LOL you truely are a complete nutter aren't you. "Outside" again just like " other side " hey. Do you hear voices in your head ? do they tell you the direction ??
Yes, I get told the direction by my guardian angel. As you can see I ignore the trend in my current eur/jpy trade. Quite frankly I can't believe myself for taking that trade. But we will have to wait and see.
Your just trend following, nothing more, BUT if you can take a loss, when the trend changes and jump back on the new trend, then fair play and that's good enough to actually be profitable. ( then avoid choppy conditions as they'll chew you up, never easy ) Which proves how easy trading can be LOL
I used to think this. You will see this mindset all over the internet. Typically people say practice, practice, practice or quote how many hours it takes to become a doctor or pilot, pro sports. This is very wrong and I will tell you why. Firstly lets take a doctor. There are set known steps that need to be taken to earn your living. Exams and practical. Learn piano, same thing gradings textbook and practical. Pro sports, well trodden stages, college/draft but less rigid in sports. No such stages exist with trading. Secondly. trading is a competition. Being a competant doctor does not require you to be better than the next doctor. Being a competant pianist does not require you to be a better pianist than another pianist. Sports are different because the competition element is there. Solo sports have some parallels. With trading there are no set recognised steps to follow. Trading cannot have set steps by its very definition. The closest analogy I have found is poker. Your success as a poker player depends on you taking money from the other players. After playing for a while and getting to know the other players you can learn from their mistakes and profit. You can read about the types of other players in the Harris book. As all pro poker players will tell you game selection is very important. GL
I'll add that in trading, if you really want to learn from others, your easiest option is to learn from other's mistakes. If you can ensure you do not do other's mistakes and eliminate yours, practice practice practice will get you there eventually.
Ridiculous. Do the hedge funds not follow similar steps, and use similar metrics to measure risk and performance ? Do they not produce proven profits ? The reason retail fail is precisely because they are not following the well defined steps. Financial trading is like every other business. If the right steps are followed, profits result.
The problem with the above though is most retail traders have no clue what they are doing. So trying to not make their mistakes isnt a great way forward imo. its about as advancing as saying dont lose money. The practice practice practice mantra will not help either if you dont know what to practice. In reality practising the wrong thing is moving away from your goal. Revisiting the poker analogy I would say studying a winning player plus studying the other types of players at the table will advance you. Then select the easiest table you can find and practice emulating the winning trader. I am rubbish at poker but I think the pros refer to losing players as fish.