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What kind of person can trade?

  • #61
  • Jan 4, 2011 12:35am Jan 4, 2011 12:35am
Quoting Tk1000
Q:
What kind of person can trade?
A:
Absolutely anyone with common sense and a simple grasp of math.
You'd be very surprise how many people don't have much common sense
  • #62
  • Jan 5, 2011 8:55am Jan 5, 2011 8:55am
I totally agree to this post:

Quoting craige

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
  • #63
  • Jan 8, 2011 8:25pm Jan 8, 2011 8:25pm
Quoting CrucialPoint
You'd be very surprise how many people don't have much common sense
Yes... "common sense" is really an oxymoron, it seems the problem is that "common sense" is really not all that common at all...
  • #64
  • Jan 8, 2011 8:37pm Jan 8, 2011 8:37pm
In this business if you don't have the patience to WAIT for a setup that you're familiar with ... this business will eat you alive!
  • #65
  • Jan 20, 2011 12:04am Jan 20, 2011 12:04am
bingo.......and the more knowledge the more setups you find.....

Quoting GulfCoastPip
In this business if you don't have the patience to WAIT for a setup that you're familiar with ... this business will eat you alive!
  • #66
  • Jan 20, 2011 4:56am Jan 20, 2011 4:56am
I could not agree more. Patience and clear mind. No emotions.
  • #67
  • Mar 23, 2011 10:25am Mar 23, 2011 10:25am
Quoting CindyXXXX
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
That is so funny that tears are welling up as I sit here too speechless to laugh.
Take all you can, give nothing back!
  • #68
  • Apr 21, 2011 5:18pm Apr 21, 2011 5:18pm
Anyone with enough self-discipline and patience can trade. Also, using a method like price action analysis as taught by Nial Fuller is a great idea too.
  • #69
  • Apr 22, 2011 8:23am Apr 22, 2011 8:23am
I agree with an earlier reply that the answer to this question shouldn't matter to whether or not you're going to trade.

For the curiosity though:
- Computer geek (degree in compsci), love them, comfortable with anything to do with them.
- Fondness for financial markets and economics, they're just massive abstract systems, just like computer software.
- Fascination with business process
- Love for continuous improvement

I think lack of the last point in a number of real life (did i say that? employment first inspired the trading challenge for me.
  • #70
  • Apr 22, 2011 9:07am Apr 22, 2011 9:07am
Quoting lartrade0623
Anyone with enough self-discipline and patience can trade. Also, using a method like price action analysis as taught by Nial Fuller is a great idea too.
Price action trading is really the only way to go if you really want to get to grips with the markets.

Trading prowess has absolutely nothing to do with background or intellect.
You just need bags of common sense, patience and discipline to follow your own trading plan. Put your ego in the trash can........prepare to take more than a few knocks. Pick yourself up and stay positive.
Learn in the safety of a vitual or demo account and practice, practice,practice.

Find out who you are, your trading strengths and weaknesses, stamp out emotion, fear and greed. Re-visit the trading plan and make it fit your trading schedule......then trade the plan NOT what you think.

Expect the learning process to take 2+ years (mind set takes time to develop)........find someone who you respect to mentor you if needs be.

If you cannot ditch the emotion or follow a set of rules still after 2+ years you probably never will.

Happy Trading

makingpips
  • #71
  • May 1, 2011 2:19pm May 1, 2011 2:19pm
Quoting makingpips
Price action trading is really the only way to go if you really want to get to grips with the markets.

Trading prowess has absolutely nothing to do with background or intellect.
You just need bags of common sense, patience and discipline to follow your own trading plan. Put your ego in the trash can........prepare to take more than a few knocks. Pick yourself up and stay positive.
Learn in the safety of a vitual or demo account and practice, practice,practice.

Find out who you are, your trading strengths and weaknesses, stamp out emotion, fear...
I totally agree!
  • #72
  • May 1, 2011 2:35pm May 1, 2011 2:35pm
About one and half years ago when Dow was touching 7000, someone told me that Mr. X is down by $5 million (and this amount was way too much for a person like Mr. X).

Few days later, I met Mr. X and asked how much he was down. He replied nearly $6 million (Dow went further down in these few days).

I naturally asked him if he was worried. He seemed a bit surprised at this question and replied "Why would I be worried? I'm not gonna sell my holdings in the next few years, by then market will be up again."

