Don't we have a 50/50 chance of success in the business?
Business people are taught that business is like a casino.
It has random outcomes and you have to play with the odds.
This is a mistaken opinion.
Trading is NOT a casino
In the game of roulette, you can choose between two suits (if you choose to play that way). The number of variables in the Price Action game is infinite. It's not just about buying and selling.
You look at so many different things: • Macroeconomics (interest rates, inflation, etc.) • Sentiment and the current situation in the world. • Technical data (trends, SandD, liquidity, etc.) • Strategy (revenue models, business management)
But apart from these things, there are two other very important aspects of business!
Think long term
Profitable traders think long term! The distribution of profits and losses is random. This is the most important probability in business. Profitable traders can suffer months of losing streaks and losses.
They know that even if they lose 2 months in a row, it will be a month that changes everything.
And while losing traders start to turn things around after one losing week, profitable traders stick to their guns and focus on their bottom line.
They know that even if they lose 2 months in a row, it will be a month that changes everything.
And while losing traders start to turn things around after one losing week, profitable traders stick to their guns and focus on their bottom line.
Know your strategy
Profitable traders master their strategies.
They are fully aware of how they trade based on data and market experience. Their edge is easy to execute, so they can approach perfection when executed.
They ensure that every trade that fits the plan is executed completely regardless of the outcome.
They adapt their system to the changing market.
Know yourself
Profitable traders control themselves.
They are aware of their internal state and know when they are ready to perform and when they are not. Because trading is all about optimal performance.
They ensure that they feel balanced, neutral, rested and ready for objective action.
Emotions and performance
You have to be perfect to play the business game. Use a working strategy and make every trade flawlessly for a long time.
However, perfection is impossible. You will fall short. You get emotes and over/under trading. Your heart stops you. You will miss the shops. You skip the shops. You don't follow the plan 100%. You are not always in the 100% zone. You have outside influences that prevent you from trading optimally.
As you can see, trading is not 50/50. The odds are really against us. What can we do?Don't we have a 50/50 chance of success in the business? Business people are taught that business is like a casino.
It has random outcomes and you have to play with the odds.
This is a mistaken opinion.