How about the ability to FOCUS, FOCUS, FOCUS! The ability to stay focused and avoid distractions is tantamount to being able to operate in a successful manner. Perhaps this is what is meant when people use the word: DISCIPLINE
I can't comment on trading yet..But as far as life goes I believe Humility to be the most important quality one can develop. This not to be confused with humiliation,it is very different. What I mean is to be right sized...teachable...a clear recognition of who and what we are with a sincere attempt to become the best people we can be. Keeping our Ego in check,knowing your limitations as well as your potential..
i was just watching "very bad things" on comedy central this afternoon, and i think christian slater put it very eloquently just after they had killed the whore and everyone was totally freaked out about how to handle the situation and dump the body. he basically said that after you forget all of the typical fears and conventional constructs that have been drilled into us since 1st grade, there is an extremely straight line from point A to point B to accomplish the task at hand, and "Dammit, I can SEE that line, and it exists!" it also reminds me of something drawing classes teach. to draw the straightest line possible, dont focus on the pencil point, focus on the point the line connects to.
This is related somewhat to the idea of being ready and willing to take the money that the market is willing to give you. So many beginners don't want that money; they want some other money. For example, they don't want short money; they want long money. They don't want the reversal to occur here; they want it to occur there, where it's "supposed" to occur. Instead of seeing what's there, they see only what they believe is there.
agreed. agnosticism is a valuable concept. i think so many traders want some things more than they want actual financial security, like feelings of omniscience, gratification, excitement. in the beginning before i had a solid framework, my ideal was to think like the trader i wanted to be and not the trader i was. this should always be the case. i think it's also important to acknowledge that there is no "one" way to trade well. many vehemently assert their beliefs as the only true way to high performance ... and this is not true
A lot of that, though, has to do with trying to convince themselves rather than convince others. If one isn't convinced that his is the best way, then there's always that niggling doubt that he's wasting his time. The trader who adheres mostly strongly to one point of view is the least likely to be making any money.
Yes, patience is repaid by profits compound on profits, right belief on right belief, and new highs on retracements. They always. 100% up room to go.
"The people that failed are the ones that at some point gave up, in their mind first, to continue to take actions in the direction of their beliefs." Thanks AMT4SWA Work...Play.....what's the difference?......all the same Life. P/L for trading for most? So many people in these markets and life doing so many different things. It really depends on your definition of success. Key word: Yours To each his own, I'll respect that. The source of everyones intuition comes from the same place. Are we operating from here ? Success for me is in the doing part. So my question for you is what quantifys the P/L of your life?