Best single characteristic of a trader? | Forex Factory

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Best single characteristic of a trader?

  • #1
  • First Post: Dec 28, 2008 2:05am Dec 28, 2008 2:05am
If you would have to choose between all of what you have learn about trading and be left with only one thing what would it be... MACD?... Fibonnaci... moving average... pivot points... RSI ...stochastic... trendlines...R:R ratio... Money Manegement...Fundamentals analisys...Technical analysis... price action...news report name it...or maybe something else who knows what is the more accurate information you need to know before making a trade decision to make it become a profitable decision.
  • #2
  • Dec 28, 2008 2:21am Dec 28, 2008 2:21am
Quoting Bridge
If you would have to choose between all of what you have learn about trading and be left with only one thing what would it be... MACD?... Fibonnaci... moving average... pivot points... RSI ...stochastic... trendlines...R:R ratio... Money Manegement...Fundamentals analisys...Technical analysis... price action...news report name it...or maybe something else who knows what is the more accurate information you need to know before making a trade decision to make it become a profitable decision.
I am left with Moving average +Money management + Price action and all this on Multipair where it is in play..on one pair if i trade with this it will fail 3 times before going correct 4th time. so Catch fish on one pair..then move to next pair for fishing, this is what i learn.
  • #3
  • Dec 28, 2008 10:53am Dec 28, 2008 10:53am
It's not an indicator - it's your mind and outlook.

Top characteristic I see is the ability to separate yourself from the value of money. You have to view money as a "tool" not as something that you're winning & losing with each tick. The value of money is not in the numbers but what you can do with it.
  • #4
  • Dec 28, 2008 11:12am Dec 28, 2008 11:12am
Patience, Discipline and Money Managment....

Patience to wait for the set up,
Discipline to pull the trigger when the trade is produced.
Money Management so I don’t screw myself should it go against me.

Those three combinmed is my holy grail of trading…
  • #5
  • Dec 28, 2008 11:16am Dec 28, 2008 11:16am
EMA Hands Down!!! - Its all you need to trade. Toss in 1 or 2 more indicators that confirm a short/long term trend and you've got it. - You'll lose to trend changes sometimes but usually you'll be on track for nice gains till then.

Since EMA's lag they're perfect for confirming the trend with just a glance.
  • #6
  • Dec 28, 2008 11:29am Dec 28, 2008 11:29am
Just a couple of MAs and the ability to be flexible and change course with the market.
I am a trend follower.
Same Whore .... Different Dress
  • #7
  • Dec 28, 2008 2:03pm Dec 28, 2008 2:03pm
Money Management (Risk-to-Reward is part of money management)
And a coin......
  • #8
  • Dec 28, 2008 3:07pm Dec 28, 2008 3:07pm
Consistency and not over doing things. To get through the first couple of years (year if you are a quick learner) you have to not overtrade while you are still a market idiot and you have to have a long term perspective (consistent). You dont make money to live off overnight in this business, I want it to turn into a job, I will approach it as such.
The market is my nation. Traders, my family. Hello, brothers and sisters!
  • #9
  • Dec 28, 2008 3:42pm Dec 28, 2008 3:42pm
One of the best things I've heard about trading fx is, " a trader could flip a coin to determine direction of the his/her trade, but if a trader doesn't have money manangement and risk/reward ratio on his/her side ... the trade will always fail."

And sure enough, I've heard of a successful trader that flips a coin to decides his trades. In fact, I heard he was very successful. He must keep money management on is mind at all times.

Heads its Long, Tails its Short ... lol

I think someone should develop the specifics of this "Coin Toss Strategy" in the trading systems section of FF. Giving detail entries and money management guidlines.
(ie: Flip coin, trading in the direction of the coin toss win, trailing stop(20pips). If win, trade again. If lose, stop for the day and wait 24 hour for another entry.)
lol
  • #10
  • Dec 29, 2008 5:48pm Dec 29, 2008 5:48pm
Quoting Bridge
If you would have to choose between all of what you have learn about trading and be left with only one thing what would it be... MACD?... Fibonnaci... moving average... pivot points... RSI ...stochastic... trendlines...R:R ratio... Money Manegement...Fundamentals analisys...Technical analysis... price action...news report name it...or maybe something else who knows what is the more accurate information you need to know before making a trade decision to make it become a profitable decision.

