I think of trading as a game of expectancy. To win with any kind of consistency, we must have a system of entry and exit that provides a demonstrable edge that is capable of overcoming costs. Then, provided positions are sized modestly enough to preserve capital during a sequence of losses, and we maintain perfect discipline in trading our method, we are mathematically bound to profit. However, as with any game, just because the probabilities are in our favor, perhaps even handsomely so, does not offer an iron-clad guarantee. In my opinion, one of the main reasons why many traders lose is that they make decisions based on their own P/L, which the market does recognize, instead of market behavior and price structure.
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