To become a better trader: Passionate vs Making Money

Discussion in 'Psychology' started by emg, May 26, 2011.

  1. the1

    the1

    You have to be passionate about it because there is a long painful learning curve and if trading isn't all you've ever wanted to do you'll never get past that stage. Once you get past that stage then it's all about the money.
     
    #21     Jul 6, 2011
  2. emg

    emg

    another good answer
     
    #22     Jul 6, 2011
  3. Ash1972

    Ash1972

    Trading is about 2 things:

    1. Figuring out what needs to be done to give you a long term edge
    2. Having the psychological discipline to stick to it

    That's it. Whether or not you're passionate and/or want to make money is largely irrelevant.
     
    #23     Jul 6, 2011
  4. How many really successful people don't have a passion for what they do? Passion is essential IMO.
     
    #24     Jul 6, 2011
  5. emg

    emg

    there is a big difference between passionate trader vs making money trader.

    If a guy answer he is passionate to make money, that tells u he is a gambler and gambler is a loser.

    big difference
     
    #25     Jul 6, 2011
  6. bone

    bone

    The money is just a natural byproduct of seeing the markets correctly and trading well.

    I have never seen someone say to themselves: "I need to make $10K today, bills to pay" and then squeeze $10K out of the market that day.

    In fact, speaking for myself, whenever I force a trade nothing good really comes of it.

    It would be a very reasonable expectation, however, to correctly interpret the market price action, follow your trading plan quite well, and be positive P&L for the day. Do it consistently, and it becomes a living.
     
    #26     Jul 6, 2011
  7. WS_MJH

    WS_MJH

    +1000

    Remember trading is like any other trade or business, you've got to start and pay your dues. If you love this work, you'll gladly pay the dues (and for most it's long and hard) and build your foundation. After that has happened, profitability is just a natural result. There are many people who say they're failed traders. The most important thing is to not trade before you're ready with real money. Take your time and do things right.
     
    #27     Jul 6, 2011
  8. If you are passionate, you will lose.

    The market is strangely most attractive to those least suited for it.

    The market is a means to an end.

    Surf
     
    #28     Jul 6, 2011
  9. Larson

    Larson Guest


    Trading is the cold , hard business world multiplied. Gamblers and dreamers lose.
     
    #29     Jul 6, 2011
  10. +correct. Trading = Business * Leverage.
     
    #30     Jul 6, 2011