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The 3 Elements of a Successful Trader

  • #1
  • First Post: Mar 15, 2012 8:00am Mar 15, 2012 8:00am
Recently i contemplate a lot on what makes a trader successful.
Here's my insight.. .

Edge(system) + Discipline(psychology) + Good Karma(spiritual)
= Successful Trader

System, psychology, spiritual, these 3 elements are interconnected.
Trader should improve & work on these 3 areas.

I will post more about this topic, everybody is welcome to give ur
precious comments as well..

Cheers!
  • #2
  • Mar 15, 2012 8:27am Mar 15, 2012 8:27am
Quote
Good Karma(spiritual)

Im not here to argue. I just dont see what this has to with anything.

I remember in the movid the "The Pit" one trader describes trading as the a job where you can go home get drunk, beat your wife and kids. Then go to work the next day and be rewarded.
Cautiously optimistic. . .
  • #3
  • Mar 15, 2012 9:12am Mar 15, 2012 9:12am
As traders we contribute very little to society. We take other people's money. It is a lot like gambling. I'm not a gambling man. I don't even like spending a dollar on the lottery. But I trade because I can't make much money from my honourable business that does give a lot fo society.
  • #4
  • Mar 15, 2012 10:43am Mar 15, 2012 10:43am
its risky but I guess it wont be a gamble if people just based their decisions on actual knowledge and analysis! and its trading! an equivalent exchange

good karma? made me think! is it like a boost of luck? man how i wish i had lots of that
  • #5
  • Mar 15, 2012 10:49am Mar 15, 2012 10:49am
Since this thread discuss about trading + spirituality, different viewpoints are expected and always welcomed ..

Rule: All arguments in civilized manner, No personal attack.
  • #6
  • Mar 15, 2012 10:52am Mar 15, 2012 10:52am
yes of course! and I really did have a rough week with trading, hopefully luck will smile on me next week
  • #7
  • Mar 15, 2012 11:03am Mar 15, 2012 11:03am
Quoting Tact1cal
Im not here to argue. I just dont see what this has to with anything.

I remember in the movid the "The Pit" one trader describes trading as the a job where you can go home get drunk, beat your wife and kids. Then go to work the next day and be rewarded.
Hahha, its just a movie..

I believe there's none in real life.. If yes his success will be very shortlive.
Also if u meet 1 in real life pls tell us!
  • #8
  • Mar 15, 2012 12:53pm Mar 15, 2012 12:53pm
Quoting Les Lau
Recently i contemplate a lot on what makes a trader successful.
Here's my insight.. .

Edge(system) + Discipline(psychology) + Good Karma(spiritual)
= Successful Trader

System, psychology, spiritual, these 3 elements are interconnected.
Trader should improve & work on these 3 areas.

I will post more about this topic, everybody is welcome to give ur
precious comments as well..

Cheers!
Agreed.

Imo the most important is spiritual, but doesn't have to be karma. I mean in a sense as if a trader are in good spiritual/vibration/state of being like optimism, hope, excitement, joy, etc then he will attract the right system and the right discipline through a way. Vice versa. This is in agreement with Law of Attraction.

Imo Karma is a tool only, it can help or tackle you. If you think you have good karma and it will bring you success, it will. If you think you have bad karma and it will invite losses, it will. Your mind empowers it.

=)
The tone of your words reflects the quality and result of your trading ;-)
  • #9
  • Mar 15, 2012 8:22pm Mar 15, 2012 8:22pm
Quoting Les Lau
Hahha, its just a movie..

I believe there's none in real life.. If yes his success will be very shortlive.
Also if u meet 1 in real life pls tell us!
It was a documentary that followed nybot traders. The guy was a pit veteran and did well for himself. What he said was true. The market doesnt give a fuck what you do. You are going to get paid for being right regardless of how much of an asshole you are.

I've spent the last several months speculating on doomsday fears with europe. I got paid when people were scared shitless about the outlook of the global economy. Should that be bad karma? I got rewarded for betting on the continuation of the financial crisis, multiple times. The future will more than likely offer me opportunities to do it again too.

In the eyes of most people I'm a spiritual/moral peice of shit for the paragraph above this sentence alone. It won't stop me from making money though because I have an edge and the control to use it.
Cautiously optimistic. . .
  • #10
  • Mar 15, 2012 9:55pm Mar 15, 2012 9:55pm
did he actually beat his wife and children?

well the markets are mean themselves, no reason to start being nice lol

but really did he/?
Have I got something on my face, SOLDIER?
  • #11
  • Edited 10:20pm Mar 15, 2012 10:07pm | Edited 10:20pm
Quoting bumapatria
did he actually beat his wife and children?

well the markets are mean themselves, no reason to start being nice lol

but really did he/?
No, he was just making a point that the market doesnt care if you do or not.

Edit:gotcha
Cautiously optimistic. . .
  • #12
  • Mar 15, 2012 10:17pm Mar 15, 2012 10:17pm
Quoting Tact1cal
No, he was just making a point that the market doesnt care if you do or not.
i know just playn
in the end its buying and selling, managing risk and making profit
but a lot of strings to get it all attached to make that happen
Have I got something on my face, SOLDIER?
  • #13
  • Edited 11:07pm Mar 15, 2012 10:17pm | Edited 11:07pm
Quoting Les Lau
Recently i contemplate a lot on what makes a trader successful.
Here's my insight.. .