having more than one good characteristic is my one good characteristic.
  • #11
  • Dec 29, 2008 8:58pm Dec 29, 2008 8:58pm
Lazy.
  • #12
  • Dec 29, 2008 9:40pm Dec 29, 2008 9:40pm
Quoting Bridge
If you would have to choose between all of what you have learn about trading and be left with only one thing what would it be... MACD?... Fibonnaci... moving average... pivot points... RSI ...stochastic... trendlines...R:R ratio... Money Manegement...Fundamentals analisys...Technical analysis... price action...news report name it...or maybe something else who knows what is the more accurate information you need to know before making a trade decision to make it become a profitable decision.
This is very simple...why? Because market forces are just supplies and demands...this means: YOU....I mean: your trading mindset is of the upmost importance...the rest is just technique.

If you lost your technique, you could learn something else...If you lost your trading mindset, you might as well move on and stop trading because if you do, you will lose your account...no more forex.
Empty as water and soft as a facing wind mountain
  • #13
  • Dec 29, 2008 11:56pm Dec 29, 2008 11:56pm
The 3 Ms:
Money Management
Mind
Method

Highly recommended read: "The disciplined trader" by Mark Douglas.
  • #14
  • Dec 30, 2008 9:28pm Dec 30, 2008 9:28pm
can't do it without several indicators-- eas anyway. i jump out a window manually trading... MM, is essential however. Just my 2 pips.
  • #15
  • Dec 30, 2008 9:41pm Dec 30, 2008 9:41pm
Quoting sojournerr
The 3 Ms:
Money Management
Mind
Method

Highly recommended read: "The disciplined trader" by Mark Douglas.
If you have a good system - backtested, forward tested, etc. then you will KNOW that you will win. (This would be Method, of course).

Confidence in your Method will help with your trading psychology (Mind).

Money Management - that is up to you, but knowing what is out there will help. The Trading Game by Jones or The Money Management chapter in the Stridsman book (Trading Systems and Money Management) will help get you started in this area........and it is an important area. Although most traders don't realise this until they have a winning strategy they are willing to stick with.

Later on you will probably gravitate toward the Ralph Vince books on money management, as they get quite technical and specific. And by then you will have probably formed some of your own ideas about position sizing.

Good Luck!
  • #16
  • Dec 30, 2008 9:53pm Dec 30, 2008 9:53pm
Quoting Bridge
If you would have to choose between all of what you have learn about trading and be left with only one thing what would it be... MACD?... Fibonnaci... moving average... pivot points... RSI ...stochastic... trendlines...R:R ratio... Money Manegement...Fundamentals analisys...Technical analysis... price action...news report name it...or maybe something else who knows what is the more accurate information you need to know before making a trade decision to make it become a profitable decision.
Latin - nosce te ipsum
Don't wish it were easier, wish you were better. ~ Jim Rohn
  • #17
  • Dec 30, 2008 10:14pm Dec 30, 2008 10:14pm
Nerves of steel.....Most important part of trading, being cold and sticking to your plan.

Plan your trade, trade your plan....
  • #18
  • Dec 30, 2008 10:42pm Dec 30, 2008 10:42pm
Guess ability to bookmark key events => scenario outcome probability counting => good memory+good discipline+patience

Wishing you a Happy & Peaceful New Year 2009!
  • #19
  • Dec 30, 2008 10:49pm Dec 30, 2008 10:49pm
Quoting Bridge
If you would have to choose between all of what you have learn about trading and be left with only one thing what would it be... MACD?... Fibonnaci... moving average... pivot points... RSI ...stochastic... trendlines...R:R ratio... Money Manegement...Fundamentals analisys...Technical analysis... price action...news report name it...or maybe something else who knows what is the more accurate information you need to know before making a trade decision to make it become a profitable decision.

GOOGLE... you can learn so much if you just google it.
Keep it simple stoopid....
  • #20
  • Dec 31, 2008 12:41am Dec 31, 2008 12:41am
Quoting Bridge
If you would have to choose between all of what you have learn about trading and be left with only one thing what would it be... MACD?... Fibonnaci... moving average... pivot points... RSI ...stochastic... trendlines...R:R ratio... Money Manegement...Fundamentals analisys...Technical analysis... price action...news report name it...or maybe something else who knows what is the more accurate information you need to know before making a trade decision to make it become a profitable decision.
excelent discipline.
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