How do you count success?

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xpertstocktrader

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Hi all,

I have seven years of trading experience, four of which include mentoring trading courses and leading a trading room. Also I’m stock advisor. During that time I have found that many people look at their results different than I do... especially new traders. So I'd like to open discussion here to hear your opinions. I use a breakout style and it is profitable for me and my clients. For me risk/reward is most important and this style lends itself well to that component. I look for basic patterns and if the whole picture is ok then I will take the trade, but only if I have a reward-to-risk ratio that is at least 2:1. Many people look for %gain per dollar risked and in my opinion that isn't good risk management. If the risk is much greater than your expected return then the trader won't be in this game for long. Traders seem to focus on their percentage of winners and losers, but that shouldn't be most important because someone with 60% winners can be more successful than someone with 85% winners. Success doesn't come from focusing on one thing; rather it comes from focusing on the full circle of things.
I'd like to hear what others think about this topic.

Ivica Juracic

Thos who are interested about my trading journal and watch list ideas what I post every day take a look at: http://www.trade2win.com/boards/showthread.php?t=20383

Good luck
 
agree but

the lower percentage systems can be consistently productive.....but, only if trader is one with nerves of steel. as he believes each time trigger is pulled he has little more than 50/50 trade on his hands.......for most traders that is emotional lashing to look forward to 1/2 of trades entered....i agree it is okay for the few individual traders, but not for many.......80% eases the pain..for most...i won't give mine but all that is preference and tolerance......my emotions say "losing is bad"....mark douglas disagree with me i guess, and he knows...i know what i can't tolerate much of and that is losing.....not confidence builder...by the way, i agree with all u say for the accomplished trader..and keep a bad r/r ratio and yes, u r dead......just another grape in the vineyard..emini daytrader speaking only..thank you.
 
Files not found

DWL said:
Hi all,

I have seven years of trading experience, four of which include mentoring trading courses and leading a trading room. Also I’m stock advisor. During that time I have found that many people look at their results different than I do... especially new traders. So I'd like to open discussion here to hear your opinions. I use a breakout style and it is profitable for me and my clients. For me risk/reward is most important and this style lends itself well to that component. I look for basic patterns and if the whole picture is ok then I will take the trade, but only if I have a reward-to-risk ratio that is at least 2:1. Many people look for %gain per dollar risked and in my opinion that isn't good risk management. If the risk is much greater than your expected return then the trader won't be in this game for long. Traders seem to focus on their percentage of winners and losers, but that shouldn't be most important because someone with 60% winners can be more successful than someone with 85% winners. Success doesn't come from focusing on one thing; rather it comes from focusing on the full circle of things.
I'd like to hear what others think about this topic.

Ivica Juracic

Thos who are interested about my trading journal and watch list ideas what I post every day take a look at: http://www.trade2win.com/boards/showthread.php?t=20383

Good luck
Click to expand...
DWL

Are you aware that several of your chart links do not work. For example in message 41 on 21st August the exit chart cannot be found. When I randomly went though your thread there were a number of problems with the links.

Charton
 
Hmm, interesting question and depends on whether you are addressing traders or everyone who visits this board.

Many who do visit T2W will measure success by how many people sign up for their commercial offerings :)


Paul
 
Charlton said:
DWL

Are you aware that several of your chart links do not work. For example in message 41 on 21st August the exit chart cannot be found. When I randomly went though your thread there were a number of problems with the links.

Charton
Click to expand...

All ok now..thanks for information.
BTW they are on my site to and there work for sure.

Ivica
 
Many people look for %gain per dollar risked and in my opinion that isn't good risk management. If the risk is much greater than your expected return then the trader won't be in this game for long
Click to expand...

interesting I know a few that would disagree with that statement

as for counting success, Money in the bank and quality of life
 
dc2000 said:
interesting I know a few that would disagree with that statement

as for counting success, Money in the bank and quality of life
Click to expand...


I just brought my opinion and like to hear other traders who are in the game long enough that can say how they do that. Maybe I'm wrong and I can learn something. I believe in my style but that not mean I can does that better
 
Have we performed as we expect of ourselves. ?

