What makes you a good sports trader?

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Derek27
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Dallas wrote:
Tue Feb 13, 2018 4:33 pm
I'm sure I have seen this quote once from a wise old man some where ;)

"I have said this countless of times on this forum, but the difference between a successful trader and a bankrupt one, is what they do when faced with a red screen"

Undercomplicated and sums it up.
I agree with that, but there's also a difference between how successful and unsuccessful traders deal with green screens.

I can't remember who said cut your losses short - let your profits run long. It takes experience and discipline to learn; greening-up for a 2 tick profit and cutting your losses at 5-6 ticks is where I used to go wrong when I started trading. It may not bankrupt you but at the very least it wipes out all your profits!
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ruthlessimon
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Derek27 wrote:
Tue Feb 13, 2018 10:26 pm
cut your losses short - let your profits run long. It takes experience and discipline to learn; greening-up for a 2 tick profit and cutting your losses at 5-6 ticks is where I used to go wrong when I started trading.
That's another statement I hate ;) because it means nothing without the %winrate
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Derek27
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ruthlessimon wrote:
Tue Feb 13, 2018 10:39 pm
Derek27 wrote:
Tue Feb 13, 2018 10:26 pm
cut your losses short - let your profits run long. It takes experience and discipline to learn; greening-up for a 2 tick profit and cutting your losses at 5-6 ticks is where I used to go wrong when I started trading.
That's another statement I hate ;) because it means nothing without the %winrate
You're taking things too literally Simon, it was just basic advice for new traders and you don't want to burden a new trader with all the complexities of trading. There's nothing wrong with backing 3-1 on shots if you have an edge, but in most instances that advice holds true. Many new traders have posted on this forum that they were doing really well but one bad day blew all their profits. There are most likely taking risks to make small profits, which could be well be cutting profits for security.
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ruthlessimon
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I'm just bored of seeing that statement on every "trader" blog/website - Come on, us at BA are better than that!

"In most instances it holds true"

& this is why that statement won't ever die!! Because it's true, for those with the certain edges (which is a massively important caveat). I'd go so far as to say, apart from psychology - trading advice cannot be given generically. It has to be tailored to the exact trader's process & methodology. To those traders who have great weeks, then crap the next. I'd say, send their methodology to a trusted pro. Mainly, to check it's even an edge. Then specific actionable advice can be given
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Derek27
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ruthlessimon wrote:
Wed Feb 14, 2018 12:51 am
I'm just bored of seeing that statement on every "trader" blog/website - Come on, us at BA are better than that!

"In most instances it holds true"

& this is why that statement won't ever die!! Because it's true, for those with the certain edges (which is a massively important caveat). I'd go so far as to say, apart from psychology - trading advice cannot be given generically. It has to be tailored to the exact trader's process & methodology. To those traders who have great weeks, then crap the next. I'd say, send their methodology to a trusted pro. Mainly, to check it's even an edge. Then specific actionable advice can be given
Nobody has an edge when they first start trading and they are not likely to find an edge if they have the mentality of cashing out as soon as they're in profit without an overall plan. The statement is just a pointer in the right direction for new traders to consider. It's not a precise instruction.

People at BA are not better than that because this forum includes people who have just started trading and are learning from scratch.
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harsh
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Emmson wrote:
Tue Feb 13, 2018 10:10 pm
Dedication has become my main edge, I will do what others will not.......like in cricket follow every ball of a test match or every ball of a one day international. even if they start at 3.30am.
+1
spreadbetting
Posts: 3140
Joined: Sun Jan 31, 2010 8:06 pm

Only thing that makes me a good trader is the fact my edge in knowing where the market's likely to go is big enough to allow me to make plenty of cock ups but still still come out on top.
bmz4
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Joined: Tue Nov 10, 2009 1:42 am

Asociality and phlegmatism. So you can sit whole day staring numbers and wait for opportunities. For me it's easy because i'm asperger. (Slighter version of autism). I would assume here are others same kind of personalities?
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