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Beleifs about Trading
I have been trading nearly three years. I am making a living at this business but defintily not a super living by monetary standards. I do extract great fun from trading but I definitly can't call it a great success. I have been preparing a year end evaluation this past month to propel me forward into the coming new year. My mind seems to be gravitating to a new direction in my trading. I would really apreciate it someone could share with me their thoughts about this.
I basically can call my self a scalper. Thats pretty much all I do, scalp the ES or Nq. To get to the point I'm thinking about changing my approach to the market. My current approach to the markets its best summed up by the quote in the market wizards book about how the cheetha hunts. Waiting and waiting for the perfect kill and striking in and out fast. But after doing this for years this type of game isn't cutting it for me. My mind is moving to more of an approach that Mark Dougals calls Trading like a Casino. This means having a much larger sample size and letting the edge play out. Another good metaphor is I currently trade like swiss watch maker, a man that takes his craft very seriously and aims for pure perfection. But the question is? Is this best path? Maybe it would be much better for me to become a quartz watch maker.
Finally this is what I think I want to do to move forward. I want to put an end for the most part to my scalping. Implement a mean reversion strategy that aims to extract more points with ofcourse much more money behind each trade, to make it worthwhile doing this type of method. The serious cons of this method is waiting for the edge to come to succesful completion and the requirement of a much larger stop. In my mind this seems much more like a real business rather than a tactical game which scalping is. I've been around the markets long enough to realize that large sums of money is there for the taking in the market but not possible in scalping at least not for me. If anyone can assist me with this serious decison I would really appreciate any advice. Thank you very much and good trading to all.
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