Risk is the only one thing we can control in trading once a trade is put on. If the only one thing we can control in trading isn't an intregal part of an EDGE, then how can anything else even be considered remotely an edge, when you have no control over it....Again, I know nothing , see nothing and hear nothing....I just buy sell lose and win...
Of course not! But without positive expectancy you can be guaranteed to lose over the long haul! Also from Elcubano "Risk is the only one thing we can control in trading once a trade is put on. If the only one thing we can control in trading isn't an intregal part of an EDGE, then how can anything else even be considered remotely an edge, when you have no control over it....Again, I know nothing , see nothing and hear nothing....I just buy sell lose and win..." A reflection of how a professional thinks! p.s. we are also managing risk prior to placing a trade. Regards Johno
If you don't think someone that Intraday trades needs focus and a lack of distractions to trade consistently, regardless of the confidence they have in whatever system they are using then you are farther gone than I ever believed. The psychology of trading is about personal mental focus and clarity of situations and occurrences, it isn't about you and your normal weekly appointment with the shrink that treats your Ostrich complex.
then you probably have longer way to go. risk control is over-rated. have a $50k account, and trade 1 ES contract, there - money management problem solved. the hard part is, how do you trade 1ES and make $100 day, instead of losing $50 per day consistently. How do you time entries/exits - what is your edge?
How long is the long haul? What if I don't hang around for the long haul to get me? (negative expectancy works) Or what if I die before the long haul arrives for me to profit. (positive expectancy does not work)
An edge need not be complex or something that nobody else is doing (although on the lower TFs it better be unique in order to last). However, if you have a 55% win rate you still need MM to profit (i.e. let your winners run to pay for the bad trades). The lower TFs may not be filled with noise and random movements, however, it is fair to say that the competition is quite a bit greater on the tick and 1M charts. Also the cost of doing business can make all the difference to your equity curve after 10-20 years. Those costs add up more than you can realize.
there is no such thing as so called edge. if you trust yourself and believe you are able to make it, that is your edge. market is the same all the day, up and down, down and up.