A Plan for Success

BarroMetrics Views:  A Plan for Success

In a very interesting article, Jeff Tucker has this to say about McDonald’s current success: “…It is an old recipe: watch the markets, emulate the successful, adapt and change….”

These are words a budding trader ought to remember.

Most newbies want instant success – we only have to see the countless ads that promise that to know this is so. But, those of us that have had some measure of fulfillment and gain, know that what we have attained has come from sustained effort.

Ultimately I built on what the greats (e.g. Wyckoff & Steidlmayer) before me were generous enough to pass on and on my own observations about the markets. I learned that while market principles may remain the same, the application of those principles need to change with the times. For example, with Market Delta we are able to better discern buying and selling control.

So, it’s not a matter of embracing new tools and abandoning traditional theory but rather it’s a matter of modifying traditional theory to incorporate new insights and a matter of substituting modern applications for old tools.

Winning traders constantly refresh and renew their knowledge and thus add to their expertise. Trading is truly a game where there is no place for resting on our laurels.

9 thoughts on “A Plan for Success”

  1. I am reminded of an oft-quoted mantra during my national service days. “Fight terrain, not the enemy.”

    The morale of the story is that it is harder and more painful to climb up a treacherous slope that seems unpassable. But it will be safer because the enemy will think you are less likely to come by that way. Conversely, the easy way to approach the enemy is usually heavily guarded and you will have to deal with a hail of bullets. In trading, we can either take the time and do the hard work of continually honing our skills, or we can take the easy way out and trade at will and hope we don’t get hit with a bullet.

  2. Haha, enemies are honing their skill too! 🙂

    For example, Electronic counter-countermeasures (ECCM)is part of electronic warfare.

    But do successful traders treat the market as their enemies?

    Or rather, a trader’s greatest enemy is his unhealthy psychological condtions because of his past, the inner wounds, bad memory, the unconscious mind etc.?

  3. Hi Ray,
    Are Maximum Favorable Excursion (MFE) and the MAE Maximum Adverse Excursion (MAE) useful/meaningful performance measure for trading strategy and trade success?

Leave a Reply

Your email address will not be published. Required fields are marked *