Trading systems — and why you should have (at least) one
Recall from our issue on Lessons from exceptional traders – part one:
Do you have a sound trading system? It doesn't matter if you can't do money management.
Do you have excellent risk management? It doesn't matter if you don't have an edge.
So you have a great system and money management, but you're playing high stakes without confidence or experience? What a recipe for disaster.
According to those who excelled before us (Market Wizards, Schwager), it all starts with a system or method and, most definitely, a plan. So it is time for you to start thinking about a system, develop your own, or at least evaluate other traders' to see if they match your personality.
So let's talk about it.