Mathematical plans are a result of mathematical calculations so clearly not from watching at charts. I don't care about charts. Charts can fool you. I only use the ticks as they come in, nothing else. Everything that follows is based on these ticks. All information can be found in these ticks. But at least 95% of people don't see this or have no clue how to get the information out of these ticks. You are apparently one of them. If they don't exist according to you then don't waste your time searching after them. I can be fooled but my account cannot. The figures that are there are real and confirm each year again that my odds are significantly better than 50/50. As long as I can take money out of an ATM machine I don't care that I am fooled. Maybe that's foolish but...it is what it is. Foolish no?
Everyone has winning trades and losing trades. It's how you manage these trades that will set you apart from other traders. Risk management is the crux of trading.
Not true. It is the overall expectation that makes any strategy a success. You can have a strategy that loses money 90% of the time (e.g. buying underpriced convexity) or you can have a strategy that makes money 90% of the time (e.g. reverse of the strategy above). While allocating capital to each trade (i.e. what you call "risk management") will change the path dependency of the strategy and keep you in business longer, it's the overall statistical expectation of the strategy that will make you money over time. Risk management is useless without a positive statistical expectation. As statistical expectation increases, the importance of risk management decreases.
Risk management is about mitigating risk. It has no a priori knowledge about the outcome of your trade, only knowledge about the risk metrics of the trade. So it can not give you positive expectation in any form. E.g. you are about to buy a stock. Before you dial your broker, you determine how much capital you want to commit. That's a risk management decision. However, your expectation that this stock will go up has nothing to do with risk management, it's due to some other information that you have collected via whatever means you have. Risk management will limit your losses in case of an adverse outcome. However, it has no bearing on the overall expectation of the strategy.
FALSE. Risk management is not just about mitigating losses. It is about managing trades. Prudent Risk Management is what creates positive expectancy ----nothing else does.