Yes Indeed DWL , well said. :confused:


Fx
 
The number of pips banked by Friday afternoon.

I have a minimum which Supplies me the lifestyle I desire which I'd call success for me. Anything over than that I call a bonus for being so damn brilliant! :cheesy:
 
By learning, earning and yearning, brother. :)

Success perches between reality and expectation. Move both measures simultaneously as circumstances change. This prevents it becoming an illusory objective destination as opposed to the subjective journey it deserves to be. Oh, and a pile of Munchies helps. :LOL:
 
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A good punchy phrase

frugi said:
By learning, earning and yearning, brother. :)

Success perches between reality and expectation. Move both measures simultaneously as circumstances change. This prevents it becoming an objective destination not the subjective journey it deserves to be.
Click to expand...
Frugi

It's difficult to beat your phrase, which says it all.

I was going to say create a strategy, follow it, amend it, trade it successfully and increase your capital, but your's is much more punchy

Charlton
 
Understanding - quite agree

GreenWelly said:
at this stage in the game i dont consider results as success... i consider understanding to be success... if i understand one teenie weenie facet of the market... the whys, the hows, the whats, the whos.. then i consider that a success..

yea sure... i could throw together a trading strategy... built upon a shakey foundation and lack of knowledge.. not really knowing whats going on... and yes i might get lucky and have a run of success in a results orientated way... but it just aint good enough for me... i wanna know and understand... i dont wanna gamble and hope... that isnt gonna get me anywhere or anything except grey hairs and no finger nails... been there done that... no thanks not again... learned the hard way..
Click to expand...
GreenWelly

Again a very good point - Understanding is the key to success. That is why my strategy is based upon Wyckoff and VSA. It's trying to understand what the market players are doing - not just looking at when one indicator line crosses another or looking for a particular pattern or just plotting S/R without interpreting why any of these signals are appearing.

Charlton
 
Hi DWL
My post wasn't meant as a criticism I was just pointing out that there are some pro traders who only work on % of capital exposure and would smile at the norm of placing a stop at the entering of a trade
 
Funny old world

GreenWelly said:
at this stage in the game i dont consider results as success... i consider understanding to be success... if i understand one teenie weenie facet of the market... the whys, the hows, the whats, the whos.. then i consider that a success..

yea sure... i could throw together a trading strategy... built upon a shakey foundation and lack of knowledge.. not really knowing whats going on... and yes i might get lucky and have a run of success in a results orientated way... but it just aint good enough for me... i wanna know and understand... i dont wanna gamble and hope... that isnt gonna get me anywhere or anything except grey hairs and no finger nails... been there done that... no thanks not again... learned the hard way..
Click to expand...


Charlton said:
GreenWelly

Again a very good point - Understanding is the key to success. That is why my strategy is based upon Wyckoff and VSA. It's trying to understand what the market players are doing - not just looking at when one indicator line crosses another or looking for a particular pattern or just plotting S/R without interpreting why any of these signals are appearing.

Charlton
Click to expand...


Guess everyone can't think alike...

I'd rather just make the money myself and carry on in my blissful moving average ignorance as it does just what I need and want :D
 
so many truths

how can so many be so correct and not agree with each other...... :eek: .......
 
The great thing about trading is there are so many ways to lose or win money. Yes!!! Otherwise there couldn't be any nett winners. The disagreement fuels the markets and this kiwi wouldn't have it any other way.

Success: Achieving a meaningful part of what you set out to do and being happy about it :)
 
Guess everyone can't think alike...
Click to expand...

Successful trading relies entirely on this otherwise everyone would be trying to take the same position at the same time.


Paul
 
Success to me is how much profit you make and if you are able to consistently improve and grow :) Success is also if you meet your goals and exceed your expectations ;)
 
If your moving progressive towards attaining your goal whatever that goal happen to be your are success. The goal will be different say from new trader and experience trader. But both can be successful according to their goals.
 
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