I posted this to a forum, and decided to paste it here as well in case any retail traders come across it.
A consideration with respect to a holy grail, and blowing up accounts is the reliance on a single approach. With a single approach traders are inclined to bet too heavily per trade.
Since all systems, and I mean all systems draw down, when betting heavily, the drawdown, even minor ones can be deadly.
When you can place trades, and each individual trade has no significance to you (because the trade size is very very small) and you can spread your risk among many trades, and many approaches, two things happen:
1. Your account drawdown becomes smoothed. This is because the drawdown of one approach is usually mitigated by the draw-up of one of your other approaches.
2. That $99 system actually has a chance. Every system has good times, bad times, and kick you in the teeth times. The question is can you ride out the bad times so the system can realize the good times. Only if it has a small portion of your account, and if it is among other systems that can mitigate it.
The last crumb of this diatribe is management.
There is a BBC show I think is called Traders. It’s on YouTube. It’s where they do an experiment and hire 10 people off the street, and train them to work in a trading room. 3 part series I think.
Watch it. Then BECOME the manager.
They constantly evaluated each trader. Gave some traders more money, gave others less. They constantly adjusted, and they started small so no trader could kill the account. Emulate it.
So whether you have the ability to create your own “employees” or you need to buy them for $99 each, get them. Lots of employees. Then BE the manager.
Don’t bet the farm on some new employee of the street.