What leads to be a consistent profitable trading?

[Alexander.Bartholomeus]

I understand that trading is a number's game with a high probability of losing everything even with a proved system however there are profitable and consistent traders (say, 10%-20% overall), does anyone know how they achieved it and what helped them (like indicators, training/mentored by a professional, personal psychology, emotions or all of them or anything specific)?

Thanks to everyone who contributes to this topic.

 

[O_777]

Following your rules and trading mechanically, being comfortable with the risk and basically letting go of the outcome, if your system wins 50% of the time then all you need to do is apply it at every opportunity, win or loss it doesn't matter, at the end of the day you'll always win 50% of the time. Get that down then you have to refine your strategy.

 

[Shegz]

Let me tell you my own secrets, step by step:
1. I don't, or, rarely use big lot size. My preferable lot size is 0.01, even on $10k account
2. I don't use stop loss. However, I know when to cut my losses and move on, when, and if, I have hold a particular trade for too long without returning to profit
3. Since I don't use stop loss, I have perfected my own strategy of using a profitable trade to manage positions running in losses. For example, if I have a trade running 0.01 on GBPJPY for too long without returning to profit, I will eventually see another perfect entry opportunity on the same pair, or another pair. I then increase my lot size to 0.02. Once profit of 0.02 exceed loss of 0.01, I will terminate the two trades and keep the cummulative profit.
4. I only trade based on rules. If trade setup is not valid for entry on my strategy, I won't place the trade
5. I don't trade news, or fundamental events. It's a waste of time for me. I will place my trade even if news is coming anytime, as long as my trade setup is correct
6. I combine price actions, and sometimes, bar colors, with specific indicators. Should I reveal them to you?
7. I can be VERY patient with price on the chart. I rarely pursue price. I prefer to wait for price to come to my setup and enter my traps. Hint: LIMIT ORDERS are an integral part of my strategy. STOP ORDERS are not.
8. I don't wait till I double account before withdrawing profit. I have nothing to prove to anyone. I withdraw once I see profit exceed $100. This serves two purposes: First, it keeps my ego in check, and help me maintain my lot size. Second, What you have in your bank account is your money.

 

[Aldo-Jr]

For consistent profits one should be ready to take risks and understand on what amount risk can be taken to balance the profits and loss.

 

[Samir8833]

Create a mechanical system and follow it to the letter, its the only way.

 

[5ebastian]

Being consistently successful simply implies that your returns are greater than break-even (you are not losing money from your trade) and that you use a consistent and repeatable strategy.

 

[Miguel!!]

For constant earnings, one must be willing to take chances and understand how much risk can be tolerated in order to balance profits and losses. Create a mechanical system and adhere to it religiously; that is the only way.

 

[IIslayaGammingII]

I believe risk management is important dont let emptions get to you

 

[pippin]

I understand that trading is a number's game with a high probability of losing everything even with a proved system however there are profitable and consistent traders (say, 10%-20% overall), does anyone know how they achieved it and what helped them (like indicators, training/mentored by a professional, personal psychology, emotions or all of them or anything specific)?

Thanks to everyone who contributes to this topic.

It's a combination of tools and approaches, there is no guide to profitable trading, because any publicly available guide will invalidate itself very quickly as soon as enough many people will start to follow it. That's why every approach is unique.

 

[Alexander.Bartholomeus]

Following your rules and trading mechanically, being comfortable with the risk and basically letting go of the outcome, if your system wins 50% of the time then all you need to do is apply it at every opportunity, win or loss it doesn't matter, at the end of the day you'll always win 50% of the time. Get that down then you have to refine your strategy.

So, how do you identify which system/strategy will fit you? going through 1000's of paid/free systems available or do you suggest to create it on your own based on your experiences/price action?

 

[Alexander.Bartholomeus]

Let me tell you my own secrets, step by step:
1. I don't, or, rarely use big lot size. My preferable lot size is 0.01, even on $10k account
2. I don't use stop loss. However, I know when to cut my losses and move on, when, and if, I have hold a particular trade for too long without returning to profit
3. Since I don't use stop loss, I have perfected my own strategy of using a profitable trade to manage positions running in losses. For example, if I have a trade running 0.01 on GBPJPY for too long without returning to profit, I will eventually see another perfect entry opportunity on the same pair, or another pair. I then increase my lot size to 0.02. Once profit of 0.02 exceed loss of 0.01, I will terminate the two trades and keep the cummulative profit.
4. I only trade based on rules. If trade setup is not valid for entry on my strategy, I won't place the trade
5. I don't trade news, or fundamental events. It's a waste of time for me. I will place my trade even if news is coming anytime, as long as my trade setup is correct
6. I combine price actions, and sometimes, bar colors, with specific indicators. Should I reveal them to you?
7. I can be VERY patient with price on the chart. I rarely pursue price. I prefer to wait for price to come to my setup and enter my traps. Hint: LIMIT ORDERS are an integral part of my strategy. STOP ORDERS are not.
8. I don't wait till I double account before withdrawing profit. I have nothing to prove to anyone. I withdraw once I see profit exceed $100. This serves two purposes: First, it keeps my ego in check, and help me maintain my lot size. Second, What you have in your bank account is your money.

Thanks a lot for your time in listing the secrets - those are really great tips for novice/new traders!!

May i ask - both paid and free advisors/experts available online shows a surprising 45 degree inclined results graph however when it comes to real-life trading, why traders (both experienced and inexperienced) were not able to achieve at-least 10% of those results?
what stops them?

I understand that we are emotional animals when comes to trading however if you spin up a VPN and automate your advisor 24x5, it will take all the decisions you intend to however still most traders can't achieve positive results.
What would be your suggestion to improve?

 

[Gulshan Negi]

Well, if you want consistent profit, then you can get it easily, but you need to follow some practices and do it continuously.
1. Continuous learning
2. Education and learning
3. Trading plan
4. Technical analysis
5. Positive mindset
Thanks