Luck and Hope

[Rambo35]

A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience. Luck and hope have no place in a successful trading plan if your aim is to generate profits on a consistent base. The sooner a new trader understands that placing a trade based on hope that it will move in the desired direction hoping to get lucky is a great strategy to move a portfolio in the opposite direction, the sooner a trader can start to develop the correct skill set.

In theory it does not sound much, but as statistics show 98% of all traders will fail at trading which speaks volumes. A lot of traders tend to subscribe to the wrong trading approach or fail to understand and implement a good trading approach.

 

[Trader333]

A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience.

How do you know this to be the case ?

 

[NVP]

A lot of new traders tend to rely on luck and hope when they trade rather than discipline and patience. Luck and hope have no place in a successful trading plan if your aim is to generate profits on a consistent base. The sooner a new trader understands that placing a trade based on hope that it will move in the desired direction hoping to get lucky is a great strategy to move a portfolio in the opposite direction, the sooner a trader can start to develop the correct skill set.

In theory it does not sound much, but as statistics show 98% of all traders will fail at trading which speaks volumes. A lot of traders tend to subscribe to the wrong trading approach or fail to understand and implement a good trading approach.

Eggs, Grandma, suck , teach

place into a sentence
N

 

[wallstreetwarrior87]

Eggs, Grandma, suck , teach

place into a sentence
N

Teaching grandmas to suck anything has no place in trading.

IMHO:cheesy:

 

[perox]

Teaching grandmas to suck anything has no place in trading.

IMHO:cheesy:

Rofl.

Well said mate :cheesy:

 

[Mr. Charts]

Eggs, Grandma, suck , teach

place into a sentence
N

15 months in Belmarsh for geriatric abuse

 

[Rambo35]

How do you know this to be the case ?

New traders I have come across in real life and forums. They hold on to loosing trades hoping for a turnaround, they place trades hoping to get lucky. The high failure rate confirms this as well. I understand that there are hundreds of millions of traders and I based my assumption on maybe 100 traders, but if the consumer confidence data can offer a snap shot for over 300 million Americans based on a few hundred respondents and traders think it is a valid snap shot I took the liberty to do something similar.

I could be wrong about this, and I simply write about my experiences with traders I have met and talked to.

 

[NVP]

New traders I have come across in real life and forums. They hold on to loosing trades hoping for a turnaround, they place trades hoping to get lucky. The high failure rate confirms this as well. I understand that there are hundreds of millions of traders and I based my assumption on maybe 100 traders, but if the consumer confidence data can offer a snap shot for over 300 million Americans based on a few hundred respondents and traders think it is a valid snap shot I took the liberty to do something similar.

I could be wrong about this, and I simply write about my experiences with traders I have met and talked to.

thats the problems with assumptions buddy .....they can get you into a lot of trouble .......

 

[Rambo35]

thats the problems with assumptions buddy .....they can get you into a lot of trouble .......

That is true, but in this case from what I know I think that is the case. I mean the majority does fail as traders and there are many factors. Are you telling me that you have never met a trader who moved their stop loss after a trade moved against them hoping it will turn around?