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Primary source of income: how many have made it?
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Primary source of income: how many have made it?

  #101 (permalink)
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Private Banker View Post
Regarding the 95% failure question, there's no way to accurately assess this but my guess is that many newer traders are constantly changing their trading strategies and indicators. This creates inconsistency and conflicting views in what they're trying to accomplish. They then become confused and frustrated which in turn removes any confidence they may have had. They are unable to internalize why their trades are going wrong because they've switched around so much. This inevitably leads to failure if not addressed immediately.

The path to success is indeed different for each successful trader. But there are a few key things that consistently occur in my opinion.

- They've taken the time to educate themselves through reading, coaching, screen time, etc.
- They have a specific strategy they employ on each trade
- They have a favorable risk to reward ratio (sound money management)
- They trade the market that is most appropriate to their account size
- They have confidence in their system and do not change their charts/indicators over and over again

So to answer your original question regarding trading live vs. SIM, once you feel you've accomplished these basic steps and are truly confident in your strategy which includes the appropriate market, begin to test the water. Start small and build your confidence in "live mode". If your confidence starts to falter, go back to SIM and trade until you feel better about what you're doing.

Excellent post. If futures.io (formerly BMT) had a post of the month award, I would nominate this one.

Thank you for sharing. I hope you will continue to share more valuable gems.

Mahlon

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  #102 (permalink)
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mahlonhersh View Post
Excellent post. If futures.io (formerly BMT) had a post of the month award, I would nominate this one.

Thank you for sharing. I hope you will continue to share more valuable gems.

Mahlon

Wow! Thank you Mahlon! I'm always happy to help!

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  #103 (permalink)
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Obviously, good trade/risk management, sufficient capitalization, discipline, and trading knowledge, skills and techniques combined with sufficient "deliberate practice", along with the proper frame of mind, is required if a trader is going to be successful.

A good trader will have the requisite confidence in his trading when he is executing correctly, regardless if he is making money or not. As far as the end game is concerned, we all have to make money consistently, if this is how we are going to support ourselves. But, as "Private Banker" alluded to, making money is the last thing you should be concerned with or thinking about, when you start trading. If you take the time to learn how to trade correctly, have pride in how your are are doing it, and have the patience and the drive to be focused while doing it, making money will take care of itself.

The most important trait that all successful traders share, is the belief that making money is secondary to trading well. It’s an attitude that is defined by a certain pride and confidence in how well they trade, and in the belief that they will make money, if they trade well. In the final analysis, trading performance may be measured by how much money is made, but is not defined by it.


Last edited by tigertrader; October 2nd, 2010 at 11:06 PM.
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  #104 (permalink)
Market Wizard
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Private Banker View Post
....
The path to success is indeed different for each successful trader. But there are a few key things that consistently occur in my opinion.

a different take

- They've taken the time to educate themselves through reading, coaching, screen time, etc.
no reading, just coaching, screen time and tons of notes.

- They have a specific strategy they employ on each trade
each trade is entered on the same setup

- They have a favorable risk to reward ratio (sound money management)
n/a

- They trade the market that is most appropriate to their account size
look for market that moves well and stick with it

- They have confidence in their system and do not change their charts/indicators over and over again
yes and yes

...

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  #105 (permalink)
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cory View Post
a different take

- They've taken the time to educate themselves through reading, coaching, screen time, etc.
no reading, just coaching, screen time and tons of notes.

- They have a specific strategy they employ on each trade
each trade is entered on the same setup

- They have a favorable risk to reward ratio (sound money management)
n/a

- They trade the market that is most appropriate to their account size
look for market that moves well and stick with it

- They have confidence in their system and do not change their charts/indicators over and over again
yes and yes

...

Yes, but what separates the good traders from the great traders. What separates Tiger Woods from all the other golfers, and what separated Michael Jordan from all the others?

It's something intangible...

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  #106 (permalink)
Market Wizard
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tigertrader View Post
Yes, but what separates the good traders from the great traders. What separates Tiger Woods from all the other golfers, and what separated Michael Jordan from all the others?

It's something intangible...

then the title should be who makes it big time.

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  #107 (permalink)
 R.I.P. 1960-2010 
 
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tigertrader View Post
Yes, but what separates the good traders from the great traders. What separates Tiger Woods from all the other golfers, and what separated Michael Jordan from all the others?

It's something intangible...

Maybe...

Or it is practice.

Watch Pardon the Interruption. PTI was a strong proponent of Woods resuming his practice. Saying that Tiger Woods was bad until he got the distractions from his divorce out of the way & resumed his rigerous practice.





R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
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  #108 (permalink)
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cory View Post
then the title should be who makes it big time.

You're missing the point. Nothing in life is black and white, more like shades of gray.

You can take a large sample of traders, who all follow the same parameters for trading success, and you may or may not get the distribution curve you would normally expect.


My point, is there is a very important intangible factor in all performance based activities, that is also intrinsic to successful traders. Woods and Jordan have it in spades...no pun intended!


Last edited by tigertrader; October 2nd, 2010 at 11:10 PM.
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  #109 (permalink)
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cory View Post
- They have a favorable risk to reward ratio (sound money management)
n/a
...


How long can you expect to be a successful trader without sound money management?

Mahlon

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  #110 (permalink)
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mahlonhersh View Post
How long can you expect to be a successful trader without sound money management?

Mahlon

as I pre-qualify with 'everybody is different' statement in this case the trader has never ever concerned with mm all she cares is money in her pocket and since it has been 2 years running I dont expect any attn to mm going forward.

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