There is no silver bullet or guarantees in trading, so stop looking/asking,

Having a positive mindset.

Visualizing success.

An overall business plan.

Treating trading like a business, not a hobby.

Developing a trading plan with more than 51% success rate.

Using discipline to stick with the trading plan.

Refining adjusting that trading plan when the success rate falls below 51%

Learning to be patient and wait for good trading opportunities instead of forcing trades.

Focus on not losing money instead of how much you will make.

Patience.

Patience.

Did I mention patience?

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Do these and you will be profitable.

Don't and you'll keep losing and
then eventually quit anyway.

'Developing a trading plan with more than 51% success rate.'

Agree with everything else. But the strike rate is dependent on the strategy at hand (unless you`re referring to your own rules)

The best compact good advices about trading I've ever read. I've been trying to learn this for about 1,5 years, your sentences give back the reality what I want to reach. Thanks!

On this planet 51% is a profit of 1%. If you profit even one percent, that is more than you started with.

If you are aware of some other mathmatical formula where 51% is not a profit and 50% is not break even and 49% is not losing, please enlighten all of us.

Until then, shoot for 51% at least (or 50.00000000001 if you have the time).

Cheers.

domgilberto1 posted:
'Developing a trading plan with more than 51% success rate.'

Agree with everything else. But the strike rate is dependent on the strategy at hand (unless you`re referring to your own rules)

basic rule..trade with discretionary funds. You will be as profitable as your demo account...

I believe you missed the point here FTP.
What Dominic Gilbert meant was that you can have a 30% success rate, and still be profitable.
In fact many good traders are...
The simple math behind that is, that if 30% of your trades are successful, but you gain 4times the money compared to the trades you lose than you'll still be up in the long run.
e.g: you win at least 4% at every good trade and lose 1% at every bad trade.

RD123 posted:
On this planet 51% is a profit of 1%. If you profit even one percent, that is more than you started with.

If you are aware of some other mathmatical formula where 51% is not a profit and 50% is not break even and 49% is not losing, please enlighten all of us.

Until then, shoot for 51% at least (or 50.00000000001 if you have the time).

Cheers.

domgilberto1 posted:
'Developing a trading plan with more than 51% success rate.'

Agree with everything else. But the strike rate is dependent on the strategy at hand (unless you`re referring to your own rules)

07igor posted:
I believe you missed the point here FTP.
What Dominic Gilbert meant was that you can have a 30% success rate, and still be profitable.
In fact many good traders are...
The simple math behind that is, that if 30% of your trades are successful, but you gain 4times the money compared to the trades you lose than you'll still be up in the long run.
e.g: you win at least 4% at every good trade and lose 1% at every bad trade.

I agree. The success rate doesn't even matter - what matters is the expectancy - if it is positive, you will make money. You can even have 1% success rate and still be profitable if you make in those 1% trades more money than you lose with the other 99%.

Yep...9 losing trades at $10 each and 1 winning trade at $100 (10% win rate) will make you profitable in the long run.

I agree. A recent statistic was published recently that 56% of trades are correct in direction. But only 5% of traders make money. That means that the 46% of losing trades lost more money than the 56% winning trades.

How we can be sure everytime we can get 1:2 ratio of risk and reward or better? Sometimes when the signal is out, the trend is already half way.

Jeff5796 posted:
How we can be sure everytime we can get 1:2 ratio of risk and reward or better? Sometimes when the signal is out, the trend is already half way.

It's hard to assess it during the trade as trade setups often change stop loss and take profit targets, unless it's a trade with predetermined targets - in such case just check the ratio between the take profit and stop loss.

nzkiwi posted:
I agree. A recent statistic was published recently that 56% of trades are correct in direction. But only 5% of traders make money. That means that the 46% of losing trades lost more money than the 56% winning trades.

Where was that statistic published? I would be interested to know the source if you please :)

confidence, knowledge, experience, discipline, mindset, self-awareness, money management and a lot more are keys to success!

cfxsignals posted:

nzkiwi posted:
I agree. A recent statistic was published recently that 56% of trades are correct in direction. But only 5% of traders make money. That means that the 46% of losing trades lost more money than the 56% winning trades.

Where was that statistic published? I would be interested to know the source if you please :)

.

here it is

https://www.tradingmarkets.com/.site/forex/how_to/articles/Why-the-Risk-to-Reward-Ratio-is-Overrated-80805.cfm

Jeff5796 posted:
How we can be sure everytime we can get 1:2 ratio of risk and reward or better? Sometimes when the signal is out, the trend is already half way.

We can never be sure, however, applying TD_Trendlines and TD_Projections will enable you to screen for those trades offering best potential. A TD_Projection gives a precise take-profit point, and you can use this to determine the risk/reward of a particularly trade set-up BEFORE taking the plunge.

There is a silver bullet and that is the skill to spot opportunity. Luck = prepararation meets opportunity.
I am trying to do this consistently. Track my account :) https://www.myfxbook.com/members/supertrader91/superb/450775

I agree that there is no silver bullet and those who waste their time asking are better advised to learn a strategy that works for them and execute that. I have been following my broker's trading recommendations and added them to my portfolio. It allows my to profit on average 250 pips per week and they have not had a losing week since I started to follow them.