That's pretty good. I agree. Ahhhh... every now and then you need to gamble though. That's where proper sizing comes in I guess. One thing you missed however, psychology. The ability to foresee the herd. Intuition. Without it, you wind up buying books and subscribing to wannabe's on YouTube. And losing money.
2 biggies... #1... Know his methodology is correct. That is, having figured out what he's supposed to do and why. #2.... Discipline, in all aspects. Paying "close attention", trades to take, plays not to make, stops. You see... if your methodology is correct* and you apply it with discipline, it's almost impossible to lose! That's it. KISS, baby! * And what methodology is that? Price TA is the only one I know that works for sure. (Yeah, there is insider trading and front-running, but those are illegal... unless you're a big muckety-muck in the government, of course.)
Interesting points while someof them make more sense than others. I particularly think that the most important traits for a good trader are discipline and persistence while being wise and careful and basing decisions on past experiences and lessons learnt from them.
And apparently he's always a 'He' because as everyone knows women are rubbish at trading GAT PS most of these apply to me but only because I'm a boring git, not because I'm a good trader.
Intuition is paramount and indeed the X factor that only a few have. Also know which stocks are in which sectors. You would be shocked at how many traders are cluless. You should know at least 5 companies in each sector.
Hello Scataphagos, I agree with your statement "You see... if your methodology is correct* and you apply it with discipline, it's almost impossible to lose!" The only challenge or debate I have with your comments is "And what methodology is that? Price TA is the only one I know that works for sure. " I like Price TA or price action, but you really need to add to your comment that Price TA is very subjective and not objective and challenging to prove statistical edge manual back or forward tested and becomes double challenging once a Price TA trader enters drawdown and dealing with so much subjectivity. And triple challenging trading without proven statistical edge.
"Intuition" is a product of quality experience. Quality experience is a product of lengthy observation, research, testing and trading...you know work.