I have a refinement to that view. I think you should read every trading book out there until you find a concept that resonates with you. Then read every book you find about that concept. Learn, understand and know that concept inside and out. That's the concept you should be trading. Don't be a Jack of All Trades (No pun intended ), be a master on one! Most of the trading concepts out there can be profitable, if the trader believes in that concept, has confidence in it, and applies it properly, knowing what market environment that concept excels in, what environment it does not do well in, when to trade it, when not to trade it, how much to expect from it.
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There's been some great replies in this thread. It's good to be reminded of the basics, even after (or maybe especially after) you have been trading for a while.
I would like to add that trading is a business. You would never go into business without a plan, adequate capital or some experience in that area and expect to be successful. Trading is no different.
Over the past 10+ years, my business has changed as I learned from painful experience what works for me and what doesn't. I also know that I can't just sit on any previous success. I'm constantly willing to listen and learn from those who have achieved success in an effort to improve my business.
Also realize that a lot of businesses fail, especially those with relatively low barriers to entry. I have to be willing to do what others won't and stick to my plan no matter what. That's the reason I get up in the middle of the night to trade the FDAX, it's what I know and what my business was built around. I'm hoping to include US markets eventually, but not until I can do it with a high degree of probability.
Good luck in your trading. I sure would have loved to have a great forum like this one when I was first starting out!
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