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- They lose 1 trade, they risk more.
- They lose 1 trade, they go all-in.
- They lose 1 trade, they get depressed.
- They lose 1 trade, they change system.
- They lose 1 trade, they get angry and give up.
Stop.
Everyone loses.
Start thinking in probabilities.
Chaos at one level of magnification is harmony at a higher level of magnification.
Many aspects of life, including games like chess, involve elements of chance due to incomplete information. However, we can improve our odds by understanding the environment, the participants, the elements at play, and their interactions. Developing skill involves time, experience, and effort to grasp these relationships better, allowing us to navigate uncertain situations more effectively. The more we know and understand, the more we can turn uncertain outcomes into favorable ones through informed decision-making.
Chaos at one level of magnification is harmony at a higher level of magnification.
I see this quoted a lot and think it is dangerously incomplete.
Your quote only applies when you have clearly defined your edge and know that it's profitable.
If you don’t have a clearly defined edge that is profitable, then you’re still learning and even at that developmental stage, discipline and patience are mental controls that are necessary in order to arrive at what may be called a consistent profitable trader.
Chaos at one level of magnification is harmony at a higher level of magnification.
I don’t know your strat, but if you’re executing on it with discipline and patience, then you have positive expectancy.
Positive expectancy means that your trading strategy, over a large number of trades, is expected to make money. It’s the key to long-term success in trading.
An edge in trading refers to having a strategy or method that gives you a statistical advantage over the market. It’s what sets you apart from random chance and increases the likelihood that you’ll be profitable over time.
Your mental state, patience and disciple are also common components of an edge.
Chaos at one level of magnification is harmony at a higher level of magnification.