Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Fibonacci Dynamics -- Ignore unavailable to you. Want to Upgrade?

To: sammy™ -_- who wrote (123)	3/10/2007 11:58:14 PM
From: sammy™ -_-	Read Replies (1) \| Respond to of 330

17 Don't waste anymore time playing around with Oscillators, The statistics on the number of private traders that fail in the markets every year are alarming. One of the main reasons for this is over-trading, and the belief that there is one Holy Grail or perfect market technique that can predict with complete accuracy any future market movement. If you stop and think about this for a while, this is a pure gambling mentality and complete nonsense. If there were one Holy Grail, then some of the highly paid institutional traders would certainly have found it by now. If you look at most of the successful traders throughout history and those who have made the most money, one consistent theme links them all - the ability to keep their losses small in relation to their profits. Once you understand that this is the real Holy Grail and accept that you will make losses, but the trick is keeping the losses small (and stop looking for that one method which avoids all losing trades) then the sooner you will become a profitable long-term trader. Throughout my years as a private trader, whenever I incurred a period of losing trades, I thought the answer was to become more educated and look for greater and more in-depth ways to understand the market. This personal journey took me through many different (an ever more complicated) ways to perform technical analysis. However, although I became an expert in many different forms of analysis, the bottom-line results did not reflect this new-found expertise. After many years of this, I suddenly stopped and looked back, and finally realised that the route to profitable trading does not come from unlocking the markets or finding that one perfect method - the so-called “Holy Grail” does not exist. In a way, the real “Holy Grail” is to make trades consistently over time, in which the profits are larger than the losses. It is as simple as that. And in reality, the real Holy Grail is within yourself and your ability to apply your own simple method consistently and, more importantly, have the patience and discipline not to make silly and unnecessary trades. mtptrader.com ---