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What kind of person can trade?

  • #41
  • Jul 20, 2010 12:37pm Jul 20, 2010 12:37pm
Take your beatings.
Overcome your fear.
Get back in the ring
and
"float like a butterfly,
sting like a bee"
whup some ass like good 'ole
Mohammed Ali.

Seriously, here's an excellent quiz anyone can take
on Thomas Bulkowski's website.

http://thepatternsite.com/TraderQualities.html
  • #42
  • Jul 20, 2010 12:39pm Jul 20, 2010 12:39pm
Quoting Leonlorenzo
Re. Demo and small live accounts: There is no difference other than the one you mentioned. The people who use both are generally of the same skill and achievement level.

I have a very bad memory for the little things... I hope I wasn't horrible.

GL, you too.

Leon
I'm still crying into my keyboard Scorpio's have a long memory when somebody crosses them. I think it's about time you moved away from the small account syndrome. You've been hanging around here for three years. Surely you've had enough practice. Start putting some real money on the line

And as to your original question I think it's possible for anybody to trade as long as they persevere, have a willingness to learn, possess patience and trade with good money management. You don't need to be the brain of Britain that's for sure.
Nothing worth having is easy.
  • #43
  • Jul 20, 2010 12:45pm Jul 20, 2010 12:45pm
Quoting supremeChaos
scale... as in 'do re mi fa so la ti do'
... or dorian, phrygian and particularly mixolydian... (and don't forget the flats and sharps )
  • #44
  • Jul 21, 2010 1:00am Jul 21, 2010 1:00am
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 Leon Lorenzo - for what it's worth I think you raise a worthy line of questioning. As to whether you will gain anything worthwhile from the responses is another matter of course, but it certainly doesn't hurt to ask.

OK - so I have a Bachelor of Music Degree but then ended up developing my career in various management roles for generally larger organisations. My final 'real job' before going full time in the business of trading was as a management consultant. I have not reflected very much on the impact of my education, employment, intellect, or personality traits on my attraction to the trading world or my ability to trade - and hence the brevity of useful information in this post! But on brief reflection a few selected points which might have something to do with my background and trading efforts might summarised as follows:

- I generally approach the markets in quite a mathematical, but certainly a highly analytical manner

- I have learnt that focussed, hard work cannot be successfully substituted for idealistic quick bucks scenarios

- The theme of continuous improvement, tied to an evolving method, is well engrained into my trading activities - though certainly I tend to waft in and out of this from time to time

- Having a clear focus on risk and making sure the known risks are mitigated to an extent that seems reasonable.

- Although I enjoy my life immensly I seemed to have developed a 'positively cynical' trait and seek pleasure in taking the piss out of commonly held assumptions, the herd mentaility, and questioning a lot of things that are taken for granted - I am sure this trait (whether it is good, bad or otherwise) has served me very well in my trading development; and it probably also explains why I enjoy reading these forums and making a contribution or two!

Yes, I do trade for a living (stock index futures, and more recently the gentle addition of forex) but I don't engage in trading education pursuits or managed account services - I just do it for myself, and intend to keep it that way.
  • #45
  • Jul 21, 2010 5:28am Jul 21, 2010 5:28am
Certain inborn traits definitely will contribute to it.

That explain why certain people from a particular profession, when they switch to Forex trading, they perform well.

Certain traits like "Logical brain dominates Emotional brain", "Good analysis ability"...

Certain profession like Engineers that I know of, many of them perform really well in investment/trading...
  • #46
  • Jul 21, 2010 5:45am Jul 21, 2010 5:45am
Brett Stenbarger has a 3D personality test for traders that can evaluate type of personality and further decide what trading style to choose if any.
  • #47
  • Jul 21, 2010 6:30am Jul 21, 2010 6:30am
an important caracteristic, of successful traders is being sober, there was one day a long time ago when i lacked this trait and, err.... the results were embarising!
  • #48
  • Jul 21, 2010 6:51am Jul 21, 2010 6:51am
Quoting xenu
Brett Stenbarger has a 3D personality test for traders that can evaluate type of personality and further decide what trading style to choose if any.
Is this test effective?

Or is it very prominent/well known in Personality Test field?

As I know in businesses & companies, there are quite a few famous Personality Traits to understand employee better...
  • #49
  • Jul 21, 2010 7:02am Jul 21, 2010 7:02am
Quoting graceheather
Is this test effective?

Or is it very prominent/well known in Personality Test field?
Definitely it is well known in trading psychology field.
  • #50
  • Jul 21, 2010 7:13am Jul 21, 2010 7:13am
Quoting doblece
Beautiful.

The clue is that, no matter how crazy the improvisation, it will always have to be based on a scale...
Ha- and you notice that sometimes it moves in meandering chromaticism, other times a determined pentatonic, and then occasionally leaps of fifths and octaves.

