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The 3 Elements of a Successful Trader

  • #121
  • Jul 7, 2012 6:02am Jul 7, 2012 6:02am
Maybe monks just don't want to get involved in the daily grind of the markets? Maybe getting rich beyond belief is not the #1 priority for a priest?
Karma and luck, you either believe in it or you don't. I could give you dozens of examples where being lucky helped me, against the odds, or against my stupidity ... it's like lightning strikes .. not you but the person next to you ..

Quoting V00d00trader
If good karma were a necessisity, monks and priests would make super duper trader. I'm pretty sure they have some degree of discipline, so all they really need now is a good moving average cross system haha

No disrespect intended, just couldn't help myself about the karma thing!
forget about tomorrow, just steal away into the night
  • #122
  • Jul 7, 2012 6:06am Jul 7, 2012 6:06am
Indeed, focus on one session, one market and you'll be fine. They say you can be good at everything but then you're GREAT at nothing. Trading is where less is often more.

Quoting Les Lau
Advantage of trading only 1 session per day(in day trading)..
forget about tomorrow, just steal away into the night
  • #123
  • Jul 7, 2012 8:31am Jul 7, 2012 8:31am
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!





One more thing Luck(Sorry for my reply, if you mean Luck as Spiritual )
  • #124
  • Jul 7, 2012 9:21am Jul 7, 2012 9:21am
system is the most important. next discipline to execute or say money/risk management, then trust your system.
  • #125
  • Jul 8, 2012 11:04am Jul 8, 2012 11:04am
http://blog.tsemtulku.com/wp-content...ina8_thumb.jpg
  • #126
  • Edited Jul 13, 2012 8:01am Jul 12, 2012 10:48pm | Edited Jul 13, 2012 8:01am
Double TF (time frame) trading, eg. M5/M1 & D1/M30
See bigger 'picture'(analysis) on higher TF, use smaller TF for trading(entries, SL..)

for PA, Pin bar is important.. can be used for trading breakout.

TrendLines & S/R, certain market/ pair respect 1 more than the other.
Know each market/pair's characteristic.

Improve on TP(Taking Profit) method, together with MM/lot size -- profitable system.

Find the market(s)/ pair/ system suitable for you.

Do lot of trades, analysis, & practice..
  • #127
  • Jul 12, 2012 10:55pm Jul 12, 2012 10:55pm
Olympic 2012 news:
16 Awesome Charts On The Olympics From Goldman Sachs

I forecast China will top the Gold medal tallies, with 40 and above golds.
US will come in 2nd place.
  • #128
  • Jul 13, 2012 7:55am Jul 13, 2012 7:55am
Friday the 13th. Karma payback day. Anyone superstitious here? How good it's not full moon today
A simple Friday the 13th is not that bad at all. It could be much worse: break a mirror whilst walking under a ladder on a full moon Friday night. In a cemetery. Full of black cats. LOL
I remember a few songs about superstition ... Des'ree - Life and Stevie Wonder - Superstition - just two off the top of my head

Have a nice Friday
forget about tomorrow, just steal away into the night
  • #129
  • Jul 13, 2012 1:42pm Jul 13, 2012 1:42pm
It is a zero sum game, it do not give anything to the society, take money from others, so is it so bad to trade???. My answer would be this,- the most of the money in the world is in big players hands and if you are able to win on the long term and take anything from them it is just fine, especialy if you give a portion of it back for good things. And everibody steping into this should know that they can loose everithing, so it is at first unresponsible to trade if you can`t afford to loose. last thing if by trying become profitable you become more disciplined, less greedy,understand that the money isn`t so important, your values get stronger,yourself more concious, maybe it even gives some points to your karma account...
  • #130
  • Jul 13, 2012 10:20pm Jul 13, 2012 10:20pm
Quoting spekitox
Friday the 13th. Karma payback day. Anyone superstitious here? How good it's not full moon today
A simple Friday the 13th is not that bad at all. It could be much worse: break a mirror whilst walking under a ladder on a full moon Friday night. In a cemetery. Full of black cats. LOL
I remember a few songs about superstition ... Des'ree - Life and Stevie Wonder - Superstition - just two off the top of my head

Have a nice Friday
Yesterday was a nice, smooth day
  • #131
  • Jul 22, 2012 8:47am Jul 22, 2012 8:47am
Learn to capture Big movement.
Take huge profit.

For day trading, No adding/ top up to a winning position(diff. methods, hedging ok..)

Trade the formations and patterns that we recognize in our methods/ system.
Have Confident to take 'our' trades.
  • #132
  • Edited Jul 23, 2012 2:43am Jul 22, 2012 8:54am | Edited Jul 23, 2012 2:43am
Develop our own Winning Method(s)/ System..

Criteria:
- Simple
- Scientific proven
- Systematic
- Stress Free
- Profitable
- Minimal drawdown
- Robust
(durable, adaptable, works in multiple conditions)
  • #133
  • Jul 29, 2012 7:56am Jul 29, 2012 7:56am
London Olympics 2012: Day 1 Highlights
Day 1 China is leading with 4 golds..go go ye..!
  • #134
  • Edited 12:07pm Jul 29, 2012 8:04am | Edited 12:07pm
Day trading Price action
- Buy entry setup.. watch candle strength, dynamic of pattern/ candlestick type
during or after Trendline breaking out.

- Avoid trading in the midddle of range.. wait for price to 'open up'..
  • #135
  • Jul 29, 2012 10:54am Jul 29, 2012 10:54am
Quoting Les Lau
I read in somewhere,and now in this thread even by random entries, (as long as we use good MM & high RRR) will give us proftable results..

If it's that simple we can just program an EA: eg. MA crossover entry with RRR 1:2 or more, 2% of acc. for each trade.

Will it profitable in the long run.. ?
That is the problem with your tradind: he meant RANDOM i.e. random is not aware of MA's. Just take simple chart only with price bars on it and make random entries then apply moneu management to it. You'll see results...
  • #136
  • Jul 29, 2012 12:04pm Jul 29, 2012 12:04pm
Quoting serman
That is the problem with your tradind: he meant RANDOM i.e. random is not aware of MA's. Just take simple chart only with price bars on it and make random entries then apply moneu management to it. You'll see results...
That was an assumption.
I don't trade with Indicators..

What my point is, in trading:
Setup Entry is important
  • #137
  • Aug 5, 2012 1:26am Aug 5, 2012 1:26am
MM (Money Management)
- advantage of using 1%(+-) of account for each trade..
even there's few loses in a row the drawdown wil be minimal.

- make sure the accout is 'well capitalized'.
  • #138
  • Aug 5, 2012 7:59am Aug 5, 2012 7:59am
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.
Maybe thats why Pit traders don't exist anymore
  • #139
  • Aug 5, 2012 8:44am Aug 5, 2012 8:44am
Can't I just find all these qualities in a successful trading buddy and copy them? Lol, seems a lot easier.
  • #140
  • Aug 11, 2012 12:14am Aug 11, 2012 12:14am
PA: Pin bar with long shadow/leg cutting support line.. entry signal, buy.

Big round numbers.. draw support & resiststance line (eg. DAX @6,000, 7,000 points)

Prepare for both buy & sell entry setup.

Catch big trend.. profit from it.
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