Number of trades before counting consistency | Forex Factory

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Number of trades before counting consistency

  • #1
  • First Post: Jan 18, 2011 9:42am Jan 18, 2011 9:42am
Hi,

A general question, how many trades or how many days/months of consistent profits are treated as consistent record for successful trading measure?
  • #2
  • Jan 18, 2011 9:55am Jan 18, 2011 9:55am
Quoting amarfx
Hi,

A general question, how many trades or how many days/months of consistent profits are treated as consistent record for successful trading measure?
statistics books state that only 10,000 data points are enough, which then means 10,000 trades at least.
  • #3
  • Jan 19, 2011 1:36am Jan 19, 2011 1:36am
Quoting Custos
statistics books state that only 10,000 data points are enough, which then means 10,000 trades at least.

But in what time period?
  • #4
  • Jan 19, 2011 2:02am Jan 19, 2011 2:02am
Quoting amarfx
But in what time period?
in any time-period. You just need 10,000 trades.
  • #5
  • Jan 19, 2011 7:06am Jan 19, 2011 7:06am
Quoting amarfx
Hi,

A general question, how many trades or how many days/months of consistent profits are treated as consistent record for successful trading measure?
Forever....

5 Years is better than 3 Years....10 Years is even better....20 Years is awesome...

Your whole trading career would be the best ever...

Sorry for being sarcastic

If you are looking for the typical track record for portfolio/fund/hedge fund managers, then 5-7 years is considered the minimum...More is better for the money manager of course....


Regards,

Nader
  • #6
  • Jan 19, 2011 7:54am Jan 19, 2011 7:54am
Quoting amarfx
Hi,

A general question, how many trades or how many days/months of consistent profits are treated as consistent record for successful trading measure?
When you can trade day in day out without the fear of a loosing position, without the need to just get a position because you havent had 1 for a day or 2, when you no longer view that the market is against you, when you can safely execute and walk away with full confidence in why you took the trade (for better or worse) and when you no longer need to ask the questions that relate to "how long, how much and when will I know"

Some say 10000 hours, 10000 trades but as Narafa stated each day you need to be more knowledgable, more confident and comfortable in what you do. Once you can do this then you would be more or less on your way.

RT
  • #7
  • Jan 19, 2011 11:36am Jan 19, 2011 11:36am
Quoting Razor_trader
When you can trade day in day out without the fear of a loosing position, without the need to just get a position because you havent had 1 for a day or 2, when you no longer view that the market is against you, when you can safely execute and walk away with full confidence in why you took the trade (for better or worse) and when you no longer need to ask the questions that relate to "how long, how much and when will I know"
Well said.
I'm still fighting with a fear of loosing position.
  • #8
  • Jan 19, 2011 11:44am Jan 19, 2011 11:44am
Quick rule of thumb...if you're feeling "fear", consider that a sign that you're risking too much on the trade (or you've set your stop-loss level too high, or perhaps you haven't set a stop-loss level at all).

The point is...the key to long-term success in forex trading is proper money management. The more you risk, the more emotional you'll get (either through fear of losing all that money, or through greed in making all that money).

Emotional trading is synonymous to "gambling", and gambling is a sure way to losing in the long run.

The less you risk, the less emotional you'll be, the more you'll trade with discipline, and the more likely you'll come out ahead in the long run.
  • #9
  • Jan 19, 2011 11:59am Jan 19, 2011 11:59am
I'm not that much leveraged (1:20), and i use SL (20-30 pips), but still fear is there, sometimes i get out of a position prematurely 'cause i start thinking -this is gonna turn against me- and then price goes my way
Maybe it's because i just started trading live (2 weeks), hope i'll change my newbie mentality as time goes by.
  • #10
  • Last Post: Jan 20, 2011 3:51am Jan 20, 2011 3:51am
Quoting fx111
I'm not that much leveraged (1:20), and i use SL (20-30 pips), but still fear is there, sometimes i get out of a position prematurely 'cause i start thinking -this is gonna turn against me- and then price goes my way
Maybe it's because i just started trading live (2 weeks), hope i'll change my newbie mentality as time goes by.
When you first start trading live it is difficult because now your 'accountable' and your actions have rewards and real consequences. There is no more hiding behind that 'top up' button on the demo when you do something stupid and dont stick to the game plan. Now in that case the money goes to someone else and you need to regroup before it happens again and again. However there will be times when you follow the plan and you take a few losses, understand the difference and you might be ok.

Welcome to the next frontier. Regardless of your account size emotions will play an important factor in your development and movement to the next level. Best of luck and enjoy the ride.

RT
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