What do YOU need to be a great trader

[Pat494]

I find it interesting to read posts on forums and try to visualize the person behind the post. Are they rich ? Perhaps they started with a big inheritance or did they graft away reading copious books etc.

In fact what are the attributes a newbie needs to make his own in order to increase his chances of success ? Perhaps a selfish, uncaring attitude or something more benign to others. It is said John Rockefeller gave 10% of his earnings to his local church to re-distribute locally. Some of the richest have also been great philanthropists. A Scotsman gave away millions, earned in the USA, in the 19th century to make public libraries and probably inspired many a lad.

Would you like to suggest parts of the template to help success and achievement ? Possibly from your own experiences ? If so jot your thoughts below.

 

[Pat494]

I would say firstly understand yourself. Try to work out what your strengths and weaknesses are. For instance you may or may not have an aptitude for programming.
If you are able to then which platform and computer language ?
If not then another route may suit your personality. Perhaps a tutor or a course or books.

 

[Pat494]

Here is something I liked and I have copied from elsewhere but it is relevant I think.

Knowledge, and a strong motivation to spend the equivalence of a bachelors degree hours wise or more on the craft. Understand your market (for me its futures)Reading all the books on trading. Take the knowledge, apply it to the chart. Mark where all the books say you should be entering, watch price bust through everyone's stops on this "obvious' entry, and you be the liquidity of 'their stops'. Repeat this over and over and over. Understand that for you to succeed, somebody else has to fail. So study where they fail, and do the reverse.

 

[Pat494]

Perseverance, innate knowledge you will overcome, knowledge is ongoing, being able to adapt, knowing when to be smart enough to know when to be dumb, knowing all the books are one chapter short(difference between 95% who lose and 5% who are profitable), knowing the extra chapter is gained through losses if going at it alone, learning well where 95% will get in and don't get in there, coat tailing Commercials. It is a hundred little things you have to either born into you, learned through childhood, gained from losing, reading right books, but other half is huge hours of doing. It is like learning to juggle or tying cherry stem into a knot in your mouth, more time you put into it, eventually you learn tricks or steps to become profitable and you become faster at recognizing how to repeat.

Cherry stem trick has paid for many free drinks and dinners.

 

[Pat494]

Another gem

Discipline.

Having the discipline it takes to keep after your trading education after putting in long hours to study, prepare, test, analyze and review the rules, software, trading vehicles and systems before ever placing your first trade.

Having the discipline to start with small sizes as you continue to learn and trade.

Having the discipline required to wait to trade real money with maximum leverage until you achieve proper capitalization for your trading goals.

Having the discipline required to remain patient while waiting for the most opportune time before entering a trade.

Having the discipline to exit a trade and take a loss when the market tells you you were wrong this time.

Having the discipline to exit a trade when you reached your target by not permitting greed to influence your decision.

Having the discipline required to control your emotions before, during and after a trade.

Having the discipline to follow your well tested and proven trading system rather than override it simply because "you know better."

It's rather easy to find the Holy Grail. Maintaining it is quite another thing. I know I fight the battle each and every day.

Good Trading to you all.

- Spydertrader

 

[Arashimuro]

Discipline and perseverance are truly some of the main factors when trading on forex. Having these qualities, there's a good chance that your deposit, whether you're a newby or not, will multiply and will bring it's owner even more profit.

 

[Pat494]

At the moment I am checking through Expert Advisors and even made one myself, with help on the programming.

 

[Pat494]

Unless you are incredibly intelligent I think there is little hope of the average person in just teaching themselves. One can spend years chasing those elusive profits. They always seem to be just around the next corner.
But finding a good mentor is also difficult. Who to trust ? There are loads of shysters out there pretending they have answers.

 

[Alexander1]

I think knowledge and luck ))) more

 

[Tytus_Barnowl]

Just be honest with yourself. Know your own strengths and weaknesses, write them down then disregard the strengths a you will naturally play to them. Concentrate on the weak points which you have and get a strategy to combat them whilst trading.
Greedy
Lazy
Wanting to be right
Self obsessed arrogance
Denial of faults
Easily distracted
Disorganised
Undisciplined
Laurel resting
Moderator on Trade to Win forum
Unfocussed
Unwashed
Unfed
Havent had a bowel movement in 24 hours
Unexercised in fresh air
Hungover
Fanny Obsessed
Facebook mobile obsessed

There are probably loads more, but these apply to most male traders, have a strategy to deal with them before you hit the floor so to speak.
Have a written trading plan, keep it to yourself if necessary then refer to it if any of the above faults cause problems in trading. Above all be honest with yourself, trading is a very solitary business.
Then and only then can you think about being a trader with self confidence.

 

[piphoe]

rots of ruck

 

[Pat494]

When you are alone in your back bedroom trading - you are not.
When you are alone , lose a trade and yell obscenities - you are not.
And why not ?
Because there are others who have made the opposite trade.
There is yourself' having to put up with some jerk yelling.

Oh yes discard that soiled string vest and nasty habits.

Treat your workroom like a shrine. Build up good karma with a good attitude. Even arrange the pictures and décor to give you that feel of success soon to be achieved.

 

[piphoe]

after every losing trade, shake your fist yell "Feng shui!" at the monitor! this helps