The NO. 1 Secret Of Success In Trading

[vincentnyc]

Apparently all u mofo are not good in math. Let me do the math for u: $500 X 252 trading day = $126,000/year. I don’t know where u from. But that buy a lot of peanuts.

 

[GlobalMacro90]

Controlling risk will not work wonders over time , over time probability ( profit factor for pedantic twats ) is everything. With good probability tightly controlling risk will waste opportunity , without probability tightly controlling risk will waste your time . I know that George Soros and Warren Buffet have taken big risks at times, if you last in this game you'll make thousands of trades ,you'll look back and realise the bottom line is all about probability and is generally hurt with tight money management , but never hurt by higher probability trades. Most on here talk a lot about money management and most arn't profitable.

Disagree. Obviously your system/method needs to have an edge, or provide positive expectancy over time. But risk management means a ton over time as well, if not for the simple fact that preserving your money, and compounding from that number, will turn into a much bigger number compared to taking a big loss and compounding from there...

a 50% loss need a 100% gain to get back to even...

I get what you mean by Soros and Buffet, when they feel like they have a big edge they aren't afraid to put a lot of chips on the table. That is different than general risk management (limiting losses) through time however.

 

[volpri]

Ok vicente..if that is what you need from the markets ...no problem....some greedy guts are NEVER satisfied.

“To bed to bed said sleepy head..lets wait awhile said slow..hang on to the pot said greedy gut lets eat before we go”

 

[QuasWexExort]

Apparently all u mofo are not good in math. Let me do the math for u: $500 X 252 trading day = $126,000/year. I don’t know where u from. But that buy a lot of peanuts.

Typical maths from a beginner's profit luck. Taking a very short sample and multiplying it into a "expected yearly income" thinking every day will be the same.

 

[vincentnyc]

Typical maths from a beginner's profit luck. Taking a very short sample and multiplying it into a "expected yearly income" thinking every day will be the same.

Nope. Not beginner. Been averaging 60+ trades/month for the last 6 months.

 

[tomorton]

Typical maths from a beginner's profit luck. Taking a very short sample and multiplying it into a "expected yearly income" thinking every day will be the same.

I love that game. I still play it. Its great fun in the dark quiet hours of the night.

 

[schweiz]

Nope. Not beginner. Been averaging 60+ trades/month for the last 6 months.

Less than a few years is a beginner. The fact that you think after 6 months you are a professional proves that you are a beginner.

 

[vincentnyc]

Less than a few years is a beginner. The fact that you think after 6 months you are a professional proves that you are a beginner.

Sometimes a beginner know how to trade or know more than someone who spend 10 yrs trading and not making any money because he hasn’t learn anything. I let you marinate that in your brain for a sec.

 

[qxr1011]

Sorry to break it to you, but there's no one thing that's going to make you successful in trading.. Matter of fact not just trading but in life.. It's a combination of different things that will make you successful.. I'm not going to list all here because this is not school and I'm not the teacher.. But I will say this. You will need a detail plan that works (write your plan out).. When to get in, when to not get in, how to exit, and risk management. And you will have to work on your emotions too, but I don't think trading is 95% mental like most people think.. But you will screw up if your emotions aren't in tack. What will help with your emotions somewhat is having a good a plan that works, because a working plan will help you build confidence.. So the next question is, where do you even find a good plan/strategy that works?

Well that's when your 10,000 hours come in.. Sorry folks.. I'm not here to water things down and have you thinking you can start trading tomorrow and make thousands next week.. I want to give you the hard cold truth.. It took me 10 freaking years to be able to trade full time and I'm still learning new things every month.. Are you willing to sacrifice 10 years? If not, stick to your 9-5.. I'm not saying it will take you 10 years to become profitable, but it's a possibility..

So how do I trade? I look for certain levels, wait for a certain pattern and then I pull the trigger (pic below). Do I lose? Yup! How many trades do I lose in a row? Everyday is different.. Some days I don't lose at all.. Some days I lose 2 in a row, some days 3 or 4.. I had days where I lost 6-7 times in a row and still made a profit or break even, but I don't trade that reckless no more lol.. You will have to prepare your mind to lose 10 times in a row and be ok with it.. If you are new to trading you should have a daily loss limit.. So if you lose 3-4 times in a row then you should stop trading for the day and start over tomorrow..

One of the main reasons people can't make it in trading is because they can't get used to losing.. They have been brain washed by society that losing is bad.. But in trading, In order to become successful you will have to lose.. You will have to lose to win.. With trading you can be right 40-50% of the time and still make money..

So the next thing I will say is when you are making your trading plan make sure it involves your winners being bigger than your losers.. I'm not going to lie, it's easier said than done, but that's where your 10,000 hours come in play.. I'm addictive to manual back testing.. That's how I come up with all my strategies.. I study the chart 7 days a week.. Are you willing to put in that much work? Anyway, when it comes to taking profits, I will take profits much quicker when the market is ranging, and when the market is trending I will let that bad boy run.. So you will have to know how to identify a trend and a range in real time. Again that's part of your 10,000 hours...

So the next question is, how bad do you want it?

nothing new and that's why it already sounds trivial

most of the people can spend their whole life, not just 10000 hours and will never become a sustainable trader regardless how bad they want it...

they have no time, no money, no ability, and no talent

also its not a matter of hours , its a matter of trades.. one has to make imho 100,000 trades (for most this number is beyond reach - they will die sooner ) before expecting to create something looking like a working method

and also to whom this writing ?

to the wannabe bozos?

they have no ability , no trading life experience, to comprehend even these trivialities, especially on current bull market (when they think they are geniuses )....

some day they will mature , but by this time market will clip their wings and their balls ....

they will become cripples , and you see a lot of those on this forum as well


so all in all: those who can will figure-out on their own, those who can't will not

 

[Evermore2017]

...
also its not a matter of hours , its a matter of trades.. one has to make imho 100,000 trades (for most this number is beyond reach - they will die sooner ) before expecting to create something looking like a working method

and also to whom this writing ?

to the wannabe bozos?

they have no ability , no trading life experience, to comprehend even these trivialities, especially on current bull market (when they think they are geniuses )....

some day they will mature , but by this time market will clip their wings and their balls ....

they will become cripples , and you see a lot of those on this forum as well


so all in all: those who can will figure-out on their own, those who can't will not

I only have 672 trades