Seven Traits that I Believe are Required for Active Investors to Win in the Long Term

Discussion in 'Psychology' started by FX xtc, Mar 14, 2017.

  1. FX xtc

    FX xtc

    Good and long read


    Seven Traits that I Believe are Required for Active Investors to Win in the Long Term


    1. Successful Active Investors Have A Long-Term Perspective on Their Investments.

    2. Successful Active Investors Value Process over Outcome.

    3. Successful Active Investors Generally Ignore Forecasts and Predictions.

    4. Successful Active Investors are Patient and Persistent.

    5. Successful Active Investors Have a Strong Mental Attitude.

    6. Successful Active Investors Think in Terms of Probabilities

    7. Successful Active Investors are Highly Disciplined



    LINK IS BELOW : POST #3
     
    Last edited: Mar 14, 2017
  2. Robert Morse

    Robert Morse Sponsor

    As a general statement, I'd agree with 3-7. I'd add, with your language:

    -Successful Active Investors have to be able to accept being wrong.

    -Successful Active Investors do the same thing over and over until it does not work anymore, but plan for the future with testing of new strategies.

    -Successful Active Investors learn proper allocation of capital to what is working and away from strategies that are not.

    -Successful Active Investors trade at Lightspeed Trading (Sorry, had to add that one! :D)

    Bob
     
    Telepuzik likes this.
  3. FX xtc

    FX xtc

     
  4. tommcginnis

    tommcginnis

    Since everyone else seems to be busy this morning (scrapping away ice, no doubt), I'll go ahead and point out that {1,2,6} and {4,5,7} are analogous (and therefore, redundant), while 3 and 6 are entirely at odds (and therefore, inconsistent).

    A bit of editing might provide a set in which the elements are mutually exclusive, and hopefully *not* contradictory, and thereby, and actually, instructive.


    (Wow. That's pretty nerdy even for me. Sheeesh.)
    (I'll cop to #5 though -- "strong mental attitude" -- in learning ancient years ago that if you listed some insights and inserted "the" in front, sheeple stop what their doing and stare at you with widened eyes a'wonder. Dang.)

    So far, though, we're reduced down to __two__ traits.
    Plan your trade. {1,2,6}
    and
    Trade your plan. (4,5,7}

    As Uncle Milty said, "All else is elaboration."
     
    Last edited: Mar 14, 2017
    vanzandt likes this.


  5. Compare with 5 traits of top poker players
     
    PennySnatch and tommcginnis like this.
  6. GotherL

    GotherL

    Number 7 is the base for the rest and it's the one that I struggle the most with quite frankly.
     
  7. I have the following statement framed and hanging over my trading desk " I am Patient, I am focused, I am disciplined...I adhere to my rules of the trade with the mentality of sniper... One shot one kill" I read it every time I set at my desk and after a while it became a second nature to me.

    try it !!


     
    m1nt, Robert Morse and tommcginnis like this.
  8. Robert Morse

    Robert Morse Sponsor

    I like it. I did not have a "desk" most of my trading career and had to stand! I said to myself each morning, "make money-have fun." When I lost money or had a bad morning, I'd go for a 10 minute walk, reset and pretend it was a new day.

    Bob
     
  9. themickey

    themickey

    To be able to sit it out and wait for the prey to arrive, that comes back to patience and discipline as mentioned above. Sometimes the wait can drag on.
     
    tommcginnis likes this.
  10. themickey

    themickey

    Do all strategies finally become redundant?
    Are there none which are constant?
    I'm using a method which has been going a good couple of years since discovering.
     
    #10     Mar 15, 2017