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Ingredients of Trading Success

  • #21
  • Apr 8, 2010 9:52pm Apr 8, 2010 9:52pm
In truth and summary: a prepared mind with great CONFIDENCE.
Yes, PREPARATION and CONFIDENCE worked for me.
  • #22
  • Apr 9, 2010 12:34am Apr 9, 2010 12:34am
Quoting charlyher
In truth and summary: a prepared mind with great CONFIDENCE.
Yes, PREPARATION and CONFIDENCE worked for me.
how can one be 90% profitable. that's like being a little bit dead isn't it? or a little bit missing a leg?

i guess you meant 90% win rate.
Congratulations ScalaFX for coming out of the closet!
  • #23
  • Apr 9, 2010 1:36am Apr 9, 2010 1:36am
Okay, I ain't here to babysit.
Anyhow, I believe the forex market is like the traffic system.

You are like the driver.
Forex is like the car.
It takes you where you want to go.
Of course, you got to drive correctly to get there.
This means you need to know your direction, your route, your destination. Don't end up in Oregon when you wanted to go to Texas.

This means you need proper education to know the rules.
However, you don't need to be a mechanic to be a good driver.
I ain't a perfect driver but heck 90% profitable ain't bad.

When I say 90% profitable, this means I am 90% profitable ALL the time.
  • #24
  • Apr 9, 2010 2:28am Apr 9, 2010 2:28am
you could have just agreed with me. geez :S
Congratulations ScalaFX for coming out of the closet!
  • #25
  • Apr 9, 2010 4:32am Apr 9, 2010 4:32am
Interested to see if more profitable traders take psychology more seriously.
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  • #26
  • Apr 9, 2010 4:51am Apr 9, 2010 4:51am
Quoting kk007
Interested to see if more profitable traders take psychology more seriously.
I wouldnt put any weight on a poll in a public anonymous forum.
Economists have forecast 9 out of the last 5 recessions
  • #27
  • Apr 9, 2010 4:57am Apr 9, 2010 4:57am
Quoting markmm
I wouldnt put any weight on a poll in a public anonymous forum.
Anything on a public anonymous forum can I put weight on?
Should I put any weight on your this comment?
  • #28
  • Apr 9, 2010 5:00am Apr 9, 2010 5:00am
Quoting kk007
Anything on a public anonymous forum can I put weight on?
Should I put any weight on your this comment?
Well a poll is usally a way to gather data to then perform analysis. You have no way of knwoing if the data is valid or not.
Economists have forecast 9 out of the last 5 recessions
  • #29
  • Apr 9, 2010 5:03am Apr 9, 2010 5:03am
Quoting markmm
Well a poll is usally a way to gather data to then perform analysis. You have no way of knwoing if the data is valid or not.
My questions not answered.
  • #30
  • Apr 9, 2010 5:11am Apr 9, 2010 5:11am
Quoting kk007
My questions not answered.
Sorry,

If something sounds logical but you are not sure, then you can google it, or test it out.
Economists have forecast 9 out of the last 5 recessions
  • #31
  • Apr 9, 2010 9:08am Apr 9, 2010 9:08am
Seems to me profitable traders take psychology more seriously compared to non-profitable traders.

Quoting kk007
Interested to see if more profitable traders take psychology more seriously.
  • #32
  • Apr 9, 2010 9:11am Apr 9, 2010 9:11am
Quoting kk007
Seems to me profitable traders take psychology more seriously compared to non-profitable traders.
According to your poll which is highly unscientific. The fact that they take psychology seriously would led me to believe they are probably losers.
Economists have forecast 9 out of the last 5 recessions
  • #33
  • Apr 9, 2010 9:12am Apr 9, 2010 9:12am
You think it is unscientific, because you don't know what profitable traders think.

Quoting markmm
According to your poll which is highly unscientific. The fact that they take psychology seriously would led me to believe they are probably losers.
  • #34
  • Apr 9, 2010 9:27am Apr 9, 2010 9:27am
Quoting kk007
You think it is unscientific, because you don't know what profitable traders think.
There are many things wrong, Ill state a a couple, the first is the poll options, they dont make sense, what is 100% profitable, is it 100% win rate? Also I just voted that I am 100% profitable, however I am not. How do you know anyone anwsering is telling the truth.
Economists have forecast 9 out of the last 5 recessions
  • #35
  • Apr 9, 2010 9:43am Apr 9, 2010 9:43am
Quoting markmm
There are many things wrong, Ill state a a couple, the first is the poll options, they dont make sense, what is 100% profitable, is it 100% win rate? Also I just voted that I am 100% profitable, however I am not. How do you know anyone anwsering is telling the truth.
Thanks for your comment. I have improved the illustration about how to do the polling.

By the way, you said you have voted 100% profitable, how do I know that you have told me the truth?
  • #36
  • Apr 9, 2010 9:38pm Apr 9, 2010 9:38pm
When traders first embark on their journey, they concentrate on searching for the good methods. Once they start profitable, they get to become more and more realise the importance of psychology.
  • #37
  • Apr 10, 2010 1:59am Apr 10, 2010 1:59am
... till they realize that the obsession around psychology is BS created by Mark Douglas-like individuals who will always make money writing about something which is impossible to quantify.
A healthy approach to the markets based on experience will make one profitable even from time to time he takes trades which he shouldn't take. If your approach works then psychology is not an issue. If not then you'll base your hopes on psychology till you lose all while smiling.
  • #38
  • Apr 10, 2010 3:25am Apr 10, 2010 3:25am
Hi fellow traders :
Generally we are here to share our thots on being successful in this business.

IMO psychology to me is mindset plays an important part in trading.
Like positive sound and logical to make a right decision on the trade and
believe it tho we are prepare for unexpected outcome that make our trade to fail. That is a calculated risk we prepare to take.

For concern about profitable I would not take it as win rate but we remain in profit

Sorry if I have cause anger to some but I only wish to share my view no hard feelings Good day to all.
  • #39
  • Apr 10, 2010 3:43am Apr 10, 2010 3:43am
I just got a badass idea... Get 10 people tell them they are in a trading study. Tell them to put up 1k for trading capital. Save the money. Open demo account and hide the fact its a demo some how. Make them take a myers-briggs psych test to profile them and tell them to trade as they normally would. Monitor the wins an loss. Before the trading session take a psychological survey and then after.

BAM there is no way to lie about profitability and you would try to weigh the psych data as objectivly as possible.

Im sure they would be pissed of if they were profitable and didnt get paid out. lol but fuck'em in the name of science.
  • #40
  • Apr 10, 2010 4:09am Apr 10, 2010 4:09am
Quoting ha-pattern
What you're suggesting, though -- an on-average effective condensing of the market's next direction......
Just to clarify:
For me: "method" = entry + exit; "MM" = position sizing
For a lot of other folk: "method" = entry; "MM" = exit + position sizing

For my own approach, initial SLs are placed according to technical criteria, hence I view them as part of the method. The entry setups are designed to complement a "let profit run" exit strategy, hence I see all of this as likewise related to the overall trading "method". That way, profit factor (or trade expectancy, or "edge") becomes a direct measure of the efficacy of the overall methodology.

Then MM relates to how one sizes positions to achieve a palatable balance between maximizing profile return, and preserving capital (hopefully with greater emphasis on the latter ).

At the end of the day it's semantics, either view can easily be justified, and mine is probably the minority view. But the (original) poll asked for a rating of "method" vs "MM", hence agreement as to definition was imperative.

Thanks for the thought provoking reply.
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