Roadmap to successful trading

[smcoder]

Quality post
Risk management could have been the first block as that's where most traders don't emphasize enough and end up blowing up their accounts by just going with the trade plan.

If you don't have a strategy, what is it that you manage? Starting directly with risk management to me does not make much sense.

 

[Raheel Shaikh]

Exactly, people start with trade plan and just keep trading.
you gotta understand risk factors before diving in with trades and building a trade plan

When you trade for prop firm you have a limited drawdown, trust me people don't know what's risk management and just come with solid trade plans, thinking they could be making millions in a week.
i see your point but if we learn risk management before we start trading, i believe the losing percentage of people will drastically go down.

 

[murray t turtle]

I don't think yours is luck, it's experience. And this is not a science, it's mostly a statistical game.

%%
Good points
I like the elitertrader quote ''almost a science'' LOL.
More like weather forecasting , not weather prediction.....................................

 

[Overnight]

...
i see your point but if we learn risk management before we start trading, i believe the losing percentage of people will drastically go down.

That is true and false. See my journal, and adjust YOUR company to MY system, and you will then, and only then, find your percentage of clients losing money going drastically down. I've been at this for 7 years. Still a work in progress, but it it there, dude.

 

[Raheel Shaikh]

That is true and false. See my journal, and adjust YOUR company to MY system, and you will then, and only then, find your percentage of clients losing money going drastically down. I've been at this for 7 years. Still a work in progress, but it it there, dude.

Thank you man appreciate it
is it a trade plan with regards to the forex markets?
also for my personals views id love to have a look, you can attach it to your post here or email it to me

 

[smcoder]

That is true and false. See my journal, and adjust YOUR company to MY system, and you will then, and only then, find your percentage of clients losing money going drastically down. I've been at this for 7 years. Still a work in progress, but it it there, dude.

@Overnight share it here if you can, I believe others might also be interested in evaluating it

 

[davidrichard]

To be a successful trader you need to tilt every little factor in your favor as much as you can. Trading is like an ocean of dangerous rip tides where a surfer can’t afford to go with just one element in place. Every little thing matters for him to survive. In the same way a trader should also work on different trading elements.

 

[waynejackson]

@Raheel_Shaikh I second that. Every trader calculates the profits in his mind before entering the market but no one calculates the risks. A trader should always determine a realistic risk to reward ratio. This is the first step to protecting yourself from a big loss.

 

[Overnight]

Thank you man appreciate it
is it a trade plan with regards to the forex markets?..

No, it is not. That was a mistake of mine because I forgot you are strictly Forex, as opposed to futures. My strats would not work with FX because FX is truly cyclical in nature. Sorry about that!

 

[deaddog]

I learn what not to do by losing then back testing.

I have suggested many times that beginning traders study why traders fail then just don't do that stuff.