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lovethetrade
A trading system/method that you follow religiously.
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What makes Successful Traders?
- Thread starter Jamie J.
- Start date
A trading system/method that you follow religiously.
Successful trading in a nutshell. Here it goes:
1. Learn and develop skill (method/sizing/repetition)
2. Accept randomness
3. Accept and respect risk
Good luck with #1. All these psychology coaches on ET crack me up. It's like the blind leading the blind.
1. Learn and develop skill (method/sizing/repetition)
2. Accept randomness
3. Accept and respect risk
Good luck with #1. All these psychology coaches on ET crack me up. It's like the blind leading the blind.
profitlocker:
1) why do you think people repeat the same mistakes over and over again in trading?
2) why people have difficulties accepting randomness?
3 why people have difficulties accepting and respecting risk?
4) why people have difficulties developing and learning skill ?
Do not spit on "psychology" ( I would say spirituality as it covers more than spcyhology) : it is actually the only thing that will allow a trader to make huge progress.
Let me give you an example.
One trader's statements : 80% win rate. Risk reward on average 3:1.
Now, you look closely, position sizes vary from 1 to 200 times.
What would you do to get the trader to stick to the same position sizing?
Edge? psychology?
One trader's statements : 80% win rate. Risk reward on average 3:1.
Now, you look closely, position sizes vary from 1 to 200 times.
What would you do to get the trader to stick to the same position sizing?
Edge? psychology?
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lovethetrade
Frustration, impatience, propensity for impulsive decision-making, lack of concentration and focus, lack of conviction regarding their method, they don't know what to look for, randomness, a tendency to overcomplicate things.
They try to predict rather than make decisions based on what the market is signalling it will do, they don't know what to look for.
because they're really gamblers not traders, they're not prudent and in it for the long haul, lack of experience.
This specific skill takes years to learn and is one of the most difficult so no surprise people have difficulty.
Furthermore, the market conditions are constantly changing so all the mistakes made and learned in the prior day are not necessarily applicable the following day.
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Luck is a small sample; do more, good post
Thank you for expanding a bit further
1) NO EDGE
2) NO EDGE
3) NO EDGE
4) THE WORLD NEEDS DITCH DIGGERS TOO
with
May I ask: what motivated you to expand?
1) NO EDGE
2) NO EDGE
3) NO EDGE
4) THE WORLD NEEDS DITCH DIGGERS TOO
with
May I ask: what motivated you to expand?
Being able to Accept, knowing that you don't have to be the smartest one to play game well, being able to understand that the area that is the most boring is the area you have to spend the most time=Money Management. It is exciting to develop signals to enter, but MM is crucial before the possible trade, during entry, after entry and when to get out. More time you spend on MM, your idea of perfect entry becomes less important unless you are Scalping.
I think most of your jokes are really good, so thanks for that.
The quote above caught my eye as typically US and non European. We like our heroes robbing the rich to give to the poor i.e. Robin Hood. Capitalists seem to have turned that ethic on its head ?