A broken watch is right twice a day

Discussion in 'Trading' started by Traderwithnoname, Mar 7, 2025.

  1. Bad_Badness

    Bad_Badness

    First step is you need an overall strategy. That is for you to decide. You will go through several before you find that fits. Finding ones that are not for you is actually a good thing.

    Then you need:

    • Tactics for entry and exit AND possibly reversals when you are wrong.
    • A GREAT attitude and strategy for taking losses.
    • Another great attitude to taking profits.
    • The above wrapped up into a good risk management system.
    • The ability to review and improve the above.

    This will keep you in the game and remember trading is about 100's or 1,000 or trades per year. You have to get consistent. Until you actually have some experience, as the above, it is hard to tell anything, so don't try to draw conclusions until there is something worth analyzing.

    Essentially learn the scientific method*, apply it to trading, learn to accept your emotions, and learn the basic nuts and bolts of trading. Most things worth doing take time. Hard things with lots of competition, take a LOT of time. Trading is not for most people because it is simply too hard, full of false hope, and the $$$ torques people in the extreme.

    Doing a good job and working hard will pay WAY more than chasing some "social" method etc.

    *Remember it is about sets of trades as well as a single trade.

    Truely, best of luck.

    PS: Find a mentor if you can.
    PPS: As for bull or bear, ideally you are agnostic but doing one or the other, is like always making right or left turns, it has its own issue. You need both.
     
    Last edited: Mar 8, 2025
    #11     Mar 8, 2025
    sridhga likes this.
  2. Handle123

    Handle123

    Some digital watches blacken out, so is that considered "Black Monday" and S&P tumbles 2000 points by weeks' end?
     
    #12     Mar 8, 2025