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Best single characteristic of a trader?

  • #41
  • Jan 3, 2009 4:08am Jan 3, 2009 4:08am
Quoting hanover
Sounds like you are very well organized in both your plan, and your implementation. Excellent.

And wow, I just noticed the number of posts that you've made. I thought that when I passed 1,000 I was guilty of spending way too much time on the forum. But you've just made me feel a whole lot better. LOL.

Best wishes,
David
This is where I learn... grow and evolve. Together with the friends I make a long the way... PRICELESS

I found out... the more I give... the more I get back.

Still climbing my way up the 5 traders level/competencies. Looking my way back... I am glad to notice some good improvement I've made. Surviving another year to live & trade

What I like most about you... you seriously know what you are talking about. A very deep insight and analytical thinking from you portray that you are a man with WISDOM

Together we grow and evolve,
SHAMX
  • #42
  • Jan 3, 2009 4:48am Jan 3, 2009 4:48am
Without a doubt it is money management. Money management involves taking losses using a concise set of guidelines. Money management is the most difficult skill to master because it involves a skill that human beings are not born with and that is the ability to take a loss. We spend 99% of the time focusing on what "works" and very little on what to do if something goes wrong.

By the way, proper money management is much, much more than just placing a 30 to 70 pip stop on every trade you take. You have to put a whole lot more thought into it.
  • #43
  • Jan 5, 2009 1:22am Jan 5, 2009 1:22am
Quoting LongToBeFree
Top characteristic I see is the ability to separate yourself from the value of money.

can not agree more!
  • #44
  • Jan 5, 2009 1:45am Jan 5, 2009 1:45am
smart
  • #45
  • Jan 7, 2009 12:23am Jan 7, 2009 12:23am
hi there,

I think the best charcteristic of a Forex trader is the one who manages using Simple Method + With Discipline + Control Risks well is a REAL Forex Trader....
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  • #46
  • Jan 7, 2009 3:33am Jan 7, 2009 3:33am
Discipline.
Discipline.
Discipline.
  • #47
  • Jan 8, 2009 4:38pm Jan 8, 2009 4:38pm
Money management is not a characteristic.
  • #48
  • Jan 8, 2009 5:40pm Jan 8, 2009 5:40pm
Quoting LongToBeFree
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.
I absolutely agree.
I cant do it if I see the money. Because my platform is configured to show only percentages.. I trade without fear or greed ..
And over the years thats proved an unbeatable edge.
  • #49
  • Jan 8, 2009 6:06pm Jan 8, 2009 6:06pm
Quoting eagle4x
Money management is not a characteristic.

lol no kidding. i can just imagine someone saying that in an interview or something.

Interviewer: so tell me some of your good characteristics

employee hopeful: well, i like children, i work to hard, money management, i'm real good with people

LOL
  • #50
  • Jan 8, 2009 7:37pm Jan 8, 2009 7:37pm
Discipline
  • #51
  • Jan 8, 2009 10:02pm Jan 8, 2009 10:02pm
Acquire at wholesale prices (supply) and distribute at retail prices (demand).
  • #52
  • Jan 14, 2009 7:05pm Jan 14, 2009 7:05pm
The Abbility to see the market for what it is. Fitting yourself/your method to the market rather than the other way round.

Maby?
Living the adventure in my head.
  • #53
  • Jan 14, 2009 8:28pm Jan 14, 2009 8:28pm
Quoting ForexJam
hi there,

I think the best charcteristic of a Forex trader is the one who manages using Simple Method + With Discipline + Control Risks well is a REAL Forex Trader....
So true ...
  • #54
  • Jan 14, 2009 8:41pm Jan 14, 2009 8:41pm
Of course money management is not a characteristic, rather it's a trader's skill, but in my opinion it is one of the most important criteria that determines whether the trader will be successful or not in the long run. By the way, money management rules might be worthless if one does not have discipline to obey them.
  • #55
  • Jan 15, 2009 12:37am Jan 15, 2009 12:37am
My answer: be like duke nukem, with balls of steel
  • #56
  • Last Post: Jan 15, 2009 1:26am Jan 15, 2009 1:26am
For myself, the best characteristic has been understanding how to listen. I attribute any success to my failures and accept losses as opportunity.

My strategy is one of evolution. I have 2-3 plans for both the bullish and bearish bias with long term outlook on each trade and I treat it very serious, without having any emotional connection.

When your able to remove your perceptions and emotions while looking at the market you will see it for the first time. You might even see something else too. Just gotta clear your mind and listen.

Of course this type of mentality has to be practiced to a perfection while understanding there is no perfection.
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