Traits of becoming successful trader

Discussion in 'Professional Trading' started by Mystery, Mar 21, 2009.

  1. Mystery


    I want to become trader. I was wonder what is the core difference between successful trader and a loser. Is it the system ? Is it the technique ? No. In my opinion it is a personality and attitude toward market.
    Let me explain. It is well known that most traders lost their money and never succeed in trading. But the reason why minority of people succeed, in my opinion, is their passion, hard work and determination. Period.

    I don’t care that probably 90 % of traders fail. I do not consider such facts and statistics. It is irrelevant for me. I know only one thing - no matter what – I succeed. I become successful trader.
    Everybody say that it is hard, almost impossible. People say - leave it and take “normal” job. Society, community (in majority) encourage to don’t do it. But I not give a damn what they say. I become trader.

    For me such attitude is a core reason why some people succeed in trading. They are focused on their target and have huge determination. I honestly believe that techniques and system is a result of hard working. But without right attitude sooner or later market bits you up.

    Now, at the beginning I can imagine that market “says” - Yeah ? Are you so smart boy ? Hahah…lets see…..There were many knights like you…another loser…..

    Market will test this approach in many ways by providing failures. Many times. But it is like horse rodeo. Market will try to kick me out like horse during rodeo. But what happens when horse rider finally win ? Horse works for him…

  2. Dobbes


    I'm sorry but I don't see the point of this thread. Maybe you should start a journal if you want to talk solely about yourself.
  3. Disagree.

    A trader with a great attitude but a losing system will lose money.

    System trumps all. But if you can't follow your system and get emotional during drawdown, then you won't be successful either.

    In order, it requires:

    A winning system

    The ability to follow that system
  4. The ability to lose money. That makes a great trader.
  5. Since you indicate that you are not a successful trader, then you should understand your opinion means nothing and is worthless.

    In trading, we take our opinions and put them into things which are called positions, and the market then decides what if any value it places on those opinions.

    I do no think trading can be taught in any other way than taking someone who cannot swim and throwing them in the water. No one taught me to trade, I learned by trading. I started trading before there were bullshit bulletin boards like this one in which the space is taken up more by whining losers and wannabes than professionals.

    Most traders FAIL because they are TOO STUPID to understand THE FIRST RULE of TRADING and INVESTING.

    No one taught me this rule, I figured it out pretty much on my own.

    PRESERVATION of CAPITAL is everything.

    Going sideways and being nicked now and then is goal one for the beginner. Kinda like being a doctor, rule one do the patient no harm.

    I laugh when I read from people on this board that they blew up their account again. I was profitable for at least five years before I started trading for a living and if I had blown up once in those five years I would have stayed in the profession of which I was trained for and making a relatively comfortable living.

    Hard work and perseverance may get you somewhere in some endeavors.

    But you can either hit a baseball or you cannot. And no matter how hard some people try they never get it.

    And even if you can hit a baseball, does not mean that you can make a living hitting a baseball.

    So it is with trading, it starts with some inherent talents, and the hard work and determination may get you to the next level which is making a living at it.
  6. Rule # 1:Market does not care what you think. Now you can be you, or it can be Warren Buffett, George Soros, Bill Gates, etc.

    Rule # 2 Markets don't measure reality they measure people's perception of reality

    Rule # 3 Use stops and technical analysis

    Rule # 4 Forget the ego

    Rule # 5 Forget the paycheck mentality. Don't expect to make a fixed amount of money per day/week/month/year.
  7. I agree with Ticketwatcher and IShopAtPublix. The list can add on. You need to trade on the edge. Never underestimate what the market can do with your account (so preserve your precious capital - cut your loss short). You also need to trade with an edge. If you don't have a decent systematic way approaching to the market, the chance of your success is slim.
  8. lpchad


    Mystery - any relation to the author of "The Game" and the Pickup Artist Community?
  9. Mystery


    Heh, yeah :)

    I picked up this nick in 2001. I was in PUA community since 2000.

    But of course I am not THIS Mystery.

    Any interest in PU ? :)
  10. lundy


    if you never give up, you will never fail in the big picture.... but you may have small failures on the way, and these can cost a lot of money, maybe more than you have...

    you are right that it takes attitude and determination and hard work... but these have to be applied correctly towards developing an edge... once edge comes, discipline is easy.
    #10     Mar 23, 2009