ProfitMaximizer101
Fun Poster
- Messages
- 142
- Joined
- Aug 9, 2008
- Messages
- 142
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Hi friends...
I this it is better to develop you own strategy. Successful traders have a system. They stick to their system of trading religiously, even when it seems like it might not be working perfectly. You have to determine exactly what is wrong with a trading system before you can change it. If you keep altering your strategy after every trade, you have nothing consistent to revise and, more importantly, nothing to repeat consistently.
Successful traders find a successful strategy and stick to it. They know that real success means discovering two or three techniques that work dependably, and then using them over and over and over again. Successful traders do not focus on the profit or loss of an individual trade. Instead, they feel successful when they identify and perfect a technique that works repeatedly.
In the end, a successful trader is not necessarily the one who made the most money on a few big trades. That person was simply lucky. Successful traders are the ones who stick to their system. Their trading methods and indicators focus on high probability trades, sound money management, keeping their strategies free of curve-fitting, and working their system into their business plans for successful implementation. They only feel successful when they have identified an overall strategy for success that they can use to generate money time and time again. Someone who is merely lucky has no idea how to repeat their success.
The point here is not to think of yourself as successful or as failing according to individual trades. Define yourself as a trader by your system, not your bottom line. A series of losses may actually be more profitable in the long term if they teach you how to improve your system, or help you identify a particular technique that works. This is what it means to keep a long-term perspective, and the most successful traders know that the long-term is the only thing that matters in day trading.
If you can integrate these insights into your own psychological mindset, you'll gain a significant edge in the market. I can't stress this enough: the right mindset is one of the keys to investment success, and most traders fail to understand this.
Regards
I this it is better to develop you own strategy. Successful traders have a system. They stick to their system of trading religiously, even when it seems like it might not be working perfectly. You have to determine exactly what is wrong with a trading system before you can change it. If you keep altering your strategy after every trade, you have nothing consistent to revise and, more importantly, nothing to repeat consistently.
Successful traders find a successful strategy and stick to it. They know that real success means discovering two or three techniques that work dependably, and then using them over and over and over again. Successful traders do not focus on the profit or loss of an individual trade. Instead, they feel successful when they identify and perfect a technique that works repeatedly.
In the end, a successful trader is not necessarily the one who made the most money on a few big trades. That person was simply lucky. Successful traders are the ones who stick to their system. Their trading methods and indicators focus on high probability trades, sound money management, keeping their strategies free of curve-fitting, and working their system into their business plans for successful implementation. They only feel successful when they have identified an overall strategy for success that they can use to generate money time and time again. Someone who is merely lucky has no idea how to repeat their success.
The point here is not to think of yourself as successful or as failing according to individual trades. Define yourself as a trader by your system, not your bottom line. A series of losses may actually be more profitable in the long term if they teach you how to improve your system, or help you identify a particular technique that works. This is what it means to keep a long-term perspective, and the most successful traders know that the long-term is the only thing that matters in day trading.
If you can integrate these insights into your own psychological mindset, you'll gain a significant edge in the market. I can't stress this enough: the right mindset is one of the keys to investment success, and most traders fail to understand this.
Regards