Edge(system) + Discipline(psychology) + Good Karma(spiritual)
= Successful Trader

System, psychology, spiritual, these 3 elements are interconnected.
Trader should improve & work on these 3 areas.

I will post more about this topic, everybody is welcome to give ur
precious comments as well..

Cheers!
Before opening the thread I tried guessing your 3 and nailed the first 2 (edge + discipline). I don't know if the third one (Karma) is a necessity, but it could be if it affects your discipline. You could maybe make a case for money management in the form of not overleveraging, but that might be classified under discipline as well. Actually I would call that experience and mark that as #3. Anyway, nice post.

1. Edge
2. Discipline
3. Experience
  • #14
  • Mar 16, 2012 2:54am Mar 16, 2012 2:54am
Yeah! Experience is also needed for a man to be succeed in forex trade.... Your three points are good to be on the forex trade with experience and knowledge!
  • #15
  • Mar 16, 2012 3:41am Mar 16, 2012 3:41am
I want to address your third point. I don't think the statement is very helpful if only for the fact that everyone and every Buddhist sect has a different opinion on karma.

I will explain in my own terms how the statement could be true.

One of my favourite teachers, Bankei, said that 'everything is perfectly resolved in the unborn'.

Basically in my view, your karma is just where you are in this moment - all your eons of karma is perfectly reflected in this moment - as opposed to the view that you have a huge string of debt to wear off at some point in the future. The implication of this is that you create karma moment to moment when you move out of your true nature and attach yourself to thoughts. When you reside in your true nature (the unborn) karma doesn't touch you.

We have all heard that we should trade with a clear mind and without emotion - well this is trading from the unborn!

We trade our edge without attachment - and the very process of trading this way has the added component of not creating karma through obsession to negative thoughts and emotions.

I want flowers in my garden dig?
Enter Signature
  • #16
  • Mar 16, 2012 3:52am Mar 16, 2012 3:52am
Quoting Les Lau
Recently i contemplate a lot on what makes a trader successful.
Here's my insight.. .

Edge(system) + Discipline(psychology) + Good Karma(spiritual)
= Successful Trader

System, psychology, spiritual, these 3 elements are interconnected.
Trader should improve & work on these 3 areas.

I will post more about this topic, everybody is welcome to give ur
precious comments as well..

Cheers!
1) Edge ...yes indeed! This is the most imporatant feature. Without it you cannot even begin to trade profitably.

2) Discipline...also true, however this can be learned by experience.

3) Karma...no no..this has noting to do with trading. Dont mix spirituality with tading. They are not related at all. Perhaps the better thing to say would be "the right frame of mind while trading". So not making psyhological mistakes which are derived from fear and greed. But this can be put into same category as discipine.
  • #17
  • Mar 16, 2012 4:07am Mar 16, 2012 4:07am
Agreed
  • #18
  • Mar 16, 2012 5:11am Mar 16, 2012 5:11am
Les Lau
Quote
Recently i contemplate a lot on what makes a trader successful.
Quote
Here's my insight.. .

After all that has been said and read, why would you need to “contemplate?”

Isn’t this just stating the obvious? Haven’t we heard this over and over again?

Karma? What? Sorry, but spirituality has nothing to do with trading. If this were true, those that believe in Karma, God or anything else would be more successful – and they are not. I am always fascinated when people bring up Karma, God or any other “life-force” as a way to some type of trading enlightenment.

There is only thing needed for trading, and that is discipline. Your edge is worthless if you do not have the discipline to follow a trade plan. Karma, or whatever you think might be guiding you, is worthless if you don’t have the discipline to follow a rule set. The only belief you need to have is that your trade plan works and then have discipline to execute it. The only edge you need is the discipline to take every valid trade signal without hesitation.

The fact is you could give away a proven system, indicator or robot that has a documented 85% win rate and still only 3-5% of the people that obtained it would be successful.

Here's some insight . . .here’s the big secret about trading . . . you really want to be a hugely successful trader? You only need discipline – the discipline to follow directions.

That’s it. If you can do that, you’re going to be just fine; both financially and spiritually.
  • #19
  • Mar 16, 2012 10:38am Mar 16, 2012 10:38am
Quoting dcginc
Les Lau

After all that has been said and read, why would you need to “contemplate?”

Isn’t this just stating the obvious? Haven’t we heard this over and over again?

[size=3][font=Calibri]Karma? What? Sorry, but spirituality has nothing to do with trading. If this were true, those that believe in Karma, God or anything else would be more successful – and they are not. I am always fascinated when people bring up Karma, God or...

True and true and true.
Enter Signature
  • #20
  • Mar 16, 2012 10:58am Mar 16, 2012 10:58am
Quoting dcginc
Les Lau

After all that has been said and read, why would you need to “contemplate?”

Isn’t this just stating the obvious? Haven’t we heard this over and over again?

[size=3][font=Calibri]Karma? What? Sorry, but spirituality has nothing to do with trading. If this were true, those that believe in Karma, God or anything else would be more successful – and they are not. I am always fascinated when people bring up Karma, God or any other...
Your are right about the first part about karma, god...we agree all that is BS....but you are missing one part. The edge.

Tell me how will discipline make you money in casino when playing roulette? First you need and EDGE and only after that u need discipline to execute the system with an properly defined edge.
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