Thread: Trading is like a 200mph car race, little mistake allowed

I only want to mention that nigeriaforextrading has opened my eyes, and 10 years later I can say after paying my dues I've learnt how to exchange and trade well.
Its similar to a fast 200 mph car race in daytona - metaphorically speaking.
No mistake permitted when you car race daytona , right? Same thing here. The mistake should be a controlled mistake, a mistake that you should understand and get from and remember.

Its not luck at all


I'm all technical trader. Not a gray haired fundi follower of news. Lol

Trump ideally will make taxes reduced to say 15% for short term.

Good fortune newb's - dont give up!

Thank you and long livenigeriaforextradingand the members.

Originally Posted by ;

quote All wins are luck. Why? Other individuals have to go the market in your favor in order for one to win. The reason you enter a transaction ( technical, fundamental, coin toss, tea leaves, etc.. .) Has nothing to do with what happens after you enter a transaction. It is all up to the traders. You do not need to believe me. Perhaps you are aware of Mark Douglas. Cheers!

I guess that makes all losses bad luck?

Mistakes do occur -- they're really a part of the trading process and can't be avoided 100%. The purpose is to create as few errors as possible, to learn from these mistakes so as not to replie them and to get a trading plan that accounts for them.

Originally Posted by ;

quote All wins are fortune. Why? Other people must move the market in your favor in order for you to win. The reason you input a trade ( technical, fundamental, coin toss, tea leaves, etc.. .) Has nothing to do with what happens after you enter a trade. It's all up to the other traders. You do not have to believe me. Perhaps you have heard of Mark Douglas. Cheers!

Really I agree with the OP.... Successful trading isn't based on chance.

Successful trading is completely about having discipline in after a mathematically solid plan without deviation, together with the ability to test and adapt to the changing market environment. Consistent profits are computed, they won't be consistent if outcomes are based on chance... at least for many people.

Cheers.

-fighter-

Originally Posted by ;

quote I guess that makes all losses poor luck?

No.
Some are poor luck.
Some are poor timing.
Some are errors.

Originally Posted by ;

quote Really I agree with the OP.... Trading isn't based on luck. Successful trading is completely about having discipline in following a mathematically solid egy without deviation, together with the capacity to analyze and adapt to the ever changing market environment. Consistent gains are calculated, so they will not be consistent if results are based on luck... at least for many people. Cheers. -fighter-

I understand many will disagree.
Instead of see things as they are, many cling to false beliefs.
If you can't control the outcome, any favorable outcome is attributed to luck.
There's no other rational explanation.

Originally Posted by ;

quote No. Some are bad fortune. Some are bad timing. Some are errors.

If wins are fortune as you stated above... then losses are fortune as well... c'mon man... don't starve yourself.

I will control the outcome of my overall equity curve... not of any trades outcome, but I will control the parameters of both profit and loss, i.e. ranking size, profit target, and stop loss level... and when I stick to this egy along side strict entry and exit rules WITHOUT deviation(this is the hint), then I shall get a controlled outcome. It isn't important if I can't predict the specific outcome of each specific trade. This will not have anything to do with fortune.

Cheers!

-fighter-

Originally Posted by ;

quote If wins are luck as you mentioned above... then losses are luck as well... c'mon man... do not contradict yourself. I am able to control the outcome of my overall equity curve... not of any single trades outcome, but I will control the parameters of profit and loss, i.e. position dimensions, profit goal, and prevent loss level... and when I consistently follow this plan along side strict entry and exit rules WITHOUT deviation(this is the hint), I will find a controlled outcome. It doesn't matter if I cannot predict the specific outcome of every...

I concur with fighterdude 100%. , you basically claim that who loose are unlucky and the ones that are constantly profitable are the lucky ones. This makes no sense and can be statistically impossible.

The outcome of any individual trade is luck, is like a poker hand. You can not control this, but in case you've got a favorable edge, the long term result is statistically predictable, and luck is not there anymore.

I think trading is more like walking though a jungle at the Congo than forcing a 200 mph car race. I have a compass and know the general direction I wish to go, but it is impossible to see very far. And the snakes, sound of Uzi, blood curdaling scre, heads on spikes and booby traps make it a hazardous trip.