...I realised that the systems and strategies account for only 20 percent of the success. Money management and trading psychology account for 40 percent each if one wants to become a successful trader.
Another important point that I learned from Douglas is one needs to take at least 25 trades with flawless execution before changing the strategy. Yet in my experience, I can tell you that out of 100 traders not more than 5-6 will be able to test a strategy for the complete 25 trades without changing any parameters. It requires a lot of discipline and conviction to complete the 25 trades without tweaking the parameters.
Q: How soon did you turn profitable?
A: This knowledge, however, did not bring me instant success. I was still losing money and winning it back. I was in the revolving door business till Carter told me to look for price action rather than indicators. Technical indicators are just a pictorial indication of price actions. Price action is the purest form of trading, he said.
Read more at https://www.moneycontrol.com/news/business/markets/staying-unfazed-by-17-straight-losses-early-on-helped-this-trader-find-the-holy-grail-of-trading-2882331.html
Another important point that I learned from Douglas is one needs to take at least 25 trades with flawless execution before changing the strategy. Yet in my experience, I can tell you that out of 100 traders not more than 5-6 will be able to test a strategy for the complete 25 trades without changing any parameters. It requires a lot of discipline and conviction to complete the 25 trades without tweaking the parameters.
Q: How soon did you turn profitable?
A: This knowledge, however, did not bring me instant success. I was still losing money and winning it back. I was in the revolving door business till Carter told me to look for price action rather than indicators. Technical indicators are just a pictorial indication of price actions. Price action is the purest form of trading, he said.
Read more at https://www.moneycontrol.com/news/business/markets/staying-unfazed-by-17-straight-losses-early-on-helped-this-trader-find-the-holy-grail-of-trading-2882331.html
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