Can all traders be successful traders?

[timcannell]

"If all traders would understand that the most successful method is the 8-21-34 EMA crossover system teamed with say a Schaff momentum and a DiNapoli Macd everyone would profit."

lol, is this statement a joke or are you being serious?

No hes bang on the money, this strategy has brought me untold riches...;-)

 

[Tim22]

If all traders would understand that the most successful method is the 8-21-34 EMA crossover system teamed with say a Schaff momentum and a DiNapoli Macd everyone would profit.

Traders lose money quite simply because they do not know waft they are doing.

Try searching th Net for trading with moving averages.

Most of the people here do not understand how little they know and fail to train as Technical Analysts

Phil

Most people who have trained as technical analysts can't trade. Does this mean that you are an exception to the rule?? Successful traders have usually had an excellent grounding from a mentor and taught to develop a strategy according to their own style of trading and more importantly, psychological profile!

 

[philhackett]

The 90% of traders who lose are those who think that it is simple, which it is; but it isn't easy.

There is a non trader on this site who says he doesnt use indicators because he doesnt believe in them. He wouild be more honest if he admitted that he is an intellectual pygmy. There are lots of people on this site who do not actually trade. They just say that they do.

I suggest that you use Ichimoku which is explained very well on this site, together with the Schaff indicators, overlayed to confirm the strength of the Ichimoku signals.

If you do nothing else but take every Ichimoku signal during the London open, you will make a profit. Japanese and Russion Traders use it exclusively.

We are about to enter the best time to trade after the St Leger and lasting until May next year.

Phil

On many occasions I have read things like '90% of day traders fail' and 'for every winning trade, there's a losing trade on the other side.'

From this I would assume that the odds of survival/success are firmly stacked against day traders.

However, the aim of a trader is not not to make any losing trades, but basically to ensure that gross profits exceed gross losses.

We will all make losing trades at different times, in our chosen markets, as part of our daily routines.

If all traders were to use a trading system that ensures greater profits than losses - and stick to it, is it fair to assume that all traders can be profitable/successful and make a living from trading?

Cheers

jtrader

 

[damianoakley]

Hi All,

QUOTE: If all traders were to use a trading system that ensures greater profits than losses - and stick to it, is it fair to assume that all traders can be profitable/successful and make a living from trading?

I think the reason this situation would never happen is because most traders lack the discipline to stick with the same trading strategy day-in day-out.

It is human nature to always think that you need to change and modify things in the name of progress. Many traders think that the grass always greener - that there is always a better more profitable system than the one they are trading.

In my view, lack of discipline is the biggest reason why most traders fail.


Thanks

Damian

 

[FXSCALPER2]

successful traders are born, not made. I think it is silly to believe that anybody can do it.

 

[fastaction]

Successful Trading

successful traders are born, not made. I think it is silly to believe that anybody can do it.

I beg to differ. Everyone is born the same. It is how we handle what we have that determines our success. You are not born with anything different than anyone else who trades profitably, the only difference is that you have not learned the skills required. I believe that anybody CAN trade profitably - if the circumstances are right.

This can be done by simply following instructions of someone who has created a genuine system that, if followed, will lead you to success. You have to remove the emotion of many trading systems and learn to trade with a proper system that works.

I hope this helps you.

 

[fastaction]

Reply to Damian

Hi All,

QUOTE: If all traders were to use a trading system that ensures greater profits than losses - and stick to it, is it fair to assume that all traders can be profitable/successful and make a living from trading?

I think the reason this situation would never happen is because most traders lack the discipline to stick with the same trading strategy day-in day-out.

It is human nature to always think that you need to change and modify things in the name of progress. Many traders think that the grass always greener - that there is always a better more profitable system than the one they are trading.

In my view, lack of discipline is the biggest reason why most traders fail.


Thanks

Damian

Hi Damian,

I agree with your comments. My point was that it is possible for everyone and anyone to trade profitably. Just because you take a short trade when someone else is taking a corresponding trade does not mean that the other party is losing - the corresponding trade could be someone closing his short trade taken earlier than you, or whatever. I agree that people are not always happy to just sit back and trade the way they are, even if they are using a profitable system.

