%% Partly true; successful drivers can stick shift without looking @ stick shift or grinding gears much. I have no idea if successful day traders exclude charts-that could be very wrong/unlikely. It sure would be wrong for many swing traders/investors. There are so few/very few above average commercial short term funds,[ market makers are in a different class] But Crabbel Capital Management has used plenty of charts..........................................................................................
Hope traders don't use the DICTIONARY to help in their trading. Using dictionary to check for accurate precise legal definition of the words like forecasting, predicting, anticipating, envisioning .. wouldn't help in your trading. Instead look at your Trade Journal. Then go fine tune your trade plan.
%% Mostly right; except the dictionary can help with word even if you know the meaning.WHY?? Merriam Webster Synonyms of trend; tend+ drift + incline+ run+ tide+ trendline +current......First use 1777. I've seen all those patterns in an uptrending bull market, SPY,QQQ. Same way with polar bear trend in TSLA .................................................................NOT a prediction
I agree just an understanding of concept is not enough to be successful in trading. Its only with practice that you will be able to make consistent profits and in fact even that will take time. And yes a trading journal will allow you to view your trading activities and take better decisions for future.
Unsuccessful and newbie trader focus on minimising loss. Succussful trader focuses on maximising profit.
I disagree If by 'minimising loss' you mean risk management, then it's likely that successful traders focus much more on managing risks than maximising profits. Also, it depends on your trading style. If you're a classic long gamma global macro or CTA guy then loss minimisation (putting on asymmetric trades with minimal loss, maximum upside) will be incredibly important. GAT
Disagree. Newbies and unsuccessful focus on profits. Successful focus on risk. Risk-focus is not the same as "minimizing loss" insofar that risk is an inherent property... risk of a notational value is omnipresent in every trade, making "minimizing loss" akin to risk aversion. If trading was risk-free there wouldn't be large groups of unsuccessful. The flip side is risk offers potential reward. A long trade can end with a price of zero, a short trade can end with a price magnitudes higher. Somewhere inbetween is an acceptable risk for the reward that is being offered. It is up to the trader, the methods used, and the trade plan to determine an acceptable notational value of risk, which is only loosely related to "minimizing loss" as it is the trader that defines what is acceptable and what is minimal. One mans garbage is another mans treasure. If you have done the work, profits take care of themselves.
newbie trader focuses heavily on technical analysis, on adding more and more fanciful and complex indicators, and little focus on mind and money management successful trader focuses heavily on mind and money management.
As the Principal of such a Firm, I could not disagree more. Every strat we use, was built Non-Predictive ... by design. In fact, we derive almost our ENTIRE edge, from the risk models of each strat, and how those risk-models for each process interact with one another. Entries are nearly (nearly, but not totally so) meaningless to everything we do.