This. But specifically stop treating a trade as a single entity. You can spend years doing single trades and mixing the specifics of that one trade and the generalized reason for the trade. This is great for spinning around in a wide circle. When you write scripts or code to trade you are trading in 10,000s of trades at a time, just different times and situation. This is an entirely different development, deployment, and longevity. Also you realize, to quote a Vulcan, it is "infinite possible trades in infinite combinations".
Good Morning PPC, This is exactly what I am doing and will continue to do. From my experience only, that other stuff you wrote does not work for me. Sorry, but it is far more easier to stare at the chart and guess discretionary to make money.
normalized to three contracts per trade, the Y M robot has made $168,349; NASDAQ $258,980; CL $188,006 Angie C 108,410
Profitability boils down to average Reward to Risk and %Win. PB-Q: %win x R:R - %Loss (1-%Win) A coin toss being 0.5x1-0.5 is 0 Now increases either P or B and you’re profitable (>0) Avoiding the worst trades and doing more of the best ones. Limit your max daily loss. You can always come back tomorrow. Losing the least on your bad trades and winning the most on your good ones. Avoiding mistakes … One penny saved is a penny earned. Give the least and take the most. Trading only when you have an edge, Most of the time … Just stay away. Trade only real asymmetries (Low Risk + High Probability) You don’t have to trade / make money. You have to exploit the best opportunity. No real opportunity = No trade Is the risk worth the reward ? Yes ? Don’t take the bet. It’s fair only. Is the risk ridiculous compared to the reward ? Yes ? Take the trade. It’s an unfair bet that’s favorable to you. The risk has to be low enough for you to go all in. But the reward has to be high enough for you to bet only a small portion of your bankroll to be satisfied. Be consistent and learn from your mistakes. Don’t repeat them over and over.
@Sekio Totally agree with your list. Yet, unfortunately, most of unprofitable traders will just read it, and not implement it. I suspect it's because those who are not consistently profitable tend to not learn from their mistakes because of their unwillingness to put the PROCESS BEFORE OUTCOME. They prefer immediate gratification (which often turns into 'tilt'), instead of focusing on long term solution such as compounding They focus on the outcome and at the expense of the process. I see it on this forum over and over again. Never works in the long term. (Been there, done that myself).
Absolutely, the Titan submersible that was unfortunately lost at the end of their descent sets a reference point for life, it turns out they recorded a likely 'implosion' event at the exact time the submersible stopped responding, however it was not 'definitive'. Now the most reasonable action based on that knowledge was to wait for an ROV and confirm the findings, however this is not how the human race functions, everyone on the side of 'not definitive' will state you need to keep looking for moral and various other reasons. But do you, now those search vessels will be charging $millions to someone to perform that search when it was within an almost certainty not necessary, in the coming months someone is going to have to absorb those $millions will it be the US Coast Guard, the US Government, the Canadian Government, it will probably be the assets of the submersible owners, weak money changes hands. Now imagine that process in the financial markets, in the public forums, and you have the one single driver to why everyone loses capital, because everyone is there to absorb in the blink of an eye anything which is deemed 'lacking confidence', which is then manipulated, twisted, contorted in to something much greater 'a catastrophic disaster' due to the number of people ultimately involved in the process who need to be paid.
First of all, I must say that the method that gives you profit continuously is very unlike and far from reality because the nature of forex is risky and losses happen. But it is possible to state the cases and tricks that greatly increase profitability. As an example, understanding the market is one of them. And also creating a well-defined business plan with clear objectives, target audience identification, and a roadmap for achieving goals helps in maximizing profitability.