Rules-Based Trading: quotes and resources

studentofthemarkets said:
I wasn't referring to having a 100% accuracy rate per trade, but if you can find one thing that repeats itself consistently in a tradeable way, then even with a few losing trades, it's "guaranteed" to make a profit.
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A trading system that has more losses than wins will make a profit if you win more per trade than you lose. Don't be afraid of losses, just keep them small.
 
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studentofthemarkets said:
True. Before I can ask that I need to ask myself why I haven't made well thought out rules. I have always resisted the idea of having strict rules for trading, but now I'm at the place where I need to make developing these rules my priority.
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USE discretion;
even if you are very sure you its a uptrendbull maket/sideways slop chop\ or bear move[Bear move is not a bear market/200dma helps. ]
Example of discretion; i know IBD founder had made many millions in funds, data, trading/investing; but he says ''i dont know why people use ETFs/ i can make more money with stocks''. I do, i can lose less with ETFs , so most likely make more money in long run.
NOT a prediction , not bank insured...........................................................................
Good, SOmarkets, thanks.
 
studentofthemarkets said:
HOW DID YOU KNOW? That's exactly what I followed when I blew my account end of July!

I have the first two rules of my new plan written out:

View attachment 269083

I had to put "find one thing" because I have several strategies in the making, but need to spend a little more time narrowing it down to one strategy and then make the strict rules for it.
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There is no ONE thing that garanteed to work in trading, the best odd you can get in each trade is probably no better than 75%.
 
yc47ib said:
There is no ONE thing that garanteed to work in trading, the best odd you can get in each trade is probably no better than 75%.
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Yep. I was thinking in generalized terms. One set up that is guaranteed to work over time. Wasn't clear about that. Thanks. I agree.
 
itzhakk said:
I believe that having very strict money management rules allows us to be more confident with our trading because this will let us know that even if our set-ups are not that good, we still will not blow our account.
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THAT;
200dma helps also...................................................................
 
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