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In a message dated 98-10-25 11:10:24 EST, FelixTY wrote:
<< Here's something I just picked up from the newsgroups. Not bad.....
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What is the best way to trade futures? There is none. There are so many
ways
to trade, and so many successful traders trading in different ways with
different strategies. What it boils down to is the individual. >>
I have come to the same conclusion and agree with the above. It has raised
another, related, question in my mind.
If it is indeed possible for anyone to be a successful trader, I'm not sure
that everyone can do it on any timeframe.
Is it possible that successful short term/day traders have a different
temperament, attention span and self-discipline profile from successful
position traders?
It seems that those attracted to daytrading tend to be more impatient. It's
ironic that the stronger this attraction, the more likely it is that it may
not be the best choice for these individuals.
I also see a correlation between the psychological make up of traders
employing a discretionary/intuitive approach and the ones who prefer a
mechanical system.
I'm puzzled when I read someone as experienced as Felix write that money can't
be made day trading - position trading is the only way to go etc. (apologies
for the para-phrasing).
Did anyone give any thought to their own personal psyche before choosing
trading timeframes/methodologies or do most of us just dive in, somewhere,
anywhere, suck it and see?
Then, if it doesn't work out for us, do we immediately (perhaps, too soon)
assume that the loss was inevitable because of the timeframe or methodology?
Rgds,
Kim
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