In my quest to formalize and improve my strategy and trading I landed on this image that captures better than anything else I've seen what is a reasonable journey to successful trading. I thought others in this forum could benefit from it. https://i2.wp.com/patternswizard.co...he-Roadmap-To-Successful-Trading-20210302.png I believe the author is Joe Marwood.
I was looking for a keyword (Unlearn) and it was not there. Please include a diamond shape (decision-making) in the flow chart. 90% of the traders wouldn't make it. So at some point in time, traders have to decide to quit trading totally.
Whatever is there in the flowchart is known to most of folks who claim to be traders. So, this is not exactly a roadmap to successful trading...the key to this game is ummm a bit different which can rarely be taught..
@sandy_s I'm here to share what I know and learn from others if possible, aren't you willing to elaborate more on your statement?
You are in the right forum if you are learning from traders who have been successful. Your flowchart is the basics which most of the traders would know. In fact there are many failed traders who will know more of these... Over time one finds out what actually works and what don’t. And how useful the materials available on this subject are....
I can see I have touched upon much of flowchart, HOWEVER, first few years of learning I doubt most have a clue of much of it. I learn what not to do by losing then back testing. I now believe trading commodities and stocks as I do is luck of finding turning points, But luck is on my side cause am better at "risk" than entries.
Quality post Risk management could have been the first block as that's where most traders don't emphasize enough and end up blowing up their accounts by just going with the trade plan.
%% LOL\That's one of the best ways to blow up an account. I ground one down to nothing \short term trading with comissions + profits to small + losses ok but but to many of them. Most millions are made in the stock/ETFS markets by market makers and or buying every month for 40 years[mutual funds ETfs, stocks] Me, i like ETFs........................................................................................................
I don't think yours is luck, it's experience. And this is not a science, it's mostly a statistical game.