Strategies ...tactics..techniques..are all just one side of the coin. The other side is performance. Trading is a high performance activity. Extremely. Psychology affects performance. That is why two traders can look to trade the same chart with the same strategies ..tactics..techniques.. one will be a winner..the other a loser.It is easy to have a strategy.
But it is how you manage the trade, that can turn a good strategy, into a great one.
Management is not easy, because a strategy is what you force onto the market.
While, managing a position, entails having an in depth understanding of market and all it's indiocracies.
no mentorship or book or training can really help you, to get that understanding, in a short amount of time.
This has to be learnt , cannot be taught and the time taken to learn is usually measured in multiples of years.
ADD TO THIS THAT YOU ALSO HAVE TO MANAGE YOUR OWN EMOTIONS AND INDIOCRACIES.
If you consider all this, success in trading , is really a daunting task and it is hardly surprising that 95% supposedly fail at it.
only those, who have the emotional and financial stamina, to withstand the ordeals of trading, will succeed.
i have never come across anybody that says "i started trading and i immediately was successful"
That, no one even attempts , to lie such a thing, shows how unlikely that is
HOWEVER IN THE END THERE IS NO BUSINESS LIKE
TRADING
Why is trading so difficult?
- Thread starter padutrader
- Start date
¡¡¡ ROFLMAO !!!
yes i remember that and you have a point.Thank you f or replying
Brooks is unique and he stresses one very important point: that of perfect technical patterns being rare.
why do perfect patterns and perfect technical situations turn out to failures or even traps?
if there is perfection in technicals, then the direction is clear and in that case, no one will take the other side of the trade.
i do agree that Brooks does come up with sheer diamonds but unfortunately he covers them up with shit so most people see only the packaging
if you have a trend would you scalp?
The direction is NEVER clear in perfect classical patterns or imperfect patterns. The market is always filled with uncertainty and always will be filled with uncertainty. Any pattern can and will succeed or fail. However, patterns in certain contexts have a higher probability of succeeding than failing. It is a judgement call based on context..patterns within that context..and market dynamics as the pattern was forming. A good discretionary trader will out trade and out last ANY automated trader or systems trader. Providing he/she has a deep understanding of PA and how to assess probabilities as patterns are forming within larger contexts AND is psychologically geared and practiced for high performance.
You didn’t ask me ..but.....ABSOLUTLEY I WOULD. Much more money can be made scalping trends than taking a position and holding until the trend ends.
Especially if there is a trend. Gotta fade the crowd. I dont like scalping in a range. Yes, you make a few small scalps here and there, but sooner or later it will break out of the range and chance is high that as a fader you will be on the wrong side, and the move has just started. Better to wait for a breakout from the range, watch how more and more lemmings jump on that train and then start fading it for small scalps. Usually after a breakout you have higher volatility, so your scalps will be more rewarding than those in a tight range.
Of course this will not always work, like with everything. Here and there it will happen that the crowd will just continue its stampede and run you over if you just sit and watch. You have to know when it is time to get out. But with some experience and a feel for the market you trade, on average there is some good money to make that way. It also depends on your character, what type of person you are, if you enjoy such a contrarian style. I enjoy trading that way, it is nice and fun for me, but to you it might feel wrong and I would not recommend it then. Everyone must find his own way.
Do you pray to Lord Ganesha , as I do, for prosperity, success etc. ?
The only thing I could never figure out is why he only has one whole Tusk & the other is severed?
The only thing I could never figure out is why he only has one whole Tusk & the other is severed?
He broke the feather while he was writing the Mahabharata.The only thing I could never figure out is why he only has one whole Tusk & the other is severed?
He had to write continuously....(maybe he was tripping(?))... so he broke his tusk and wrote with it. (definitely tripping)