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
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! ) Bob
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."
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 !!
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
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.
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.