I'm not laughing
[highlight=rgba(255, 255, 255, 0)]One of the best pieces of advice I ever received from a fellow trader was this;[/highlight]
[highlight=rgba(255, 255, 255, 0)]Start by lowering your expectations to a win rate of 50%. At 50% immediately you are forced to do a few things;[/highlight]
[highlight=rgba(255, 255, 255, 0)]Your Trades:[/highlight]
[highlight=rgba(255, 255, 255, 0)]- let winners run [/highlight]
[highlight=rgba(255, 255, 255, 0)]- cut losses short[/highlight]
[highlight=rgba(255, 255, 255, 0)]- put s/l in a place that gives your trade the best possible chance[/highlight]
[highlight=rgba(255, 255, 255, 0)]- look for good r:r[/highlight]
[highlight=rgba(255, 255, 255, 0)]- be selective with your trades
[/highlight]
[highlight=rgba(255, 255, 255, 0)]Your Mindset:
[/highlight]
[highlight=rgba(255, 255, 255, 0)]- accepting that chance of loss is high, and planning for it
[/highlight]
[highlight=rgba(255, 255, 255, 0)]- accepting as per your thread title that "knowing" is a fools game
[/highlight]
[highlight=rgba(255, 255, 255, 0)]- realizing that you don't need to "know" where the market is going next to win
[/highlight]
[highlight=rgba(255, 255, 255, 0)]- no longer a victim of false expectations and heart ache[/highlight]
[highlight=rgba(255, 255, 255, 0)]You might say "well what is my edge if I only need 50% wins, why not flip a coin?"[/highlight]
[highlight=rgba(255, 255, 255, 0)]Your "edge" whether that be candlesticks or fundamentals or sentiment trading or whatever it may be, will hopefully be able to beat the spread in the long run and hit out enough returns that exceed your risk (r:r) of at least 1:1.5. That is all you need to slowly win, compound and yes make lots of money.[/highlight]
[highlight=rgba(255, 255, 255, 0)]One of the best pieces of advice I ever received from a fellow trader was this;[/highlight]
[highlight=rgba(255, 255, 255, 0)]Start by lowering your expectations to a win rate of 50%. At 50% immediately you are forced to do a few things;[/highlight]
[highlight=rgba(255, 255, 255, 0)]Your Trades:[/highlight]
[highlight=rgba(255, 255, 255, 0)]- let winners run [/highlight]
[highlight=rgba(255, 255, 255, 0)]- cut losses short[/highlight]
[highlight=rgba(255, 255, 255, 0)]- put s/l in a place that gives your trade the best possible chance[/highlight]
[highlight=rgba(255, 255, 255, 0)]- look for good r:r[/highlight]
[highlight=rgba(255, 255, 255, 0)]- be selective with your trades
[/highlight]
[highlight=rgba(255, 255, 255, 0)]Your Mindset:
[/highlight]
[highlight=rgba(255, 255, 255, 0)]- accepting that chance of loss is high, and planning for it
[/highlight]
[highlight=rgba(255, 255, 255, 0)]- accepting as per your thread title that "knowing" is a fools game
[/highlight]
[highlight=rgba(255, 255, 255, 0)]- realizing that you don't need to "know" where the market is going next to win
[/highlight]
[highlight=rgba(255, 255, 255, 0)]- no longer a victim of false expectations and heart ache[/highlight]
[highlight=rgba(255, 255, 255, 0)]You might say "well what is my edge if I only need 50% wins, why not flip a coin?"[/highlight]
[highlight=rgba(255, 255, 255, 0)]Your "edge" whether that be candlesticks or fundamentals or sentiment trading or whatever it may be, will hopefully be able to beat the spread in the long run and hit out enough returns that exceed your risk (r:r) of at least 1:1.5. That is all you need to slowly win, compound and yes make lots of money.[/highlight]
Howlin' at the Moon on the Roof