The “holy grail” - cannot be found in a trading system anymore, than it can be found externally. Instead it should be sought after subjectively not objectively, it is your outlook on life and trading that matters, not about how many indicators correlate with each other to give you an entry and exit; it is a way of thinking.
Active financial speculation, like an army boot camp will diminish everything about yourself to the point where you don’t know up from down anymore, to then rebuild you with the rite mind set to achieve certain goals or successes.
Each successful individual will have their own unique and separate “holy grail” because each successful individual will perceive price action in their own unique way, and learn to develop a positive mental edge in the market; instead of playing a popular favourite past time child’s game of follow the follower, which 99.9% of people still play into adulthood.
Knowledge speaks, while wisdom listens. If given a choice, I would much rather choose to be a wise trader than a knowledgeable one any day of the year.
I think those who seek a holy grail will travel down a road with no destination. Traders should work out a strategy which works for them and is tuned to their trading style/needs. There is not one solution which works for all.
Over simplified in my opinion, depending on your definition of trading system. I would think that most successful people would say that a trading system is made up of a trading method that is designed to deliver more positive than negative trades. As well operates with a money management strategy that while increasing your bankroll, would protect the bankroll you already have from hugh losses. And lastly work your trading method and money management strategy using patience and discipline. All are important and I don’t think using just mindset alone will get you there. Again my opinion.
I don’t follow your example comparing financial speculation to a boot camp. But again depends on your definition of financial speculation. I would think that most people would be define financial speculation to mean risk of loss related to financial markets. I see and agree with you as far as your boot camp definition, just not sure how you relate it to financial speculation.
[QUOTE=LaoTzu;606770 Each successful individual will have their own unique and separate “holy grail” because each successful individual will perceive price action in their own unique way, and learn to develop a positive mental edge in the market; instead of playing a popular favourite past time child’s game of follow the follower, which 99.9% of people still play into adulthood [/QUOTE]
I agree with each successful individual will have their own unique and separate “holy grail” because each successful individual will perceive price action in their own unique way but as I have already said in my opinion you need more than a mental image to be successful. The part that gets me confused is when you say develop your own individual unique way without following someone. Where do you get the knowledge to develop your own unique way if you don’t follow someone to see how they did it. I know my own trading style came from me following other traders, copying their methods, tweaking them to be part of my trading. In the beginning one of the ways how to trade was to follow other traders, many from this site I might ad. As I gained more experience I still follow traders, because in this business if you keep trying to learn new things, you get better at the things you did in the past.
[QUOTE=LaoTzu;606770 Knowledge speaks, while wisdom listens. If given a choice, I would much rather choose to be a wise trader than a knowledgeable one any day of the year. [/QUOTE]
Again my opinion, semantics. Depends on your definition of wise and knowledge
Nicely stated gp! In my humble opinion, the ‘Holy Grail’ is a system that is proven to be consistently profitable over the long term. Coupled with sound MM and rock solid application (patience and discipline).
