Baseball fans believe a consistent .300 batter is a hall of fame candidate. A basketball player can shoot three-point baskets at less than 50% success and be viewed as special. However, the failure rate for a successful traders is less clear.
Obviously, high returns relative to risk is critical, but returns are generated from the trades undertaken. Often traders do not have a high success rate for trades. In fact, success as measured by a winning percentage is often not a good indicator. The gain relative to loss is critical especially if success rate is lower than 50 percent. The adage is to cut loses quickly and hold on to gainers is implanted in the brain of most traders. Yet, traders with high failure rates need by definition higher win to loss ratios.
A real failure does not need an excuse. It is an end in itself.
Ever tried. Ever failed. No matter. Try again. Fail again. Fail better.
The purpose of science is not to fool yourself - and you are the easiest person to fool.
The things I remember best from college were the questions I got wrong on the exams.
Medicine is a science of uncertainty and an art of probability
-Sir William Osler founder of Johns Hopkins Medical School
If a machine is expected to be infallible, it cannot also be intelligent.