02/07/2021
“If most traders would learn to sit on their hands 50 percent of the time, they would make a lot more money.”
How often does a truly favourable trade setup come along?
It will vary depending on the time frame a trader trades as well as their criteria for what they deem to be favourable; a general answer would be, not very often. It’s safe to say that if a trader is trading the 4-hour and daily charts, they may get one or two trade setups per week that are worth the risk.
“If a trader is motivated by the money, then it is the wrong reason. A truly successful trader has got to be involved and into the trading, the money is the side issue… The principal motivation is not the trappings of success. It’s usually the by-product – simply stated, “the game’s the thing”.
When the going gets tough – Passion will keep you going. The road to becoming a constantly profitable trader is undoubtedly tough! One of the most common questions asked by traders is how much money one can expect to make in a given month but – if making lots of money from trading is their only motivation, it won’t take them very far.
Money can’t be a trader only driving force and as Bill states in this quote, money should be the by-product in the game of trading.