There are traders that have a good strategy that they use in the market, but still are unable to maximize profit they make.
I think that success in trading is in two parts, which is
- First having a strategy,
- Secondly knowing how to utilize the strategy to profit well.
After learning the first, it is important to learn the second else you will be a trader with a strategy that should work, but no profit to show for it. When you hear of traders who were successfully able flip small account sizes to big ones in a short time, it is not just because of their strategy alone, it is also due to understanding of how to maximize profits and minimize loss.
This very correct, some traders especially newbies do think that all you needed is a strategy and you will be good to go not knowing that beyond just formulating and using a strategy is the ability to stick to the utilization along side discipline with such strategy, no strategy is enough, i mean we don't get to see any on a scale of 100 they are mostly 75 - 89 and we consider it a good one , literally even a 90 is very difficult to see and there's actually no holygrail as a strategy while trading.
Alongside all of this, we cannot emphasize the importance and the place of your emotional management, although that is expected to be factored into your strategy in other for your strategy to be complete and so does you risk and money management should come in hand and very importantly is the role of disciple, you have to be disciplined enough for you to be able to stick all of the strategy after you must have gotten one with which you desire to work with as a strategy.