Hello All. Wanted to put my understanding about Probability of Trading Success -
Why we as Traders Fail most of the times: It’s a common belief that most traders fail or never get to the point of having consistent profits. But the chances of beating these odds may be more
Why we as Traders Fail most of the times: It’s a common belief that most traders fail or never get to the point of having consistent profits. But the chances of beating these odds may be more
2. attainable than we might think. But I believe that most of us traders never really give ourselves a chance to be winners. Ready to go through the grind. Most likely, we’ve started with a lottery mindset that goes something like this: “Trading seems like easy money … I’ll
3. just throw a few lacs into my brokerage account and see what happens. But the fact is that trading does take a lot of effort (both emotional and financial)—to profit consistently. To be successful in anything in life, we must spend time putting in consistent effort.
4. In his book Outliers, Malcom Gladwell writes that it takes roughly 10,000 hours of practice to achieve mastery in a field. He came to this conclusion based on his research and studies of extremely successful people that he conducted to find out how they achieved success.
5. He found this practice rule applied to many unrelated professions and talents, including: Learning to play the violin, In the 1990s, a team of psychologists studied violin students and their habits as children. The conclusion was that the elite performers had averaged
6. over 10,000 hours of practice while the underperformers had only 4,000 hours of practice
Computer programming: Bill Gates and Paul Allen acquired more than 10,000 hours of coding before they even launched Microsoft.
Am sure we can include our own great Tendulkar,
Computer programming: Bill Gates and Paul Allen acquired more than 10,000 hours of coding before they even launched Microsoft.
Am sure we can include our own great Tendulkar,
7. who belives so much in net practice even after scoring so many runs
Musicians. The Beatles played more than 1,200 concerts together before their breakout year in 1964. . Elite performers not only practiced more, but they fell in love with their practice. "practice / training"
Musicians. The Beatles played more than 1,200 concerts together before their breakout year in 1964. . Elite performers not only practiced more, but they fell in love with their practice. "practice / training"
8. is the key I guess. There is no magic indicator / holy grail or naturally gifted traders. Trading is about using the correct strategy, and at a time when the odds are more in your favour. Trading is about probabilities.
9. The key is to enter the trade that best fits your personality and fits the overall risk/return of your portfolio. Then it’s a matter of placing the trade over and over until you have traded enough occurrences to allow the probabilities to play out.
10. It's like Putting The Probabilities In Your Favour. That's why never look for tips, someone else's strategies. We all need to develop our trading personalities, just like we develop our food taste. Just sharing my understanding. Hope it makes you think..Cheers
