Trader Quote #14…Posted: August 13, 2012
Trader Quote #14
“When you really believe that trading is simply a probability game, concepts like right and wrong or win or lose no longer have the same significance.” Michael W. Covel
==== This quote made me laugh because I used to think trading was about being wrong and right or winning a position or losing it. I used to look at each trade as a victory or a epic defeat and it had a profound impact in my mind and trading results.
My Trading mistakes helped me get closer to understand and take advatange of probablilties. When you look at a series of 100 trades and not just the one winner or loser, my perspective changed! It helped me explore the world of Risk Management, martingale and anti-martingale, lot sizing etc etc.
Keep it simple and trade with no more than 5% risk capital, learn to scale into positions and scale out. I learnt to trade much much less and be more in cash positions (thats what its called when you have no trade on) , I dramatically improved my trading results.
No one can not know the future, not even your ‘Holy Grail’ indicator or oscillator, so make probabilities you best friend. Only trade when the conditions are favorable for you! D.F. ====
What does this quote mean for you? do you agree/disagree? Any tips or experiences you would like to share?