If you had to name one quality to succeed in trading, what would it be?

Discussion in 'Trading' started by jamus, Jan 25, 2004.

  1. There are many traits required to succeed as a trader. But for me the most important one is without question perseverance. Myself, I have never even questioned IF I can do something, but only "when" I will get there. That through perseverance I will get wherever I want to get is only a matter of course. This applies for anything in life. As the saying goes, "Through perseverance, even the snails made it to the ark."

    However, my favorite quote for perseverance is no doubt this one:

    I've missed more than 9,000 shots in my career.
    I've lost almost 300 games.
    Twenty-six times, I've been trusted to take the game winning shot and missed.
    I've failed over and over and over again in my life.
    And that is why I succeed.

    - Michael Jordan
    #41     Jan 26, 2004
  2. The whole discussion about MM is just a waste of time IMHO. Just look at all the glorious "money managers" out there. If MM was the key trading success, then 97% of ET'ers would be successful traders.

    Myself, I make sure I have good R:R ratios in my trades and/or a high hit rate, and not put too much risk on a single trade. One sentence, all you need to know about MM. Then, forget about money management. Get a grip on trading and the money will manage itself. Stop wasting time on it and learn the important things.

    Here are a few of mine;

    - Perseverance
    - Worcaholism
    - Healthy Obsession
    - Discipline
    - Specialization
    - Patience
    - Knowledge
    - Experience
    - Humility
    - Thick Fur
    - Decent Setup
    - Due Diligence
    - Obsessive Logging & Recording
    - Enjoyment

    I'm sure I forgot plenty. But that's it for me now... Cheers!
    #42     Jan 26, 2004
  3. One of my favorite too :)
    #43     Jan 26, 2004
  4. All other answers are wrong. :D
    #44     Jan 26, 2004
  5. Discipline? Completely overrated.

    Discipline is like a straight-jacket you need in order to keep your mental conflicts in check from bouncing up & down the walls, and to make you do things you "don't want to do". However, ideally, you need to resolve your mental conflicts by drawing all the energy out of them.

    Once your inner mental conflicts are resolved and the reality and complete unpredictability of the market is fully accepted, there no longer is any reason to require discipline.

    Just like it requires no discipline to clean your house, do the dishes or do 3 hours worth of running a day, once you accept and enjoy doing it. Accept and enjoy the reality of the markets, and you won't need discipline.

    Not my words, by the way. Pretty much paraphrased from Douglas. One of the few people who ever said or wrote anything useful about trading.

    Best Regards and Happy Trading.
    #45     Jan 26, 2004