What makes Successful Traders?

Discussion in 'Psychology' started by Jamie J., Jun 1, 2016.

  1. Success in the markets is not derived from instinct, divine inspiration, or spontaneous intellectual combustion. It is a product of intelligent data processing, a sound method, and the management of risk and resources that is both effective and adaptive to change
     
    #31     Jun 4, 2016
    Joe6Pack and wave like this.
  2. cjfromla

    cjfromla

    The overwhelming desire to be good at an activity where the majority of participants that make a real effort to do so fail horribly! You have a choice,learn the hard way gaining trading wisdom through pain or find a mentor who is willing to work with you.
     
    #32     Jun 4, 2016
  3. yiehom

    yiehom

    How/where do you find such a mentor?

     
    #33     Jun 4, 2016
  4. The markets are nothing more than random number generators. If someone can't see this, they will never be successful. The best way to trade a random number generator is by using a scientific method that interprets a random number set -- statistics. The challenge with this method is that markets are non-stationary, and all the noise has to be smoothed out.
     
    #34     Jun 5, 2016
    wave likes this.
  5. I have only traded on FX market so I don't know about other markets. As far as successful trading is concerned on FX market, academia have found that highest volumes are clustered at the tail - daily high & daily low. Any traders who don't know about this bound to lose their money.
     
    #35     Jun 5, 2016
  6. Just my opinion, study hard and dedication, patience, look for quality information and always keep an eye on the subjects related to the market, do not be lazy.:)
     
    #36     Jun 5, 2016
    Handle123 likes this.
  7. cjfromla

    cjfromla

    That is a real challenge…I learned trading the hard way. A mentor would have been a plus. There is probably a very limited amount of traders who have real skills and a even lesser amount that would be willing to give you their time for the purpose of mentorship. One suggestion I can think of is to attend local trading related meetups and to network. Make friends with the more experienced traders at the meetup who are successful (if there are any there). Keep putting the word out any way you can that you would appreciate the help of a mentor. Luck ,timing and perseverance. If all else fails offer to compensate the right person for his/her time based on your future performance improving because of his help. A mentors main motivation should be in helping you learn to position yourself for success. Your improved performance is the common goal. Be creative..Also independent of the scarcity of mentors you will have to learn to "separate the wheat from the chaff" in your choice of a mentor though you will be lucky to even have a choice of one.
     
    Last edited: Jun 5, 2016
    #37     Jun 5, 2016
  8. dartmus

    dartmus

    Look inside yourself.
     
    #38     Jun 5, 2016
    limcheese22 likes this.
  9. Redneck

    Redneck

    Participating..., while not being / becoming a participant

    iow keep yer ass objective and separate from the trading / mkt / PA as it evolves in front of yer nose

    ===============

    Our job is to exploit..., not be exploited

    RN
     
    #39     Jun 5, 2016
    victorycountry likes this.
  10. qxr1011

    qxr1011


    disagree

    success universally is overcoming your own shortcomings

    and the shortcomings of different people are different: some may have less talent, some may have less money, some have less time, some have less luck (bloodsucking wife for example :) ), etc etc.... hence the different path :)
     
    #40     Jun 6, 2016
    profitlocker likes this.