The secret of succesful traders

“Trading successfully is all about decision making, although because of money and our natural instincts, many people cannot remove their emotions from their decision-making process, sufficiently.” Stuart McPhee
 
Srkisrle said:
I don't presume to know too much, but I have been (prop) trading for 10 years now. I teach courses, or used to, for my little office. The first thing I tell the newbies is that a trader sits on a three-leg stool. Remove one of them and you are going to fall so hard on your ass it won't be even funny. 1. Psychology/emotions 2. Correct risk/money management 3. Strategy/pattern

Saying any of them is more or less important than the other two is nonsense, IMHO. Correct psychology/emotional control may be the hardest to achieve, but without the other two, you are also dead. I guess learning a strategy or to recognize a pattern, especially if someone with knowledge is kind enough to explain it to you, is the easiest one. But most books stop there (even if they write about correct "strategies"). Just my few cents...
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Traders minds are like those of these truck drivers , without the correct mindsets , they are doomed to fail.

Half information is dangerous


 
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