According (but not limited to) to Jack Schwager, trading without a strategy is like playing roulette … you have 50/50 chance of winning THE FIRST TIME ONLY you play, and with every next play, your chances become worse and worse, to the point of complete (potential) financial ruination.
I disagree.
There is of course only a 50% chance of getting the direction correct on a random entry. But the trader can also set stop-loss and TP orders, and these can be asymmetrical. If for example your SL is 50 pips away and your TP 55 pips away, this gives the possibility of obtaining a risk:reward ratio of slightly better than 1:1. the win rate will now fall slightly below 50%, but the theory is that a small increase in reward does not produce a directly equivalent fall in win rate. The result is a small net gain.
But is this worth the trouble? No.
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Which is a (reasonable) monetary strategy Tommor, while JS is supposidally talking about random trading - whatever that is.