Are there only a few ways of becoming a successful Trader?

grubs50

Well-known member
408 0
Reading through the various posts on this site, especially when somebody makes a trading profit claim or advocates a system, i get the impression that many people believe that if u trade without using certain strict TA and money management rules, u can never be a successful trader...............can that really be true?
 

Otho

Newbie
1 0
As in all walks of life...nothing for nothing, Grubs.
You've got to put in the work to get the reward

:devilish:
 

chump

Senior member
2,212 274
As far as I am aware there are thousands of ways to both make and lose money in the market. The problem for those new to trading is that if they do not nail money management then they won't survive long enough to find out if they ever could gain the experience to trade long term.

Whether a system built on TA is any better than a system built on Bassetts Liquorice Allsorts is a matter of opinion,but a system(s) with any basis producing good number is in my opinion a must.

Money Management really necessary..go have a read about the two Victors.. Mssrs Niederhoffer and Sperando then you make your own decision.

Cheers
 

grubs50

Well-known member
408 0
I agree with both of u but i have read many posts on this site which always state emphatically that unless ur money management (e.g R:R) and TA are within certain rigid confines........u can never ultimately be regarded as a good trader even if u turn in profits ( in terms of points).
 

mully

Established member
967 3
There is no "secret".
Traders who make money
do so because they have trading plan
with an edge that incorporates
effective money management.
They then have the discipline
to execute it relatively flawlessly
and the self esteem to accept the
money the market gives them.
 

grubs50

Well-known member
408 0
So does that mean that good money management is down to the individual trader's perspective and not some fixed rule then?
 

peedee

1
341 0
Grubs50, probably most traders on here have found something that works for them and they stick to it( like shit to a blanket ), thats the secret, and it isn't really a secret it's just some basics worked to there own preference, that's it.
 

grubs50

Well-known member
408 0
I am just playing devil's advocate ............i posed the question cos of the constant querying of the validity of other people's results and systems by certain people on this site and their reason seem always to be cos it doesn't conform with certain TA and money management rules.
 

Newtron Bomb

Experienced member
1,602 87
grubs50 said:
So does that mean that good money management is down to the individual trader's perspective and not some fixed rule then?

Good money management is highly relevant but each individual trader has different perspectives and risk tolerances based on several factors from market conditions to how deep a traders pockets are.

Fixed rules are only as good as the trader. Whats the point of a fixed rule if you cant follow it. This is down to the traders psychology. A traders inability to follow there own rules is usually the downfall of most failed traders. (I am assuming that they have a defined plan for trading and the plan is effectively profitable in the long run). The traders mental discipline is predominantly the key to successful trading and the last tool anyone usually bothers with. Some people have it some people have to learn it and the other 85% dont bother.


grubs50 said:
...i get the impression that many people believe that if u trade without using certain strict TA and money management rules, u can never be a successful trader...............can that really be true?


I have become increasingly convinced that it doesnt matter about the TA as long as the money management is correct.
TA or FA is imo no more than a complicated method of coin flipping.
Do i go long? - Flip
A bull Triangle formation
When do i go long, now? - Flip - Flip -Flip
A Bull Triangle BO
Enter money management rules that i know are sound...do i use them - Flip...didnt like that answer...Flip... nor that one... Flip...now am down a gand OH FLIP!

Chump is spot on with his Bassetts Liquorice Allsorts trading (everything works some of the time :LOL:) system which i shall be conducting some serious research into before I go flipping mad

Consistency in your decision making, faith in what you are doing and money management are the only things that matter... and remember its all in your mind


May the Spread be with you... always

Newtron Bomb
 
Last edited:

grubs50

Well-known member
408 0
Newtron Bomb , thanks 4 ur very clear and precise response............those r my exact sentiments but reading some of the posts, at times, gives the impression that u can only be a successful trader by being somewhat mechanical in ur approach.
 

chump

Senior member
2,212 274
Grubs,
Don't confuse terminology of mechanical with Systematic they are not the same thing.
Cheers
 

Naz

Experienced member
1,391 24
mully said:
There is no "secret".
Traders who make money
do so because they have trading plan
with an edge that incorporates
effective money management.
They then have the discipline
to execute it relatively flawlessly
and the self esteem to accept the
money the market gives them.

I thought Mully's quote was good.

To many traders in my opinion have so much baggage especially when it comes to t/a that they have no clear plan because a lot of t/a looks good after the move but is not so good leading into the move.This can create indecision which is no good for a disciplined trading approach.
 
 
AdBlock Detected

We get it, advertisements are annoying!

But it's thanks to our sponsors that access to Trade2Win remains free for all. By viewing our ads you help us pay our bills, so please support the site and disable your AdBlocker.

I've Disabled AdBlock