I 1000% agree with you on this part speedo. Everyone wants to talk about the end results or outcome toooo much. Rarely anyone talks about the quality, testing, dedication, research and development require to trade consistently profitable.
This very true speedo. very true. Part of my failures and slowness was due to my own not willing to put in the work and testing. You right
Man, you are right on that part for sure. There is no short cuts, I personally have not find any short cuts in this trading business. If a trader does not know what he/she is doing, losses will will tell you what you are doing, Losing.
+ plans their trades, trades their plans + knows and practices smart risk mgmt + recognizes and trades best patterns + is rules-based with tested rules; always testing, improving + doesn't overtrade out of boredom just because the market's open + wires money/profits out of account regularly to pay yourself + does not waste profits on hookers & blow, lol. amps ok + openly shares lessons learned on ET + doesn't believe phony youtubers claiming $100k winning days (glad to see ftc/sec is busting bsers) + politely ignores skeptical friends/family members + NEVER GIVES UP
From Seth Klarman: “Did we ever mention that investing is hard work — painstaking, relentless, and at times confounding? Separating relevant signal from noise can be especially difficult. Endless patience, great discipline, and steely resolve are required. Nothing you do will guarantee success, though you can tilt the odds significantly in your favour by having the right philosophy, mindset, process, team, clients, and culture. Getting those six things right is just about everything. “Complicating matters further, a successful investor must possess a number of seemingly contradictory qualities. These include the arrogance to act, and act decisively, and the humility to know that you could be wrong. The acuity, flexibility, and willingness to change your mind when you realise you are wrong, and the stubbornness to refuse to do so when you remain justifiably confident in your thesis. The conviction to concentrate your portfolio in your very best ideas, and the common sense to nevertheless diversify your holdings. A healthy scepticism, but not blind contrarianism. A deep respect for the lessons of history balanced by the knowledge that things regularly happen that have never before occurred. And, finally, the integrity to admit mistakes, the fortitude to risk making more of them, and the intellectual honesty not to confuse luck with skill.”
If there's one thing you'll notice reading Market Wizards it's how different all the succesful traders are. Both their personality and their approach to the markets. The one common thing you need to be a successful trader is experience. And that's not just sitting in front of the screens like a dummy. You need the right experience. Takes a long time. Then there are those who actually more or less got lucky and just happened to be in the right place at the right time.
The good stuff is not "subjective". I will go so far to say it's, "100% FACT... always true". That's the part one should be building a trading strategy around. (Is your mind buzzing yet? )
Speaking of "gut feeling" and/or "intution".... I once heard a long time trader say about gut feelings... "When you think you're having one of those, get out of your chair, walk over to the door, and pound your head HARD against the jamb until the feeling goes away". IOW... gut feeling and intuition have no place in trading. Speaking from personal experience, I have never had a "gut feeling" about a trade possibility. FWIW...