Secrets to success in trading

[Evermore2017]

When I was in Chicago learning how to floor trade(which I never ended up doing), Mickey Hoffman used to tell everyone that it took a thousand trades to become a trader. Of course no one believed him. We just stood there with our mouths open like typical noobie traders. Anyway the number is higher.

I have 885 trades, I'm close.

 

[schweiz]

not the strategy?

That is obvious, it was part of the tactics. If not I might have wiped out again.
Instead of testing in real trading I went to papertrading till things were stable and profitable.

 

[Esha.J]

That is why I have mentioned that I wish there could be a strategy which always has a winning trade.

 

[Fadip]

Forex Trading is a very risky and complicated thing to understand. There is no defined secret for success in this market. There are crucial tips to understand before trading like keep your emotions at bay, be patient, don't trade while the market is volatile, etc.

 

[murray t turtle]

Be happy? If your position-sizing was appropriate, etc. ... but for myself I'd want to see the rest of the 300+ trades as well.

The reason I mention a statistically significant number of trades in my description is simply to try to prompt people to realise that in the long run it's consistency that matters more than profit percentages. If I were investing in other people's trading, I'd want to see at least many hundreds of consecutive trades, and wouldn't be interested in someone who has quickly doubled an account, because I'd expect their position-sizing probably to be reckless. I'm more interested in looking at the size and frequency of their drawdowns. Many naive and inexperienced people approach trading from a perspective of how much they can make, and how quickly, rather than from a perspective of risk management, don't they?

%%
Yes+ Ela, while being to demanding could be wrong; pedantic originaly meant[old englshShakespeare] a teacher of tutor, 2] Good pedantic point on 1,000 trades ........................................................or 10 years whichever required/requires more work. I saw a drawdoWn that was 60%; + it did not bother me, because it was not mine.It was a hedge fund named ''60% DrawdoWn''; it did bother me,i never was able to find that fund after they published that in a magazine But i did not look 1,000 times or 10 years.

 

[schweiz]

But i did not look 1,000 times or 10 years.

These 1,000 trades were in less then 2 years daytrading. So not 10 years like you assume. Nothing pedantic. Just a wrong assumption from you.

 

[murray t turtle]

So not 10 years like you assume. . Just a wrong assumption from you.

%%
I see your points; 10 years was not an assumption@ all . Its an average cycle has has a bull market + bear market. I like paper trading also ..... because i use federal reserve notes; +a brokers demo never helped me much-maybe if i had a photograph ic memory LOL I / prefer paper graphs/charts also..................

 

[murray t turtle]

It does not matter how much you have in your account be it $1,000,000 or $20,000. If you do not have proper position sizing and risk management, you will blow up your account. My female doctor friend blew her account up multiple times and replenished it again and again. She has lost millions but, still hard headed and stubborn and will not make the needed changes. I feel bad for her but, she refuses to change. Just piling on the losses!

%%

Most Doctors are smart; but as they say in ChicagO, the smarter you are the longer it takes LOL. Budgets help but ChicagO tends to be right on trends.......

 

[smallfil]

%%

Most Doctors are smart; but as they say in ChicagO, the smarter you are the longer it takes LOL. Budgets help but ChicagO tends to be right on trends.......

The problem with that is it becomes a very expensive habit. You only have losses with nothing else to show for it! You are probably, better off gambling in Las Vegas because slot machines use RNG to choose the winners. Bad trades only result in more and more losses. Atleast, if you lose millions in Las Vegas, they will treat you like a queen and lots of perks, hell, even maybe, get a discount on your losses! And if you win big, you can offset all the losses! Watch Diary of a Las Vegas whale featuring Don Johnson. I think that documentary movie is still in Netflix. If not, you will find it in You Tube!

 

[padutrader]

these places.

wrbtrader

interesting that you sign your posts....i dont hoping that nobody finds out...but you seem to take full responsibility for your posts
serving in Korea etc is an experience, anyone who has not served, will ever understand, what it is really like to have been out there