Backgrounds of Successful Traders

[wisestguy]

>>The hard part is creating your own SOP ( standard operating procedures) & check lists to allow you to >>carry them out with out hesitation...


This is true.


>>Not in Putney they dont - cant even follow a damn timetable.
>>Why did I sell my car!!!!!!!!!!!!!!

Because you didn't want them in the markets as traders of any sort ?

 

[mikeyk]

I thought i'd turn this one around and mention the backgrounds of unssucesful traders.

People who are go through life being wa***rs without realising it, dont really make good traders IMHO.

What does everyone else think??

 

[henry766]

i only fear genetic algorythms ( i think) , forget money managment and following rules , your kidding yourselves , you only need a genuinly profitable insight into the mkts , so many times i tell people money management won't make an unprofitable idea profitable and visa v!!you know what i think it is? ( ok yeh i'll tell you) people feel insecure , by being sensible listening to advice etc they will be ok and make money , you won't unless you have something that actually works , and that won't come from money managment advice or anything other than a system that is profitable !! ( mkt don't care how carefull you are , how much homework you do , the fact your kind to your mum , it only gives to those smart enough to take it!!

 

[nkruger]

I thought i'd turn this one around and mention the backgrounds of unssucesful traders.

People who are go through life being wa***rs without realising it, dont really make good traders IMHO.

What does everyone else think??

I think you're correct. Nice reply. :cheesy:

 

[ejtrader]

I think the background of your parents also plays a major part in becoming a successful trader. If they themselves r successful is not as important as whether or not they set a good example in risk taking, hard work, discipline, and other traits of a sucessful trader.
I know people who r many times smarter than i am but are afraid to take the first steps into the "unknown" because they come from a very conservative family. Being smart is not a must for a good trader (helps), but my point is that people are afraid to try cause thats what their role models taught them.

Im not saying that parents background determine everything but its not gonna help when your whole family is stressing to death cause u decide to jump into trading. In my opinion, risk taking and being less fearful of failing is very important for a sucessful trader and a lot of that is determined by how one is raised.

 

[Ponce]

i only fear genetic algorythms ( i think) , forget money managment and following rules , your kidding yourselves , you only need a genuinly profitable insight into the mkts , so many times i tell people money management won't make an unprofitable idea profitable and visa v!!you know what i think it is? ( ok yeh i'll tell you) people feel insecure , by being sensible listening to advice etc they will be ok and make money , you won't unless you have something that actually works , and that won't come from money managment advice or anything other than a system that is profitable !! ( mkt don't care how carefull you are , how much homework you do , the fact your kind to your mum , it only gives to those smart enough to take it!!

Excellent,
Money management amplifies good trading ,minimizes poor trading.
With an effective technique to extract from a market,trading is easy period!
Take all indicators off your charts,I personally dont factor time into my ability to withdraw,so I prefer a range chart.
One thing for sure,the more you add to your charts,premise,tape reading etc.. the more conflicting trade ideas you will see.look at them for a day or so,think about what is happening.Take a chart for a future,separate the positive bars from the negative.
Easiest way to do this is set up 2 color schemes.First scheme have positive bars in red,negative bars the same color as your background,and whatever way your charts color the wicks have same as bar-candle.Do the opposite for Negative chart,use green for negative bars,positive same as background.

If anyone is interested in trying something new for a day ,post your chart of positive and negative schemes at EOD ,I will offer what I see.It is possible to know where to look for profitable trades ,and more importantly where to exit logically.

 

[Ponce]

My apologies,
The EOD charts would offer trades for the following day,looking over EOD charts and seeing where goods trades were is a bad habit.My intent is to show that just because tomorrow isnt here,a place to look for opportunities to trade are obvious ahead of time.

 

[rogue8]

'Ponce'

 

[teojh]

Easiest way to do this is set up 2 color schemes.First scheme have positive bars in red,negative bars the same color as your background,and whatever way your charts color the wicks have same as bar-candle.Do the opposite for Negative chart,use green for negative bars,positive same as background.

If anyone is interested in trying something new for a day ,post your chart of positive and negative schemes at EOD ,I will offer what I see.It is possible to know where to look for profitable trades ,and more importantly where to exit logically.

all i see is that its very easy to see the trend. But what's with the colour switch?