I agree, keeping a detailed track of one’s trading is a great way to improve. I am learning how to do that and I am already seeing some results.
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Nice to hear that mate. Trade safe and prosper.
How has it been going for you lately, did you learn anything new?
We learn daily really if we try to think on how we grow as traders. What I have been trying to do recently is to improve my skill in structure-based trading. There are many aspects to this.
Trade safe and prosper.
Probably, the easiest way is to be patient and wait for the best moment for trading. This is all that can be done today. The main thing is not to rush in trading; otherwise there will be big losses.
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I too agree, patience is vital for good trading. Whether it’s patience to learn or patience to find a good entry, it’s necessary in both cases.
Does it really matter which trading system you use as long as you are profitable and a master of your system? I keep wondering about this as I see traders hop from system to system.
Trade safe and prosper.
It really doesn’t matter imo. But how would you explain systems hopping?
I think that what matters is for a trader to be comfortable with their strategy. For example, a scalping strategy may have a high degree of success, but not everyone feel comfortable scalping.
Being comfortable with the system is one aspect of the equation; that dealing with the person’s personality. Mastery is also a factor, and the trader has to be profitable or at least be making progress financially with the system. But how do you explain the penchant for system hopping by many traders?
Trade safe and prosper
There could be all kinds of reasons. It could be lack of experience and patience, it could be willingness to adapt by searching for a system that fits their needs more, it could be something entirely different. What do you think?
May be all sorts of things really. But I strongly believe that the major reason is the fear of losing money. Nobody wants to lose money and this is behind the unending search for the ‘Holy Grail.’
Trade safe and prosper.
In the process of improving as traders, we may have to avoid system hopping. But there is a place for system tweaking. What do you think?
Trade safe and prosper.
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That is certainly a factor. I think that people also have a preference for a certain type of strategy. For example, some people don’t like scalping. They either feel it’s too risky or they don’t have a quick enough reaction time. Other people don’t want to wait for days to close a position. It largely depends on the individual.
If you are looking to have a profitable edge in the market, what should it be? Personally, I don’t look for an edge in any trading system but how I use the system. The edge is really about your person and the discretionary steps you take as a trader. What do you think?
Trade safe and prosper.
I don’t know whether I am looking for an edge. For me the most important thing is to have working strategy and to be able to follow it with enough discipline to be efficient. That is enough of an edge for me, in my opinion.
A strategic trading edge helps differentiate you in the market and gives you an advantage to be successful on a consistent basis. Not many traders have, or have been able to develop, a trading edge.
Trade safe and prosper.
Good point. Have you managed to develop such an edge?
Yes, I have. I know my edge in the market. While one’s edge is not something you totally share; I can say that an element is being able to come up with sound market analysis most of the time.
Trade safe and prosper.