Most traders fail because each decision they make is too close to 50/50.
Will I buy now, or wait till the next bar? Will I hold against this retracement, or bail out? Will I double up/down? Scale in/out? Rescue? Kill? Is this the right trend line/channel/breakout/support? Is this the right time scale for the trend? Is the momentum stalling/accelerating? Will I risk 1% for 30 minutes or 10% for two? Will I go to bed now, or take one more trade?
A successful trade involves dozens of such decisions, but every trade is unique. Blanket rules are worse than useless. But I must get most of these decisions right to succeed. I'm facing certain ruin unless each decision is vastly better than 50/50.
Suddenly, 95% failure sounds pretty optimistic.
Will I buy now, or wait till the next bar? Will I hold against this retracement, or bail out? Will I double up/down? Scale in/out? Rescue? Kill? Is this the right trend line/channel/breakout/support? Is this the right time scale for the trend? Is the momentum stalling/accelerating? Will I risk 1% for 30 minutes or 10% for two? Will I go to bed now, or take one more trade?
A successful trade involves dozens of such decisions, but every trade is unique. Blanket rules are worse than useless. But I must get most of these decisions right to succeed. I'm facing certain ruin unless each decision is vastly better than 50/50.
Suddenly, 95% failure sounds pretty optimistic.