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. However, for other setups that occur frequently, I don't think you have to take every setup because each trade taken independently is insignificant. However, I do believe a trader should strive for consistency and a systematic approach in decision-making, and take each trade the same way according to their trade plan. |
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I guess we disagree there b/c I don't see how someone can randomly choose what setups they take and make money over the long haul. Unless your winning percentage is 100%, I don't see the numbers work in your favor.
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Gamblers by definition are playing a game of chance and don't have an edge; therefore, they will lose in the long run. A profitable trader has an edge and should win in the long run, assuming the edge is sustained over time. If a trader does not have an edge, then I agree (s)he is a gambler. |
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Again, it's semantics. This was beaten to death over at elitetrader and in the end, we are all gamblers in our life. When you walk down the street, you are gambling that a bus will not hit you. When you place a trade, you are gambling that your analysis is correct.