Facts :-
1) at least 95% of all traders lose over time
2) There are really only a handful of core** universal indicators, systems and patterns that most traders use in the markets (albeit different settings and combinations !)
so what does this mean ?
a) are the small % of winners ignoring the core rules that the majority use ?
b) are the small % of winners simply using the core rules better / differently ?
c) are the small minority of winners doing the other things needed in Trading better ?
Answers
a) nope....
b) kinda.....
c) ooh yeah ! ....
heres the bottom line gang .......basically you have to customise and create your edge to work for you ....be unique.....I also recommend you challenge everything about your system all the time to ensure you are constantly improving it ..
I also strongly recommend you ensure it is not 100% formula and blindly operating based on dumb rules and indicator settings
what do i mean by this ?.........
get some discretionary trading rules in the mix !!
so by this i mean watch the market and understand whats happening for that session ...and especially news events and the reaction of the markets to them ....these cannot be programmed or understood by a dumb-ass moving average or a fibonacci retracement...you have to use your brain and experience guys to read the market ....
and well.....as regards the answer to c) ?....... gang - you have to also get your mindset and head in gear .....thats what also makes a trader successful .........so take a look at my mindset page here for clues :-
Good Trading as always....
Neil
* These few elements have generated many many derivatives that "claim" to be different, but are fundamentally not.....believe me....for a list of the proposed core elements see my methodologies page on website here :-