We need to customize or personalize our strategy. Every person needs his own understanding of the market and price. That's why we don't get success by following other's strategy. Without customized strategy, long term success in trading is not possible.
If you want to become a good and professional trader you need to have a plan to deal with the losses. If you can deal with the losses it is possible to overcome the loss and make a profit from this market.
Absolutely agree with this statement.Trading strategy is like a rifle: yu've got to know it perfectly well in order to use it in the most efficient way. Trading strategy shouldn't contradict your personal vision of the market. Like there are many traders that I know who don't understand how some of the trading strategies work, but they implement them and manage to earn some money. However, I feel that it cannot last long because one day they will face with the situation which they won't be prepared for. More than that, every trading strategy should be improved regularly because the markets are changing all the time, so, if you want your strategy be efficient in earning the money, you have to do some alterations in it all the time. Surely, it is impossible to do if you don't know how your strategy works.
Everybody should modify every trading strategy according to their needs and personalities. The same trading strategy can work differently for different people and in different market situations. That is why a trader should create his own trading strategy in order to know its strong and weak points perfectly well and how the strategy cooperates with his psychology.
Naen posted: Everybody should modify every trading strategy according to their needs and personalities. The same trading strategy can work differently for different people and in different market situations. That is why a trader should create his own trading strategy in order to know its strong and weak points perfectly well and how the strategy cooperates with his psychology.
skihav posted: I believe that if something works well, then it should not be changed.
This is so true. Like ive known so many that had profitable strategies and then for some reason add an extra indicator or they decide to go to another timeframe. It baffles me. If you have something that works stick with it. Otherwise why would you want to change
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