What leads to be a consistent profitable trading?

Alexander.Bartholomeus said:

I understand that trading is a number's game with a high probability of losing everything even with a proved system however there are profitable and consistent traders (say, 10%-20% overall), does anyone know how they achieved it and what helped them (like indicators, training/mentored by a professional, personal psychology, emotions or all of them or anything specific)?

Thanks to everyone who contributes to this topic.

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O_777 said:

Following your rules and trading mechanically, being comfortable with the risk and basically letting go of the outcome, if your system wins 50% of the time then all you need to do is apply it at every opportunity, win or loss it doesn't matter, at the end of the day you'll always win 50% of the time. Get that down then you have to refine your strategy.

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Shegz said:

Let me tell you my own secrets, step by step:
1. I don't, or, rarely use big lot size. My preferable lot size is 0.01, even on $10k account
2. I don't use stop loss. However, I know when to cut my losses and move on, when, and if, I have hold a particular trade for too long without returning to profit
3. Since I don't use stop loss, I have perfected my own strategy of using a profitable trade to manage positions running in losses. For example, if I have a trade running 0.01 on GBPJPY for too long without returning to profit, I will eventually see another perfect entry opportunity on the same pair, or another pair. I then increase my lot size to 0.02. Once profit of 0.02 exceed loss of 0.01, I will terminate the two trades and keep the cummulative profit.
4. I only trade based on rules. If trade setup is not valid for entry on my strategy, I won't place the trade
5. I don't trade news, or fundamental events. It's a waste of time for me. I will place my trade even if news is coming anytime, as long as my trade setup is correct
6. I combine price actions, and sometimes, bar colors, with specific indicators. Should I reveal them to you?
7. I can be VERY patient with price on the chart. I rarely pursue price. I prefer to wait for price to come to my setup and enter my traps. Hint: LIMIT ORDERS are an integral part of my strategy. STOP ORDERS are not.
8. I don't wait till I double account before withdrawing profit. I have nothing to prove to anyone. I withdraw once I see profit exceed $100. This serves two purposes: First, it keeps my ego in check, and help me maintain my lot size. Second, What you have in your bank account is your money.

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