Rob
  • #51
  • Jul 21, 2010 11:21am Jul 21, 2010 11:21am
I think anybody can trade who have the following qualities,

1] Patience to learn and understand
2] Cut loss and move ahead starting afresh
3] Trade with head and not with emotions
  • #52
  • Jul 21, 2010 12:27pm Jul 21, 2010 12:27pm
Quoting Rob Mondave
Ha- and you notice that sometimes it moves in meandering chromaticism, other times a determined pentatonic, and then occasionally leaps of fifths and octaves.

Rob
... with some dissonances thrown here and there, just to keep things interesting
  • #53
  • Jul 21, 2010 2:02pm Jul 21, 2010 2:02pm
Quoting doblece
... with some dissonances thrown here and there, just to keep things interesting
Yeah, those periods of sideways chop are like alternating tritones.
  • #54
  • Jul 21, 2010 2:39pm Jul 21, 2010 2:39pm
Quoting Rob Mondave
Yeah, those periods of sideways chop are like alternating tritones.
  • #55
  • Jul 21, 2010 10:58pm Jul 21, 2010 10:58pm
A noob here (and a musician as well). Hello, everyone! I figured I'd get my feet wet somewhere on this forum- might as well be here.

As far as looking into hiring traders by 'commitments made' (ie, college): I think one who had dedicated many years to a Corporation (ie the ability to hold a job long-term) WITHOUT a degree; would be another hallmark to look for. Academics is one thing- real life is yet another. That piece of paper on the wall can only speak so loudly without real-life experience behind it.

Anybody can 'trade' but as already said- 'successfully' is the operative word, just as it is in any other field.

For me- I'd say, without ANY former experience myself, anybody can give it a try; but I don't think that many have the fortitude to commit to it if it's considered for a vocation.

I think you have to be able to switch-off emotion at times, and yet go with your gut feeling at other times. My perception is that the ability to know to do which, and when to do it, is crucial. Would this not be an accurate observation?

Another observation is that there are two, no three main types of traders: those who are 'of means' but trade as a hobby; and those who eat, breathe and sleep this stuff trading for hire. I suppose the third group would be those "of means' who also eat, breathe and sleep trading; but do so aggressively for their own profit, instead of somebody else's.

Myself- I'm interested in trading precious metals, and currency. I probably contributed nothing to this thread, but wanted to start somewhere.
  • #56
  • Jul 22, 2010 2:11am Jul 22, 2010 2:11am
Quoting By Paraklete
Hello, everyone!
Hi, welcome!

Quoting By Paraklete
Academics is one thing- real life is yet another.
Absolutely, there's nothing to beat practical experience and 'street-smarts'. It's a bit of a catch-22 though if you can't get a job to gain experience and you can't gain experience without getting a job!

Quoting By Paraklete
I think you have to be able to switch-off emotion at times, and yet go with your gut feeling at other times. My perception is that the ability to know to do which, and when to do it, is crucial. Would this not be an accurate observation?
Debatable, some people advocate the mechanical approach, particularly purely technical traders.

Quoting By Paraklete
Another observation is that there are two, no three main types of traders: those who are 'of means' but trade as a hobby; and those who eat, breathe and sleep this stuff trading for hire. I suppose the third group would be those "of means' who also eat, breathe and sleep trading; but do so aggressively for their own profit, instead of somebody else's.
How about a 4th, the traders who view trading as simply a 9-5 job, pretty mundane same old same old every day, they leave it behind when they leave the office. I would say they're in the majority of long-term successfuls. That's not to say they don't have a passion for everything trading, it's just they've got a life outside it.

Quoting By Paraklete
I probably contributed nothing to this thread, but wanted to start somewhere.
Oh I wouldn't say that, have your read some of these threads!
  • #57
  • Jul 22, 2010 3:41am Jul 22, 2010 3:41am
Quoting pipmutt


How about a 4th, the traders who view trading as simply a 9-5 job, pretty mundane same old same old every day, they leave it behind when they leave the office. I would say they're in the majority of long-term successfuls. That's not to say they don't have a passion for everything trading, it's just they've got a life outside it.
I was kinda lumping those in with exhibit 2... sorta... but you're right, there are those in a given position that just do it for the 9-5 and then go home and think and live elsewhere... Thanks for the grace, pipmutt.
  • #58
  • Jul 22, 2010 3:02pm Jul 22, 2010 3:02pm
Quoting Patience
I think it's possible for anybody to tradeas long as they persevere, have a willingness to learn, possess patience and trade with good money management. You don't need to be the brain of Britain that's for sure.
Ah, but there's trading, and then there's trading successfully enough to be considered a professional. Intelligence comes in various forms, and while a trader doesn't need to be an academic, the nature of the market dictates that skilled participants must be the sharper tools in the shed. So I suggest there's more to it than being willing, patient and responsible.
  • #59
  • Edited 3:47pm Nov 30, 2010 7:32am | Edited 3:47pm
Q:
What kind of person can trade?

A:
Absolutely anyone with common sense and a simple grasp of math.
  • #60
  • Jan 3, 2011 9:41pm Jan 3, 2011 9:41pm
Someone who knows what self-discipline is about...
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