As a struggling and losing trader who is now consistently profitable, I would say that you have made it as a professional trader when you assign more pain to not trading your plan than you do to losing money. I now follow a wet of Rules of Engagement before entering a trade (aka Trade Plan) Nothing I repeat Nothing will make me waver from my plan and now I do not approach the market in a variable fashion whatsoever!!
Sounds like the start of successful trading future. However you should have a process for determining when your strategy is no longer functional. Doing ongoing In-process quality assurance on your trading will let you spot this before significant loss are endured.
Thanks for your reply. I took a course where positive expectancy and backtesting were the main focus. Allowed me to have a belief in my model to take all setups and signals. Prior to this I did not respond to signals nor did I backtest. What a great way to Live!!! Trading is the b est job in the world. Cheers
IMO you have to be able to consistently net profits through several different types of market cycles spanning several years - you can't take 2 months or even 2 years and project forward. When you've managed to re-invent yourself a couple of times and still make money through 'thick and thin' then fantastic. The only certainty in trading is that the markets change and you have to use a system that accomodates those constantly changing dynamics and still holds up. It's a marathon, not a race.
" Many are out of the game due to attrition. " attrition is a result not a cause. what are u trying to say?