This kind of trader one has to be in order to succeed in this business. Holding power / sitting tight.
The Thief of Wall Street
  • #73
  • May 4, 2011 6:20pm May 4, 2011 6:20pm
Quoting Chicky
About one and half years ago when Dow was touching 7000, someone told me that Mr. X is down by $5 million (and this amount was way too much for a person like Mr. X).

Few days later, I met Mr. X and asked how much he was down. He replied nearly $6 million (Dow went further down in these few days).

I naturally asked him if he was worried. He seemed a bit surprised at this question and replied "Why would I be worried? I'm not gonna sell my holdings in the next few years, by then market will be up again."

This kind of trader one has to be in...
I agree. A friend of mine who bought some physical silver recently at $38 just sold it all. I've been holding mine for years, I asked him why he sold it, his only answer was "I freaked out". Pure emotional exits like this almost always take place at the termination point of a major move.
  • #74
  • May 4, 2011 6:48pm May 4, 2011 6:48pm
Quoting Chicky
About one and half years ago when Dow was touching 7000, someone told me that Mr. X is down by $5 million (and this amount was way too much for a person like Mr. X).

Few days later, I met Mr. X and asked how much he was down. He replied nearly $6 million (Dow went further down in these few days).

I naturally asked him if he was worried. He seemed a bit surprised at this question and replied "Why would I be worried? I'm not gonna sell my holdings in the next few years, by then market will be up again."

This kind of trader one has to be in...
one held trade that MIGHT fortunately pay off does not equate to a wise trader or trading mindset. a golfer making a hole in one does not make them a great golfer. consistency through frequency paints a real picture, not some idealized fantasy of one POTENTIALLY fortuitous gamble MAYBE paying off.

holding power and sitting tight are good for nothing if your position tanks. there's always going to one one lucky fool who always wins a gamble and never has a sick day and never gets rained on, but for every one of those people are a million others who have to work at success and can't rely on one gamble here or there.
Congratulations ScalaFX for coming out of the closet!
  • #75
  • May 5, 2011 2:33am May 5, 2011 2:33am

"Hope... it is the quintessential of human delusions. Simultaneously, it is our greatest strength and our greatest weakness."


The most cardinal rule of trading:

Do not hope and pray.


If you do, you will surely lose.

When it comes to trading... You better be holding for the right reasons and not on hope.
  • #76
  • May 5, 2011 4:12am May 5, 2011 4:12am
Quoting CrucialPoint

"Hope... it is the quintessential of human delusions. Simultaneously, it is our greatest strength and our greatest weakness."


The most cardinal rule of trading:

Do not hope and pray.


If you do, you will surely lose.

When it comes to trading... You better be holding for the right reasons and not on hope.
Exactly. Golden words. Trading and hope don't mix. Well said CruicialPoint.
  • #77
  • May 5, 2011 6:43am May 5, 2011 6:43am
If you make Forex Trading as your professionals you will bear loses all the time. Take it light and start trading as your part time work. The number of hours you will spend on screen you have huge chances of number of trades and chances of losses.
  • #78
  • May 10, 2011 2:32pm May 10, 2011 2:32pm
Quoting lartrade0623
I agree. A friend of mine who bought some physical silver recently at $38 just sold it all. I've been holding mine for years, I asked him why he sold it, his only answer was "I freaked out". Pure emotional exits like this almost always take place at the termination point of a major move.
That's kind of funny, sorry. I imagine a lot of people "freaked out" last week as silver took a huge hit. That's why I am just learning to trade the price action, no need to become emotional then.
  • #79
  • May 22, 2011 2:34am May 22, 2011 2:34am
Self discipline and the ability to take high stress environments are both key components of a professional trader. Aside from that, anything can be taught.

That said, I'd like to address this ridiculous notion that low testosterone would be an advantage. Let me just dispel that myth now. Higher levels of testosterone have shown to be advantageous to profitability:

http://www.time.com/time/health/arti...730662,00.html
Every time you use 'hopium' in a post, God kills a kitten.
  • #80
  • May 30, 2011 5:18pm May 30, 2011 5:18pm
I'm late to the discussion but mindset is, as far as I can see, the key to successful trading....one's ability to think clearly, stay focused, be detached from the trade, be disciplined, have patience and a plan...then again, these are aspects one needs in order to succeed at any endeavor....imho..
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