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.
Having a strategy is essential for a trader. Every trader's strategy is different, as each trader has their own unique experience, which will also vary slightly from one another.
Usually, when we have a good strategy, learned from extensive market experience, we can maximize profits. Maximizing doesn't mean never losing. But the profit ratio must be greater than the loss. And if we can consistently implement it, it will generate a decent income. It depends on the capital we have.
Clearly, a strategy can't always remain the same. As traders, we must constantly adapt to market conditions. Therefore, I sometimes change my strategy to adapt to market trends or situations. What usually causes someone to continue losing even with a good strategy is that they usually haven't mastered risk management, emotional management in the market, or trading psychology, and also haven't mastered money management. Therefore, such people often panic and fear easily. They sometimes deviate from their own, even if they have a good plan. Afterward, they regret it and try to re-enter, only to lose. I've encountered many traders like that, and I used to be like that myself.