However, if someone has been trading negatively and suddenly finds a system that allows them to trade profitably, they would stand a better chance of sticking to it for a while and, presuming that anyone that tried this system and profited with it stuck to it, they would all make money with it.

All they then need to do is to continue using the system and nothing will change - they will continue to earn money through successful trading on an ongoing basis. If they choose to change something and their new strategy does not work, it is not the fault of the system and it is not the fault of trading, that they subsequently stop making successful trades.

What I am saying is that the ability to trade successfully is the same for everyone, presuming we lived in a perfect world, where everyone would stick to their winning systems, whatever they may be and not try to create something that does not exist.

Cheers.

 

[damianoakley]

I think your "Perfect World" comment is spot on.

A trader could have a perfectly good winning strategy that is making money.

But when that perfectly good strategy hits a losing streak, as any strategy will, the trader thinks that their system doesn't work anymore and they abandon it.

Psychology plays a bigger part in trading than most people realise.


Thanks


Damian

 

[henry766]

I completley disagree , psychology plays very little part , it's all about your trades and making sure they are consistently profitable. Consistently profitable strategies have more long winning streaks than loseing ones , when you have a long loseing streak , you were right the first time , doubt your strategy and make it more profitable! Isn't that obviouse ??? If you had a highly consistent winning strategy you wouldn't even be thinking this rubbish( make no mistake a consistently winning strategy , ( or whatever you like to call it) is the only thing that counts .

 

[damianoakley]

Hi Henry,

Psychology plays a massive part in trading.

ANY trading system will eventually have a losing streak of some description if you trade it long enough. Whilst winning strategies may have "more long winning streaks than losing ones", you are still likely to have a losing streak at some point.

It is a trader's strength of mind and belief in his system that will keep him trading through that losing streak - ie - psychology.


Thanks

Damian

 

[henry766]

Hi Damien , I completly disagree , a consistently profitable trading system will have less and less meaningfull loseing streaks as time goes on , in the context of how much it's made you compared to how much you might lose on "a streak". Consistently winning systems do just that, and the more trades you can make on it , the less reliant on chance one becomes , and the smaller streaks become ( in either direction ) in this context, wait till you have a consitently winning system , you'll know exactly what I mean.

 

[damianoakley]

Hi Henry,

No need for your sarcasm at the back end of your post. Tone it down.

How on earth does it work in your mind that a profitable trading system has less and less losing streaks as time goes on? Maybe you misunderstand me - by "a losing streak" I am referring to a number of consecutive losing trades one after the other.

ANY system, even one with a 90% strike rate of winning trades, will from time to time have a small run of losing trades in a row. As a trader, in your case without even realising it, it is your faith in your profitable system that will keep you trading your system and not change to a different system. That is trading psychology - that strength of mind. It's the same psychology that keeps any businessman in business.

I know I'm not talking c.r.a.p. here !


Damian

 

[CYOF]

On many occasions I have read things like '90% of day traders fail' and 'for every winning trade, there's a losing trade on the other side.'

Never believe everything you read - question everything

From this I would assume that the odds of survival/success are firmly stacked against day traders.

Never assume anything - assume makes an ASS of U and ME

However, the aim of a trader is not not to make any losing trades, but basically to ensure that gross profits exceed gross losses.

The main aim of every trader should be to preserve trading capital at all costs

We will all make losing trades at different times, in our chosen markets, as part of our daily routines.

True - but we should PLAN to not lose too much on each trade

If all traders were to use a trading system that ensures greater profits than losses - and stick to it, is it fair to assume that all traders can be profitable/successful and make a living from trading?

There is no such thing as a trading system that will guarantee profits - the only guarantee with trading is that you will lose money. If you are guaranteed to lose - then it is common sense that your main focus should always be to keep the loss as small as possible. This will allow you to be in the game for the big profits when the opportunity arises


Cheers

jtrader

Regards,