I'm relatively new to forex trading and have probably made every possible mistake there is to make in trading. I have been trying to establish a better trading strategy for the past few weeks and have been learning a lot of valuable information from the Forex Factory Forums.
There was another rather controversial thread here about determining probabilities of trading systems.
The most fascinating bit about that other thread was that someone had mentioned that regardless of the analysis that goes into a trading strategy, the ultimate probability of success of that strategy is still 50 / 50.
- Without meaning to brew up more controversy, how do you guys measure probability objectively when starting out with a new system?
- Is probability really just a buzz word that distracts us from profitability in the end (i.e.
if we focus on building profitability rather than probability, will we have a better chance of succeeding in trading)?
- What characteristics set a successful trader apart from an unsuccessful trader?
- And perhaps most importantly, how does one maximise profitability in trading?
What are the key components of a successful trading strategy?
Also, a number of other traders have mentioned that they trade with multiple brokers as a matter of course. Why is this beneficial? Do you feel it is an essential part of trading?
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Many thanks in advance!