What kind of person can trade? | Forex Factory

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What kind of person can trade?

  • #1
  • First Post: Apr 13, 2009 11:40am Apr 13, 2009 11:40am
Im very interested to hear from what kind of background FF's current successfull resident traders come from. For the purposes of this thread I would like successfull to be defined as anyone who has been profitable(made considerably more than they have lost) for 2+ years.

You may be an x/current-business owner, top uni grad, bricky, engineer, programmer, scientist or a drug dealer. Regardless of previous occupation Im sure I and others would be interested to hear.

 

  1. Uni grad -The love/want to learn may be why you have found success trading.
  2. Scientist - Your methodical aproach lends itself well to trading.
  3. Ect..

Anyone who fits the 'success criteria' is welcome to shair, but anyone else who has thoughts on whether background is an important thing when determining trading success is also welcome to discuss.

Leon

Living the adventure in my head.
  • #2
  • Jul 19, 2010 2:50am Jul 19, 2010 2:50am
First figure out who you are... Then work on being a trader.
  • #3
  • Edited 5:42am Jul 19, 2010 4:53am | Edited 5:42am
Quoting Leonlorenzo
Im very interested to hear from what kind of background FF's current successfull resident traders come from. For the purposes of this thread I would like successfull to be defined as anyone who has been profitable(made considerably more than they have lost) for 2+ years.

You may be an x/current-business owner, top uni grad, bricky, engineer, programmer, scientist or a drug dealer. Regardless of previous occupation Im sure I and others would be interested to hear.[list][*]Uni grad -The love/want to learn may be why you have found success trading.[*]Scientist...
Hi, very interesting topic, i think the main atributes that successful traders have is their abbillity to take knocks and keep moving forward. I do not think you need to be extremely clever, but common sense and a bit of savy are important. Huge ego's and arrogence do not go well with the markets.

oh by the way, i work on a farm with my dad. mooo!

I do believe that other parts of your life will come out in your trading, for example, i have done bodybuilding for 6 years and i see so many comparisons with the market, its unreal! Discipline, having a plan, working hard, ect.

It also works the other way to, for me atleast, i start looking at other situations in life from a market perspective. things like human psychology, ie. the way people act to certain situations ect.
  • #4
  • Jul 19, 2010 6:16am Jul 19, 2010 6:16am
I think its another case of trying to define the indefinate... Still be interesting to hear the responses
Time hides Nothing
  • #5
  • Jul 19, 2010 6:32am Jul 19, 2010 6:32am
Quoting highlander2

Huge ego's and arrogence do not go well with the markets.
Seriously? Some of the most successful and profitable traders I know are brash, arrogant sob's with enormous egos! Being a humble meek'n'mild wallflower doesn't exactly go with the territory!
  • #6
  • Edited 7:07am Jul 19, 2010 6:35am | Edited 7:07am
Quoting pipmutt
Seriously? Some of the most successful and profitable traders I know are brash, arrogant sob's with enormous egos! Being a humble meek and mild wallflower doesn't exactly go with the territory!
I know a lot of women think their main advantage is their lack of ego and testosterone... And I've heard that said about women traders a lot

I also heard that the best combination is a man and woman trading team to give this balance

perhaps the perfect trader looks like this...

And no... thats not me
Attached Image
Time hides Nothing
  • #7
  • Jul 19, 2010 6:57am Jul 19, 2010 6:57am
Quoting pipmutt
Seriously? Some of the most successful and profitable traders I know are brash, arrogant sob's with enormous egos! Being a humble meek'n'mild wallflower doesn't exactly go with the territory!
Yes i know what you are saying, its no place for scardy cats, what i meant was people who feel they have to be right and think that they are better than the market.
  • #8
  • Jul 19, 2010 7:00am Jul 19, 2010 7:00am
Quoting CindyXXXX

perhaps the perfect trader looks like this...
lol, tranny, right?

  • #9
  • Jul 19, 2010 7:10am Jul 19, 2010 7:10am
Quoting pipmutt
lol, tranny, right?
lol whatever makes the equity curve rise... Wonder how many traders are sitting there considering the old nip and tuck right now
Time hides Nothing
  • #10
  • Jul 19, 2010 8:07am Jul 19, 2010 8:07am
disciplined, patient
The Market pays you to be disciplined
  • #11
  • Jul 19, 2010 8:24am Jul 19, 2010 8:24am
I am a programmer by profession.... I have a very logical, pragmatic, and methodical mind set.

We will see if it goes well with trading...
  • #12
  • Jul 19, 2010 10:20am Jul 19, 2010 10:20am
One of my mentors said that in his experience, the three best occupations going into trading are Military, Pilots and Musicians.

As a former full-time classical and jazz musician I relate to the charts because they move like music. As well, the disciplined approach to learning to trade is the same as the approach to learning an instrument. The charts are just one long, continuous jazz improvisation - and just as a good improvisor can lead the music from one climax to the next in a fairly predictable manner, with an occasional twist, so the charts move.

