CableFx1
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- Status:
- EOD TRADER
- Last Online:
- Invisible
- Using Local Time:
- Invisible
- Joined Forex Factory:
- Jul 2016
Input by CableFx1
About
- Real Name:
- Wim Schutz
- Trading From:
- alberton, gauteng, South Africa (map)
- Age:
- 53 years old
- Occupation:
- Process Planner
- Trading Involvement:
- Part-Time Trader
- Trading Style(s):
- Fundamental Analyst, Price Action, Technical Analyst
- Coding Proficiency:
- MetaTrader 4
- Favorite Trading Quote:
- "You don't learn to walk by following rules. You learn by doing, and by falling over. Business opportunities are like buses, there's always another one coming. Do not be embarrassed by your failure.." — Richard Branson
- Biography:
- What Is Your Edge Over Most Other Traders?
In Poker, you sit next to your opponents, so it is very obvious that you need an edge over the other players in order to make money. And if you lose money, it is also very clear that you are the soft spot at the table, unless you are suffering from delusions of grandeur (like so many do).
In trading this is much more subtle, but it applies as well: If you do not have an edge over most of the other market participants, they will take your money. Not the market will take your money, they will. Period.
What is your personal edge? Emotional control? Outstanding self-reflection? A good understanding of probabilities and expected value? A well worked-out game plan? A very disciplined routine? Are you fast at cutting losses? Can you hold trades for a long time? You probably won't excel in all those areas at the same time, but you absolutely must excel in at least some of them if you want to make it - and then tailor your strategt around those points. Depending on your personality, you should choose the ones you are already good at and get even better.
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