Friday, December 12, 2014

Crudeoil positional analysis 12.12.14 Update I

Trading Methods – What Works and What Doesn’t

The are many successful traders using a variety of trading methods. However, there are a far greater number of traders who fail to produce consistent profits from the markets. I would estimate the percentage of successful traders about the same as in other professions such as acting, music, sports, etc. Many are called, yet few succeed. Over the years I’ve formed a few opinions on why trading is so difficult for so many people. Most traders I meet are intelligent. They have had success in other careers. They are usually hard workers and devote much time and energy to their trading. Yet most of these traders move from one methodology to another, never finding anything that works for them.

In the area where I live I try to attend as many trading groups and meetings that I can find. Trading can be a lonely business when you trade your own account. It is important to maintain human contact. That is face to face contact and not just communicating on Twitter. One trading group that I’ve belonged to for several years seems to be a laboratory for watching traders who go down dead end roads. I’ve tried to draw some conclusions why these traders consistently go in the wrong direction regarding their methodology.

- Doug Tucker

via - Tucker Report