We do not like to lose or fail. That is human nature.We have a tendency to view losses as personal failures.. This is disastrous for a trader. Losses are inevitable part of the trading game We need to accept losses as cost of doing this business.Worlds best traders too lose a lot.
To be successful in trading, we must have a method with an edge. We need to trade the method long enough ignoring the results of individual trades to win.This is not possible without total trust in your methods. If you have confidence in your trading method, losses shouldn’t worry you at all. Just take it and move on. Successful trading is not totally avoiding losses but winning more than what you lose.
For every trade we enter, there could be four outcomes. a) Big Loss, b) Small Loss, c) Small Win and d) Big Win. Let us remove the Big Loss from this. Small Wins will take care of Small losses and Big wins will remain with us. Ensure that your trading plan eliminates the possibility of losing big.
“You can’t make money if you are not willing to lose. It’s like breathing in, but not willing to breathe out”
Ed Seykota
To be successful in trading, we must have a method with an edge. We need to trade the method long enough ignoring the results of individual trades to win.This is not possible without total trust in your methods. If you have confidence in your trading method, losses shouldn’t worry you at all. Just take it and move on. Successful trading is not totally avoiding losses but winning more than what you lose.
For every trade we enter, there could be four outcomes. a) Big Loss, b) Small Loss, c) Small Win and d) Big Win. Let us remove the Big Loss from this. Small Wins will take care of Small losses and Big wins will remain with us. Ensure that your trading plan eliminates the possibility of losing big.
“You can’t make money if you are not willing to lose. It’s like breathing in, but not willing to breathe out”
Ed Seykota
Isn't the id being used to post misguiding. I know the person who uses this id at different forums and he has many followers. Using that id only (specially since you also are member of some of those forums) is misguiding the pubic about whose views these are.
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ReplyDeleteSince you have raised an allegation of misguiding and misleading , I take this post very seriously.
I think you are referring to "smart trade" who is the moderator of traderji forum. Let me clarify.
1.I own the ID "smart trader" in traderji forum. It was registered on 24/10/2007.Check
2.The ID smart trade was registered only on 15/04/2008.Check
3.I blog under the name "smart trader" since December 2006.
Check
4.The name 'SMART Trader" is not because I consider myself very smart."SMART" is "Significant Move Analysis Related Trades", a system which I used to trade earlier. I was writing a blog on this swing trading system for three long years.
5.Still I am a member of these forums and post under the ID Niranjanam as I no longer trade "SMART"
6.I do not follow any of the smart trades method other than VWAP strategy.
7.My post on VWAP is copy paste of his post in traderji. I have clearly acknowledged it.
8.I reproduced this post with his consent only He has given me the permission to do so.Since you claim to know him, please do PM him and clarify.
9.For me there is no need to mislead or misguide My focus is on my trading only. I started writing just to record my scattered thoughts in order.Read the Disclaimer.
10.I will advise you to focus on your trading rather than finding fault with others and bringing baseless allegations.
11.In my opinion trading may not suit you. You will do well if you join CBI or Scotland yard.
ST
Thanks for the laugh :) Scotland Yard indeed!Reminds me of Pattanapravesham and CID Moosa :D
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