I took today off and enjoyed a nice four day weekend. I'll be back at it tomorrow and will post some charts later in the week. In the meantime, here are a few more comments from readers in response to Michael B.'s excellent post that also came from comments.
The key to consistent money is knowing what you do best and executing only what you do best. I spent a good 5 hours writing that in my journal yesterday and it was amazing how much time I spent on executing things that aren't my strengths. Make your own private blog and post your most profitable trades every single day. Over time it will add up.
If you spend today writing in excruciating detail what you do best and execute exactly what you do best next week, your numbers are going to improve.
I don't think most traders overcome odds. I think they overcome themselves.
Spend some time on traderfeed.blogspot.com. Specifically read all his posts on "solution focused" trading."
"Flowtastical makes some great points.
Grove Under, here is my shot:
1.) Being selective is easy once you break the habit of overtrading. Michael B. said as much in his comment when he talked about being conditioned to make a lot of trades. It is all about discipline...you have to develop it and maintain it. But it is easier to maintain when you are making money from being selective as opposed to losing money from overtrading, and trading even more to try and get it back.
2.) Slumps - I don't think X hits them with his win rate. It doesn't sound like Michael B. does either. For me, a slump is a few break-even days but I have not had a losing week since mid-2010. That is what being selective does for you. And I don't view myself in competition with the best and brightest. I trade setups that I know work. I don't know what other people are doing, and I don't really care. I see something, I execute, and I take profits...usually in a very short time period.
I think the slumps go away (or, are redefined) once you learn to focus. Again, a slump for me is a few b-e days...so it doesn't carry the same weight mentally.
3.) Turning the corner - I think you get the answer to this question every day on this site, and you certainly did from Michael B.'s comment. Focus. Be selective. Don't overtrade. Don't force trades. I think X posted once that his job was to eliminate the bad setups...once you look at it that way, you have won half the battle. Eliminate the bad, take the good regardless of when they happen, and at the end of the day you will be in the green."
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