Author Topic: Improve your trading  (Read 740 times)

BWS

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Re: Improve your trading
« Reply #30 on: September 12, 2020, 11:35:40 AM »
Practice, Practice, Practice

When you think you have a strategy, system, methodology that you are happy suits you as an individual and is likely to increase your chances of success, keep practicing it.

It may not work as well as you hope the first, second, or third times you try it but you need to persist. Try to avoid wholesale chopping and changing. In the early days try to avoid even minor tweaks, unless you realise that there was some glaringly obvious mistake in Plan A. Random errors occur in all systems, it doesnt mean the system is wrong, just that it didnt work on that occasion. Dont expect a 100% success rate, anything over 60% successful will give you the 'edge' everyone talks about.

When you can consistently over time show that your system has an 'edge' and that your money management is under control, you can start enjoying and profiting from trading.

So, as I said at the beginning of this post, practice, practice, practice.
"I wouldn't say I'm the best manager in the business, but I'm probably in the top 1" - Brian Clough

Pipstar

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Re: Improve your trading
« Reply #31 on: September 13, 2020, 09:51:20 AM »
BWS, thank you for this thread.
There has been a lot of thought put into it and some of the lessons could easily be applied to other areas of our lives such as work and how we organise ourselves.

BWS

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Re: Improve your trading
« Reply #32 on: September 14, 2020, 03:15:10 PM »
Sources

My source material for most of what I have detailed above, should any of you wish to do further reading on these subjects, are:

Thinking, Fast and Slow    Daniel Kahneman
Stumbling on Happiness      Daniel Gilbert
Superforecasting: The Art and Science of Prediction   Philip Tetlock and Dan Gardner
Thinking in Bets    Annie Duke
Predictably Irrational    Dan Ariely
The Success Equation: Untangling Skill and Luck in Business, Sports, and Investing   Michael Mauboussin
Fooled by Randomness    Nassim Taleb
The Little Book of Behavioural Investing        James Montier


"I wouldn't say I'm the best manager in the business, but I'm probably in the top 1" - Brian Clough

eddieb

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Re: Improve your trading
« Reply #33 on: September 15, 2020, 03:41:17 PM »
Thanks Ben.
As Pipstar said, appreciate your work. Just need to put it into practice! :)
Disclaimer. Posts are just my thoughts,  not recommendations.  Do your own due diligence before trading