To add to RN's words of wisdom. A process is a structured way of doing things, which, must be as automatic as possible, for, otherwise you will not be able to concentrate on what is required, when it is required. A plan, is, implementing a process. An objective, is, carrying out a plan. A goal, is, achieving an objective. All of the above requires ONE (1) main ingredient, that, every successful trader needs, and that is...? TE
Theres a two answers that I can think of that could apply, and they are: 1) determination 2) perseverance I think the first answer is best as the second is implied by the first.
Close MN, but one can be determined and still not get anywhere. In order to get something done, you must ? TE
gktk stated "Be Disciplined" which is probably the succinct answer you had in mind, so I'll go with that as a main requirement for being a successful trader. A document I found described trading discipline as "avoiding behavioural biases" which lead to "behavioural costs". I'd say that discipline has to be learned along the path to becoming a successful trader, as, in the heat of the moment its all too easy to make a wrong decision. Hence the best advice is trade small initially, to allow the learning process to take its course, and not fail due to a rapidly diminishing account. During the learning phase its neccessary to monitor own behaviour and make corrections, to get back on track and follow the plan and become disciplined. So I think the ability to do that is probably the most important thing of all.
OK MN, time for some real truths. Trading is as easy, or as hard, as you make it. It is 99% mental activities, and 1 % mechanical activities. Most of what is discussed is of no real significance, but some of it is, as your brain will act on what you see. Learn to control what you allow your brain to see, and then the 1% is sufficient. TE
Well done MK ACTION is the ONLY THING that really matters. Most talk and talk and talk...and do nothing, and then wonder why they never get anywhere:eek: Trading is very hard if you do not do enough live trades to get the required experience. BTW, someone has sent me a PM and told me to STFU, as I am giving away too much Seems like The Expert is rattling a few cages, as, a few out there think they actually know something of real value and do not want others to know The Expert, on the other hand, KNOWS something that very few know, and, that is why he is giving away some valuable information to those who can think, as, it is nothing compared to what The Expert really KNOWS Oh, also, ego has absolutely nothing to do with it, for, The Expert is just a kind person who believes in sharing with those who deserve it TE