I believe that there are 2 types of traders: those whose goal is to make money vs those whose goal is to follow rules.
The traders of the 2nd type simply believed in the rules they were taught by the popular books, websites, “mentors”, “gurus” etc, and stick to them even if they keep losing for years.
The traders of the 1st type don’t trust or follow anyone. They prefer to see themselves, so they break the “rules”, seek and try different ways of everything.
How do you think, what type of a trader is profitable?
I’m guessing you’re the “make money” type of trader. However:
You’re also promoting the use of EA’s in your previous thread, which rely solely on strict rules, so you’ve contradicted yourself a bit here.
But that’s okay because I think following some rules in order to make money go hand-in-hand, to a certain extent.
I’m not against EA’s or rules, but there are certain rules I find important to adhere to when it comes to TA.
I’ve learned a lot here on BP’s, not all good, most being subjective. In fact, I’ve had to unlearn most of what I used to believe would make me a profitable trader.
I’m certainly the 1st type. Back in 2015-2016 when I was the most profitable in trading forex (as I told in my bio), I made it only because of breaking the rules (“Don’t trade the news!”). Since then I have been struggling most of the time, but I’m absolutely certain that the less I followed the rules, the more money I made.
By “rules” I meant the general rules that we are taught when we start trading, not the rules of a certain strategy. I meant the rules like “trade only one pair!”, “Risk to reward ratio must be 1/2”, “Don’t trade the news!”, etc. What you said doesn’t make sense. How can I be against following the rules of a certain strategy if I am promoting the use of EA’s? How can you break your own rules when your trading is automated? Only the manual traders tend to break the rules of their own strategy.
The question is if you follow your own rules, that you tested and know they work, or blindly follow the rules by others, even though they never made your hiking enjoyable. If the former, then you are type 1. If the latter - you are type 2.