hey. these are 3 laws that are commonly broken by the majority of traders, kinda explaining why the grim statistics with regards to the average success rate of a trader. 1) Nothing that happened in the past (near or far) has the power to influence what will happen in the future (near or far) 2) The outcome of your trade will depend 100% on your money management decision based on the present moment 3) Your trading routine has to be part of your life and NOT the other way around Just a little something to think about .... Cheers y'all
the failure of traders is many traders start to gamble and make easy money instead of trading(working). people with a gambling problem, don't open a trading account. also people without a gambling problem will develop a gambling problem in the largest tax free unregulated casino in the world. only place they lend money on margin and is directly linked to your bank account.
It's easy. A lot of traders spend a huge amount of time looking for that strategy that "works" and when they think they found it they try changing their entire day to fit that routine. Normally, you need to decide when you are most comfortable trading and start looking for an approach o fit your existing life or your personal style. There are some people (like myself) who don't like to wait an entire day for some breakout and do nothing until that moment. It's a mistake to not take your personal profile into account.
TraderZones. I appreciate you disagreeing. Everyone is entitled to his or her own opinion, but when you say "WRONG" you imply that your statements are RIGHT and therefore the absolute truth. You could have simply said that you disagree and offer some counterarguments. I could argue with your reply point by point but i don't really feel like writing so much. However, please bear in mind that neither you nor me hold the absolute truth.
my take 1) have a strategy that has an edge 2) cut losses early let gains run 3) bet size as function of account size and max loss expected on the trade
sounds like you advise beach and sofa traders to find a way to trade while lying at the beach or watching their favorite tv show. Trading is hard work and you need to fit your life style and everything around it to this endevor nothing else I would claim works.
also sounds like your opinion is in stark contrast to what every trading veteran would tell you. Let us know if you find a seasoned trader (seasoned implies a successful career) whose business did not at times severely interfere with his marriage and family life, who was not woken up in the middle of the night by his brokers because of breaking news elsewhere couple times a year, who has not sat in the office beyond 9-10pm uncountable times when others left at 6pm. This is not because he had to but because of his passion for his chosen career path and because he knew it often times took those sacrifices to be ahead of the curve.