100% agree We can't control the unknown, all we can do is control the reaction using defined risk management and a sound trading plan.
aeliodon Your last post is right on the money. What folks need to realise is we are not talking about newbies trying this or that, win here lose there. NO. We are talking of serious professional traders who not only have and know have sound methodology and financially well equipped to trade the methodology- but have yet to develop the mental attitude required to make big money. Did you hear that !!! Its all in the mind, thats what seperates the best from the rest. Its a process that takes years - developing a system, believing it and developing the required mental attitude to succeed. I spent 2 years as a breakeven trader before it dawned on me what was required (mentally) to win big money. Dont be fooled by folks who say we go for singles and there are no home runs. Big money is there in trend trading but not for the impatient. As aelidon says you could lose or scratch 8 trades and win big on 2 trades. The sequence of trades could be 8 losing trades in a row. Now after this how many out there will hold and pyramid the last 2 winning trades. chances are you will bolt with out with chicken feed because of fear induced by the losing trades.
gm aeliodon, "The Most Gut Wrenching Trades are the Winners" It is all in the mind as has been already mentioned. Once you have got to grips with the mechanics of trading ( less than 20% of the journey) the fun bit begins. You need to create a philosophy all of your own based around how well you know yourself, and it is into this philosophy that you can apply the newly learned mechanics of trading. One of your first decisions will be " am I here to collect points or am I here to make money" Most people cannot tell the difference. Anyway, I choose the later and so my day is made up of a number of small trades which add to a consistent number of net positive tics each day. Others may say that I do not have the stomach for position trading and they would be right.... dead right in fact. I have read Posters comments stating the number of lots they are carrying through a weekend because of their brilliant analysis. In some cases I calculate their margin requirements to be beyond 2 million dollars all swinging upon their brilliant analysis. As someone earlier stated " consistency is the name of the game" I imagine if that person and I shared a beer we would find we have a lot in common. As always, take what you will from these few comments and discard the rest. regards f9
Agree and disagree. Traders are human beings. Human beings need to experience pain to become stronger. Without some swing and risk, one will never experience pain to grow. It's all good to remain in the status quo and seek consistency, if that is your goal, but some are looking to grow. Can't grow into a star without some pain. I know traders who been in the game for a decade and make 1-2k a day. That's fine, but that's being consistenly mediocre. Again, nothing wrong with that.
Interesting analysis. Given you are speaking from experience you appear to have hobbled yourself with constraints. I think that consistency is among the most difficult of human achievements and I really cannot comment on 1-2k per day. regards f9