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.
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?
-----------------------------------------------------------------------
Do these and you will be profitable.
Don't and you'll keep losing and
then eventually quit anyway.
It's not the market. It's not the spread. It's not slippage. It's not the broker. It's not the system. It's YOU. Once you stop whining and making excuses, you can start winning.
'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)
Agree with everything else. But the strike rate is dependent on the strategy at hand (unless you`re referring to your own rules)
"Taking responsibility is the cornerstone to a winning attitude"
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!
Don't PANIC!
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.
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)
It's not the market. It's not the spread. It's not slippage. It's not the broker. It's not the system. It's YOU. Once you stop whining and making excuses, you can start winning.
basic rule..trade with discretionary funds. You will be as profitable as your demo account...
There will always be another trading opportunity
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.
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)
Nothing is impossible, if there's a will there's a way.
Oct 16 2012 at 09:56
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%.
Nov 02 2012 at 19:42
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.
10% month
