Trading is a combination of business, art, science, gambling and attitude. The question is to what proposition. There are professional gamblers who treat gambling like a business and succeed. And there are business people who do the other way and spoil the business. Similarly there are tons of traders who treat trading as short cut to money rather than a profession. Trading is a discipline of business, art of psychology, science of strategy, controlled gambling and primarily an attitude. Anyway its good a news for disciplined traders that there are lots of gamblers around who don't display a character in their trading.
Hi Bone, A crocodile? You're telling Rajescheck that successful traders are like reptiles? How about a lion or a tiger, or maybe a cheetah? Sheesh...
When I personally think of a successful trader...I generally think of a cold-blooded reptile -- rather than a warm mammal,
On this I absolutely agree with you. I found my holy grail a long time ago, it's managing R:R. Losses are irrelevant, if I have R:R under control, I will make money.
Whatever it is, you need to be the apex predator, not food. And yes, the saltwater croc is the apex predator in its area.
Some of us often forget and many not even aware that trading is a blend of Art, science and psychology. There are innumerable ways to trade. In any Art there is nothing right or wrong. In trading there is nothing right or wrong until the trader makes money consistently. The process of creating a strategy is an Art. Blending a suitable risk management is science. Executing the strategy in a disciplined way or lack of it is psychology. All that we think and do about trading is right...until we make money consistently.