How to put into practice all of the above principles? Or maybe the market is completely effective (that is, unpredictable) and in general there is no sense in dealing with it?
Disputes about market efficiency are not silent, and probably never will be silent. The main question is what exactly is a market - complete chaos, or its movements obey some laws that can somehow be systematized and described.
While pundits struggle over an insoluble problem, successful traders make money.
Yes, markets are often chaotic and unpredictable, but people operate in the markets - an ignorant crowd and knowledgeable insiders. Managing market movements for their own selfish purposes, insiders leave traces on the charts. These pictures are repeated, and the task of the trader is to recognize them and use them in their trade.
Markets speak and suggest, you just need to learn to listen to them.
Repeating price formations are the clues the market gives. They do not occur every day. Patience is needed to wait for a convenient moment, decisiveness to enter into a deal, courage to close a position if the market is against you, flexibility and impartiality of judgments to stay in a position, accumulating profits and constantly evaluating a situation, consistency to close a position when the appearance of signs of a reversal, even if, in your opinion, the market should have gone further.
Purely mathematically, the probability of winning and losing in any transaction is 50 to 50. But in fact, the probability of entering at random is always in favor of the market because the person is an emotional being, and he has a psychological threshold of patience - floating losses press and prevent you from adequately assessing what is happening. Each threshold has its own, depends on the emotionality and size of the deposit, but everyone has it. When the threshold is crossed, the trader leaves the transaction at a loss, and usually the market turns around soon after. So the trick is to select only those situations where the probability of winning is in your favor, but since there is always the probability of losing, the risk should be reasonably limited so as not to exceed the threshold of patience and not to cause a devastating blow to the deposit. Thus, psychology and risk management are links in one chain. It is useless to come up with some rules if there is no discipline for their implementation. Trading is a business, and only an approach to it as a business, and not as a game, can ensure success.
So three whales of successful trading:
1. A simple and consistent trading method that provides entry only into transactions with a high probability of winning, low risk and a profit level exceeding the risk.
2. Effective risk management rules. Rules governing position size and risk exposure.
3. Self-discipline, as the ability to force oneself to fulfill their own trading rules.
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