This is, at least to me, a very interesting episode of David Susskind's show where he interviews various successful businessmen/woman and entrepreneurs on what it takes to become a wealthy. Now if he can just have the show on learning to spell. http://www.hulu.com/watch/46487/the-david-susskind-show-how-to-become-a-millionaire#s-p1-so-i0
=> Indeed, makes a great Trading Expo breakfast, both across the street from the Mandalay Bay in Vegas, and across the street from Marriott Marquis in Times Square! Although I'd have to admit that 90% of my trips to McDonalds in the past year have been at Expos, so I'm not exactly a McDonalds 'regular'. Chick-fil-A or Sonic though, they are places I could eat at regularly.
OK... No cursing. I'm back to my usual style of posting. If you want a discussion in a normal, rational tone... I'll give it.... ----------------------------------------- Why would one's lifestyle affect someone's "actual" trading? Is having a family a good influence or bad influence? Is having a healthy social life and going out every night good or bad? Isn't all this leading to denying each individual's character? What about culture? Are you saying that African people can't make money? Are saying that Asians can't make money... Is having a simple/healthy (low cost) diet good? Is drinking a bad thing? What's all this supposed to do with trading? ------------------------------------- Eric or Dustin, Please tell me why EricP posts his trades in that TradeResult page. Is it about being humble? Why do you and your buddies come in suddenly, and side-track a comment with, "I trade with Eric, he makes a lot of money". As a group, how is that humble? Or is that just hubris as a group? Why has the actual perspective of Eric, changed after a few pages of posts regarding psychology in general. I wouldn't like to take the time to Copy/Paste but I know there are some contradicting points. And I don't plan on taking snippets of words but a whole post in content. Isn't consistency important or is "some" of what you have mentioned, very subjective... that really had no place as a "Characteristic" of a "Successful trader. Finally. And the most important. Define what a successful trader is. The definition flip-flops here and there in this thread. Is it a trader who is profitable or a person who is happy living a life as an independent trader. ... hrmmm... I would really appreciate it if anyone can start clearing out some of my questions because I'm really ready to start a constructive discussion. I am now willing to post my points without all the "inappropriate language". ----------------------------------------------- But considering this being Eric's thread. I would like to hear what his "opinions" / "2 cents" on the issues are. And not to mention, I won't act like a girl and bring back old posts and start bashing the flip-flop. Anything mentioned, from now is what I percieve as your opinion / 2 cents. I'm being fair... I think...
As for the game, trust me I know the pain. I agree that one should not go crazy but that craziness should be checked on both sides of the spectrum. Do not go and buy Prada this and Gucci that. However, one should not live a life of a monk in a monastery either.
I'd think it's probably a bit of both. Obviously a trader is not successful, no matter how happy he is, if he can not generate a profit. On the flip side though I'd also say that a person is not successful, no matter how much money they have, if they have not found happyness in themselves.
Slow day here so here you go... 1. You are missing the purpose of the P&L thread. In the early days of ET before these threads existed it seemed like every day someone asked if it was possible to make money trading. There were large threads of skeptics against the few that were profitable, but nobody believed them because there wasn't proof. Now with P&L you just point them to the thread, end of discussion. It also serves as motivation. For example I put myself in the same category as RedInk but he's been outperforming me for a few months and it's starting to get on my nerves. Hopefully this motivates me get off my ass and do some new stuff. For people like Eric and RedInk to participate in that thread is pretty amazing. They are all the proof you could ever need that trading can be a great j*b if you work hard enough. So no, it's not about being humble. It's about participating in something special that exists nowhere else and I think they understand that. 2. "Isn't consistency important or is "some" of what you have mentioned, very subjective... that really had no place as a "Characteristic" of a "Successful trader." Most of the characteristics were observations of the best traders Eric knows. That's a small sample and maybe it just fits who he knows...maybe it's all wrong who knows. If he didn't have you on ignore maybe he would respond. 3. "Is it a trader who is profitable or a person who is happy living a life as an independent trader?" I think it is both, but the topic is really subjective. I don't think you can be a really successful trader (I don't consider myself yet) without living life successfully outside of trading. Without a healthy mindset you aren't going to trade well. If you're in terrible relationships, have addictions, or are bad with money then you probably aren't going to get far in trading. edit: Brandon you beat me to the last point.
This actually came to my attention from a PM. Eric, why not write about Money Management? We all know you trade both discretionary and systematic. Discussing Money Management won't give out your actual models, there's nothing revealing that can take off your edge. Whatever your trading style, Money (Risk) Management is an essential part of trading. There is nothing for me to argue or disagree. I, myself, have background in both discretionary and systematic. I'm sure others have their own set of experience and skills. I also, think most of the posters in here can agree that Money Management is essential to any trader's success. Honestly, psychology stuff becomes a bit too trivial. It comes down to whether you view it as significant or not. So let's forget about all the grudge and discuss about something that can be beneficial to everyone (as I recall is the purpose of your thread).
I agree. Look what walton ended up doing, not spending much and creating tensions between his kids because of it.
The most important characteristic of a single successful trader is that he wins more than he loses. He also is a member of a rather diverse group.