Edit Your Comment
Being successful means
Oct 28, 2020 at 12:52
Anggota Sejak Jul 19, 2020
751 pos
Being successful means making profit consistently. If you make random profit, that is not gainful. You have to be profitable over years. Being gainful in a particular type of market is not success. To be successful you need good skills and experience.
Anggota Sejak Jul 20, 2020
341 pos
Anggota Sejak Jul 20, 2020
298 pos
Oct 29, 2020 at 01:11
Anggota Sejak Jul 20, 2020
298 pos
If you want to make successful trading, you have to make a consistent profit. It is often seen that it is not possible to keep that profit for some time because there is a lack of discipline. Money management and risk management are part of successful trading.
Anggota Sejak Jan 11, 2019
147 pos
Oct 29, 2020 at 15:10
Anggota Sejak Oct 25, 2012
63 pos
There are many lessons in trading. Hundreds in fact but they can all be narrowed down to just a few points.
This learning can take place through backtesting, demo trading, live trading and reading the right material.
Ultimately it centers down to risk management and risk management is not fully understood. People think that if they just limit their risk to 1% they will be okay - this is only a quarter of the equation. Having an edge and executing it to the best of your ability allows the variables to remain consistent. Understand the long term win to loss ratio so that you know how much your average win needs to be comparatively to your average loss. Do not overtrade - in most cases many traders cannot sustain dozens of trades every day. Risk management means fulfilling the plan of your trade the minute you are in it. Our emotions suddenly change when we are in a trade and it is important to be aware. Why is this the case? It is down to our expectation. We expect to be right. This is our greatest downfall as people. We have expectations. Once we accept that ANYTHING can happen, only then do we truly accept the fate of the market.
I cannot recommend the book, 'Trading in the Zone' by Mark Douglas, strongly enough
I finally finished this book after discovering it 8 years ago and it teaches some absolutely incredible lessons that will resonate with many of you. The book touches on the 5 fundamental truths of trading:
1. Anything can happen.
2. You don’t need to know what is going to happen next to make money.
3. There is a random distribution between wins and losses for any given set of
variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing
happening over another.
5. Every moment in the market is unique.
In order to be consistent, 7 principles must be followed:
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success
and, therefore, I never violate them.
This is all courtesy of Mark Douglas - do check him out
This learning can take place through backtesting, demo trading, live trading and reading the right material.
Ultimately it centers down to risk management and risk management is not fully understood. People think that if they just limit their risk to 1% they will be okay - this is only a quarter of the equation. Having an edge and executing it to the best of your ability allows the variables to remain consistent. Understand the long term win to loss ratio so that you know how much your average win needs to be comparatively to your average loss. Do not overtrade - in most cases many traders cannot sustain dozens of trades every day. Risk management means fulfilling the plan of your trade the minute you are in it. Our emotions suddenly change when we are in a trade and it is important to be aware. Why is this the case? It is down to our expectation. We expect to be right. This is our greatest downfall as people. We have expectations. Once we accept that ANYTHING can happen, only then do we truly accept the fate of the market.
I cannot recommend the book, 'Trading in the Zone' by Mark Douglas, strongly enough
I finally finished this book after discovering it 8 years ago and it teaches some absolutely incredible lessons that will resonate with many of you. The book touches on the 5 fundamental truths of trading:
1. Anything can happen.
2. You don’t need to know what is going to happen next to make money.
3. There is a random distribution between wins and losses for any given set of
variables that define an edge.
4. An edge is nothing more than an indication of a higher probability of one thing
happening over another.
5. Every moment in the market is unique.
In order to be consistent, 7 principles must be followed:
1. I objectively identify my edges.
2. I predefine the risk of every trade.
3. I completely accept the risk or I am willing to let go of the trade.
4. I act on my edges without reservation or hesitation.
5. I pay myself as the market makes money available to me.
6. I continually monitor my susceptibility for making errors.
7. I understand the absolute necessity of these principles of consistent success
and, therefore, I never violate them.
This is all courtesy of Mark Douglas - do check him out
When you lose, don't lose the Lesson
Anggota Sejak Mar 16, 2020
54 pos
Anggota Sejak Oct 09, 2020
28 pos
Anggota Sejak Nov 03, 2020
65 pos
Anggota Sejak Jul 20, 2020
298 pos
Nov 22, 2020 at 01:47
Anggota Sejak Jul 20, 2020
298 pos
If you want to make a profit consistently, you have to learn trading first. It is never possible to make a trading profit without learning. Many traders join trading without learning anything and later suffer losses. So you need to learn first to be successful in trading.
Anggota Sejak Nov 03, 2020
65 pos
Anggota Sejak Jul 20, 2020
232 pos
Anggota Sejak Jul 19, 2020
318 pos
Anggota Sejak Jan 11, 2019
147 pos
Anggota Sejak Jul 09, 2020
34 pos
Anggota Sejak Feb 14, 2020
10 pos
Anggota Sejak Jul 23, 2020
759 pos
*Penggunaan komersial dan spam tidak akan ditolerir, dan dapat mengakibatkan penonaktifkan akun.
Tip: Memposting gamba /url youtube akan secara otomatis menyematkannya di postingan Anda!
Tip: Ketik tanda @ untuk melengkapi secara otomatis nama pengguna yang ikut serta dalam diskusi ini.