The NO. 1 Secret Of Success In Trading
- Thread starter MarketAddict
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I used to be a trader on a roller coaster my first 10 years or so, these days I am a risk manager, not from my own brilliance so much, more like adapting over the years from my many blunders. I had to fool proof my trading so that I could not F it up. That has made all the difference, going on 13 years making new equity highs with the longest peak to new peak high being 19 days and a ROR that sure pleases me.
When you truely face your biggest weaknesses they can become your greatest strengths.
"The first 100 years are the hardest"
When you truely face your biggest weaknesses they can become your greatest strengths.
"The first 100 years are the hardest"
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Its not a negative comment . We have all been there in the begining . Just dont get too overconfident this market will break you down .Just keep an open mind to continue improving your trading plan . Some of my biggest losses is after a winning streak .
Everyone's giving trading advice and wisdom as if they are successful millionaire traders themselves who've been through the grind, and hell and back. and lived to tell the tale.
This is not to say it's a requirement or their advice is worthless, but just generally potentially be aware of both sides of the coin.
But then again, a rare successful trader can give trading advice and wisdom to 400 people...and I wouldn't be surprised...if all 400 of them still failed, or got nowhere.
This trading game can be highly subjective and ambiguous still. In spite, of having a good mentor.
This is not to say it's a requirement or their advice is worthless, but just generally potentially be aware of both sides of the coin.
But then again, a rare successful trader can give trading advice and wisdom to 400 people...and I wouldn't be surprised...if all 400 of them still failed, or got nowhere.
This trading game can be highly subjective and ambiguous still. In spite, of having a good mentor.
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lawrence-lugar and everyone else:
Good comment. I am not and have never been a consistent profitable trader.
Do you think a trader that do not make money trading should give others advice on how to trade? I personally do not give trading advice to anyone because I make no money doing it. I would give know-how help, but not advice.
L
lovethetrade
The NO. 1 Secret Of Success In Trading
There's no number 1 secret of success to trading. You have to be a good at many things.
One thing is for sure though, you have to be persistent and work really hard to get to the light at the end of the tunnel.
There's no number 1 secret of success to trading. You have to be a good at many things.
One thing is for sure though, you have to be persistent and work really hard to get to the light at the end of the tunnel.
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I'm glad that you like the post. All I wanted to do is give people hope..
imo there are three distinct ways to achieve success in the trading business:
#1 develop, market and sell tools and services to prospective and current traders. if that does not interest you and you have a light to mild gambling itch you may try option #2...
#2 get a job with a shop that manages/trades OPM. asset management industry is a giant one, with many places to start. if that doesn’t do it for you and you suffer from a mild to severe gambling itch you may go for choice #3...
#3 develop a working approach/system/method that has a good shot at producing favorable trading results over time and trade your own money for a living.
anything else will, imo, result in an erosion of your capital stock over time.
#1 develop, market and sell tools and services to prospective and current traders. if that does not interest you and you have a light to mild gambling itch you may try option #2...
#2 get a job with a shop that manages/trades OPM. asset management industry is a giant one, with many places to start. if that doesn’t do it for you and you suffer from a mild to severe gambling itch you may go for choice #3...
#3 develop a working approach/system/method that has a good shot at producing favorable trading results over time and trade your own money for a living.
anything else will, imo, result in an erosion of your capital stock over time.
Easier said then done. Might as well just say that the best way to become rich is to be born rich.
Indeed. Mean reversion to the upside has been very powerful for many years. The secret, for me anyway, is to make sure it is part of a tested (backtested and realtime) method. And to use non-stoploss, but limited loss, trades. Yep, good ol' long options.