. It doesnt matter what techniques you use under the sun like contrarian, trend following even throwing darts to choose what to trade and when. Cutting losses short and riding your winners above everything else is all one needs. Views?
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If I had to limit myself to just one quality, then I would choose persistent dumb luck.
 
Quote from axeman:

You will have to excuse me because im a bit cranky right now...

But I get REALLY tired of hearing this crap.

Trading it A LOT MORE than simply money management!

I can give you a HUGE list of complete trading systems with
GREAT money management that will LOSE YOU TONS OF MONEY.

Period! This MYTH that its all about money management is
getting really old.

You **ALSO NEED AN EDGE** or all the money management
in the world is completely useless.

Wheeeew... im ok now :D


If you have a great edge and no money management, you will
blow out. But with no edge... you dont have a chance in hell PERIOD.


peace

axeman
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axeman,

yep. the only thing good money mgmt does is make you bleed SLOWER than usual if you have no edge! You gotta have an edge!
 
Yup... and the bleed is called commission+slippage.
Which you will pay on every non-edge trade you take until
your account is GONE. :D

peace

axeman


Quote from misctrader:

axeman,

yep. the only thing good money mgmt does is make you bleed SLOWER than usual if you have no edge! You gotta have an edge!
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