I currently run a small business, upon which I'm relying less as my trading profits grow, but the benefits from that towards trading are overshadowed by my background in music.

Rob
  • #13
  • Edited 10:54am Jul 19, 2010 10:43am | Edited 10:54am
I am an engineer by profession and I believe that if you have an analytical/logical background, it can be prove to be a liability to trading. The first thing that analytical/scientific types will do is look at a FX chart and assume there must be some mathematical formula driving price action. That mindset will lead to a path searching for the holy grail formula that encompasses every possible scenario that may occur on a chart. It can be a search that goes on for years. Analytical types will look at a chart and swear that there is a "Y= mX + B" correlation somewhere. Technical types rely on logic and exactness as a guide....but in trading things aren't always exact...resistance/support zones may or may not be reached on the number...sometimes you have to do the illogical; like buy when everyone else is selling. However, I will say that once an analytical type discovers the unorthodox nature of trading, he will be very successful. I brought that mindset to the S&P emini market years and years ago. Also, you must remember, that it is the analytical traders that are responsible for developing the trading platform that you are using right now. The complex formulas that are required to drive your software was developed by analytical types. These analytical types may or may not have been former traders.
  • #14
  • Jul 19, 2010 10:53am Jul 19, 2010 10:53am
Quoting Troikaone1
I am an engineer by profession and I believe that if you have an analytical/logical background, it can be prove to be a liability to trading. The first thing that analytical/scientific types will do is look at a FX chart and assume there must be some mathematical formula driving price action. That mindset will lead to a path searching for the holy grail formula that encompasses every possible scenario that may occur on a chart....
I agree completely. I fit into this analytical category but I have also thrown out the idea to find a holy grail. Nothing like that exists, nor will it ever. I try and place the best trades that I can, but it is all formed from analysis of recent price action, and of course the occasional hail marry...
  • #15
  • Jul 19, 2010 1:58pm Jul 19, 2010 1:58pm
I'd pretty much ignore backround if I was hiring traders. All I care about is how sharp they are, and then whether their personality traits allow them to be sustainable (i.e. responsible, disciplined, prepared etc). The only activity that teaches someone to trade is trading itself. Some backgrounds will be more useful than others, such as poker, but in the end it's the natural ability and personality of the person that makes a good trader, not the background.

Also ignore education - the current system isn't very useful for a trader's mindset, and set up to produce conforming worker bees. I imagine that a uni grad is barely more likely to become a profitable trader, and only because I imagine uni grads on average are slightly more intelligent. The correlation between educational level and intelligence isn't nearly as strong as our culture would have you believe. I'd even suggest that our educational system actually limits us below our potential.

Quoting highlander2
I do believe that other parts of your life will come out in your trading, for example, i have done bodybuilding for 6 years and i see so many comparisons with the market, its unreal!
Much of life can be compared to the market; it is only natural that human behaviour within the market will mimic that outside of it. The strongest one being herd/groupthink behaviour, which can be found in every facet of our lives.
  • #16
  • Edited 3:26pm Jul 19, 2010 2:55pm | Edited 3:26pm
Quoting Mr J
I'd pretty much ignore backround if I was hiring traders. All I care about is how sharp they are, and then whether their personality traits allow them to be sustainable (i.e. responsible, disciplined, prepared etc).
Personally, I would prefer an educated person if I was hiring traders. Because, at least, they have demonstrated that they can start something and then finish it (i.e. earn a degree). It also means that this person is probably much more dependable than most. Now, does that mean that they can be the best traders? Of course not!! There are highschool dropouts who are making a living in trading probably....I wouldn't doubt it.
Now getting back to the real world, I am going to hire that college graduate because if they are willing to spend the money and invest in themselves, I would be more comfortable investing my time and resources into them. The major players on the streets who enter w/o degrees probably are the ones that start at the bottom and move up the ranks. In life, you have to prove yourself...whether it is getting a degree or moving up thru the ranks. In both scenarios, you have to prove that you deserve an opportunity.
  • #17
  • Jul 19, 2010 3:18pm Jul 19, 2010 3:18pm
yes, its certainly not a job for lazy people, one must be focused and be prepared to work, and be totally driven towards achieving their goals.
  • #18
  • Jul 19, 2010 3:40pm Jul 19, 2010 3:40pm
Any person who has the 3 Bs.

Bucks
Brains
Balls
  • #19
  • Jul 19, 2010 4:15pm Jul 19, 2010 4:15pm
This guy probably knows what he's talking about...
http://www.elitetrader.com/vb/showth...cessful+Trader
Turns into a bit of a trollfest at the end, but worth a read.
The breaking of a wave cannot explain the whole sea.
  • #20
  • Jul 20, 2010 2:14am Jul 20, 2010 2:14am
Quoting Craig
This guy probably knows what he's talking about...
http://www.elitetrader.com/vb/showth...cessful+Trader
Turns into a bit of a trollfest at the end, but worth a read.
Nice, refreshing read. Thanks Craig.
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