How I became a consistently profitable trader

[dpaterso]

Hello.

When you have a system with a statistical edge,
when you learn to execute your trading plan flawlessly,
when you learn to take many small losses emotionlessly,
when you don’t get mad if your SL hit,
when you don’t get thrilled by TP,
when you don’t doubt your trading decisions,
when you don’t hesitate to execute your trading plan anymore,
when trading becomes just executing your trading plan,
when trading becomes boring,
you had achieved consistency of profitability.

If you think otherwise, then my friend, it just means;
you haven’t made all your trading mistakes yet,
you haven’t traded that many trades yet,
you haven’t had enough experience yet !!!

Well, of-cause it’s just my personal experience and opinion.

Just My 2 Pips…

Excellent!!! And FAR shorter and to the point than my L-O-N-G inane posts!!! LOL!!!

Well done.

Regards,

Dale.

[Peter_Brandley]

money management has a very good
role to play in being a good forex trader
it makes you stay alive in the market…
manage your money wisely

[JustMy2Pips]

Hello.

Excellent!!! And FAR shorter and to the point than my L-O-N-G inane posts!!! LOL!!!

Well done.

Regards,

Dale.

Thank you :35:

[jonnyrich007]

Stats talk is useless. Also, there aren’t a whole lot of profitable traders among those with 33% win percentages! You just won’t in the real world! They would have been demoralized by the insistent losses. Find a trading system & aim for 10 pips or 20 pips win per day. Why traders insist on always swinging for homeruns is beyond me.

[NewbTrader]

Stats talk is useless. Also, there aren’t a whole lot of profitable traders among those with 33% win percentages! You just won’t in the real world! They would have been demoralized by the insistent losses. Find a trading system & aim for 10 pips or 20 pips win per day. Why traders insist on always swinging for homeruns is beyond me.

the reason with only getting 10/20 pips a day is hard coz spreads is expensive
going for 20 pips a day is crazy because where;s ur stoploss ? at 10 pips? spreads is already 2-3 pips…
unless you have a superb broker offering superb spreads

[JustMy2Pips]

Stats talk is useless. Also, there aren’t a whole lot of profitable traders among those with 33% win percentages! You just won’t in the real world! They would have been demoralized by the insistent losses. Find a trading system & aim for 10 pips or 20 pips win per day. Why traders insist on always swinging for homeruns is beyond me.

That’s why I stated on my first post;
“I know you will not listen to me, neither did I when I was told the same, 4 years ago here at babypips.
Learn it the hard-way, by making all the mistakes that most of us did. It will make you mentally tougher.
Eventually you will mature, will be more disciplined. Understand it’s nothing but trading psychology that matters.”

Stats talk is useless.

Why traders insist on always swinging for homeruns is beyond me

Yes, it’s beyond you as you don’t understand what it means. If you don’t understand something please learn, practice, get more experience before condemning an idea. Please don’t talk about things you really don’t understand. I share my experience here after been a consistently profitable trader for couple of years. This is my fifth year in forex trading, Yes, I’m still new to trading world, but I’m consistently winning. That’s the only reason I started posting in 2013. Before that, I didn’t talked about things I really didn’t understand. I’m talking only by my experience, no nonsense. Only just ‘real world’ practical things.

Yes, aiming for 10-20 pips per day is really good, that’s all what you need if your pip value is high. And it really works in real world too. In-fact my usual day trading TP is 30 pips. But you need to be a well experienced, consistently profitable trader to become successful when using higher pip values, don’t you think? If newbies try this, they will probably loose their account in no time.

If your pip value is low, you need swinging. Otherwise you will not make a decent income.

People have different criteria, so different strategies and systems are needed. Both these methods are useful.
I use swing trading also, but my pip value on these trades are less.

It’s just your choice, you can’t insist someone to choose your way of trading, can you?

I use both methods. Usually my TP is 30 pips per day. It’s just my system. But my system gives swing trading signals sometimes. May be once a moth or so. I trade them using a different money management technique than day trading technique.

Stats talk is useless.

You think so!!!

IMO it’s the next most important thing in forex trading after trading psychology. Important than money management, etc.

Do you know how price action works?
Do you know why similar signals sometimes works, sometimes fails?
Do you understand the human factor involved?

Understand statistical edge of your system. And build your system around it.

Do you know how Casino owners make profit while giving large sums of winnings to it’s players?
They know their statistical advantage.

Be the Casino! Not the player.