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Originally Posted by KPcurrency
I am of the belief that a trader should strive to Under-trade in both size and frequency.
Many (day)traders make a lot of trades, targeting smaller profits. This means they need to be correct more often. Therein lies the struggle- high wins rates do not in themselves make money(although they are easier on the psyche). Larger wins on one's wins than the corresponding losses on one's losers is what makes money. Being right and sitting tight that's where the money is.
**If you're making more than 3 trades in a day, you are trading too much.
**Not being in the market IS a trading decision.
**Learn to be comfortable being IN the market.
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horses for courses KP and the point of more than 3 trades a day being too much is a very sweeping statement based only on your experience.
Many city traders trade hundreds of times a day and make a lot more money than you or I - frequency of trades has nothing to do with the success of a trader or strategy - just that
you havent seen yet how to do it.
always remember this
** you dont know what you dont know
** most traders who give advice cannot trade for toffee
** Sweeping statements are rarely useful - the day after you make one it is inevitably proved false