I have no problem with multiple strategies, yes, as components of an entire portfolio. My experience is that only the most seasoned traders can execute this successfully. Most commonly, when one aspect of the trading goes wrong, everything does and the trader has to sweep clean and start over. It gets very confusing and frustrating. Slim
Friendships/support is critical for the success of a trader. That starts with spouse/significant other and includes fellow traders, friends and family. It's amzing how even a trader in a pit with 200 other traders can feel isolated. I'm a strong advocate of personal growth work and have been involved in such a Men's group for the past 9 years. It's also makes a very strong case for coaching (Not an advertisement). Thank you for a great question, Slim
My parents and some of my friends have asked me several times to stop trading...guess I'm outta luck on the friends/family support -Fast
I spent 17 years on the trading floors. Most of my career was spent on the floor of the CBOE. However, I was a member of the MERC and the CBoT. I spend the Majority of my time in the OEX pit. I traded bonds, bond option, soybeans, corn and S&Ps on the futures floors. I left the floor for the first time in 1984 and have really since that time been an off-the-floor trader. pivot points are generally an off-the-floor tool. Floor traders have a much shorter horizon, in general, and trade off of order flow, spreads and momentum. I had an office for many years next to Peter Steidlmayer. So I'm quite familiar with his work. Market profile is a great tool. It takes some time to learn how to use it. I find the most value in its theory that markets tend to return to points that they traded in for extended periods of time. Slim
This question is very complex and would take discussion well beyond the reasonable use of this forum. The one personality trait that is universal for to all successful traders is adaptability. That coincides with my previous discussion on whether it's the trader or the system that makes a trader successful. Your question about whether the trader was successful in sports implies aggressivness is an important factor. I have not seen that to be true. Optimism is another important factor. "If you can see it, you can be it". I have seen introverts and extroverts become very successful or fail. People without vision or that easily depressed tend to have greater failure rates and live their lives destructively when things go wrong. Regarding account %; It is different for floor traders and off-the-floor traders. The actual probability of success varies with a multitude of factors. Floor trader need and get a very high percentage of winning trades. An off-the-floor trader that gets 55% winning trades, 35% losing trades and 10% even trades will make tons of money if all disciplines are followed. A 4:1 R/W ratio is nice to compute on individual trades, but is very unrealistic to expect overall. I hope this at least touches on the surface of your question. Great Trading! Slim
Few psychology related trading questions. Beginners, How much can I make, how fast, I sent my deposit for my brand new account 2 days ago, why I cannot trade yet? Mr Broker why is it taking so long? Intermediate, after some experience sinks in, Well, I should forget how much I'll be making, better start thinking how to minimize losses and survive? Time for a new account and a disciplined approach? More seasoned traders, losers/winners, Losers (in terms of money), What the heck was I thinking trying this gig? How could I have been so wrong? Time and money lost, is it time to call it quits? Winners, The money is absolutely great, but does it justify the time, energy, mental wear and tear, psychological hardship? Are the ups and downs too stressful?, has the total effort reduced the overall life quality? Long term stars, Would I do it all over again? you bet you! Would I change anything? maybe, but not much. Is trading what I was meant to do? Absolutely! How can I become and do more? are there any limits?
During the first 6 months of my trading career, back in 1974, my mother asked me to quit and sell my CBOE seat several times. My father and very close friends believed in me and supported me. I had borrowed 35K from the bank to buy my seat, with their signature, and had gone through nearly 4k of the 6K they loaned me in cash. By the seventh month I had started to turn it around and in Month 8,9 and 10 I averaged over 50K in profits. That wouldn't have happened without the great support I had. If you would like to read about some of my horror stories, I'm chapter 2 in the book, "When Super Traders Meet Krytonite", by Art Collins. (Again, I have no financial interest in this book). Slim
Don't forget those who vacillate between these two camps, suicidally depressed one day, elated the next, almost bipolar. At some point, you've got to have a little talk with yourself about the reality of the situation and about just how much of this you can take. Good characterizations. Funny.
Not much Trading futures, I find that I have to do a lot more testing and a lot more "maintenance" in order to adapt to the market. Given the leverage, I just can't afford to ram my way through the tough times. And I at least behave correctly when things aren't going well.