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The 3 Elements of a Successful Trader

  • #141
  • Aug 11, 2012 3:52pm Aug 11, 2012 3:52pm
Karma has broad interpretation, but it does apply and is necessary. It means among other things that you have the right circumstance. You may have an edge and discipline but you may be stranded on an island, at war, in prison, too sick to trade, etc. That's karma.
  • #142
  • Aug 11, 2012 5:00pm Aug 11, 2012 5:00pm
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!

If you have a supernatural edge, why do you need anything else?
  • #143
  • Aug 12, 2012 8:07am Aug 12, 2012 8:07am
Quoting gregp
1. Belief
2. Visualization-seeing the winners/cutting losers
3. Contrarian- think as an individual
4. Expert chart reading skills
5. Highly Disciplined
6. Spiritual
7. Open minded and willing to help others
8. Expect to receive and do so graciously
9. Excellent risk management strategies
10. Always able to stay in the game
11. Take consistent and small profits- Not Greedy
12. Are always happy and content

I like this a lot
  • #144
  • Aug 18, 2012 7:47am Aug 18, 2012 7:47am
- Trading.. avoid making mistake(s), minimise loses
Get winners & profit more than loses..

- Keep mind firm

- Do donations..
  • #145
  • Aug 18, 2012 7:03pm Aug 18, 2012 7:03pm
Here are the key elements to a successful Equities trader IMO, then the three key elements to a successful Forex Trader.

Equities
1. Being able to step in and buy capitulations.
2. Being able to hold your ground until the retracement back up.
3. Knowing when the market is in correction and when not to buy dips.

Forex
1. Stepping in and buying with trend with or without a small dip.
2. Being able to hold your ground until a tick volume spike and a solid win.
3. Knowing when your wrong or when the market has turned and you must cut the trade.

Different market types require different trading approaches. Commodities markets and equities markets are similar in their behavior.
  • #146
  • Sep 8, 2012 6:54am Sep 8, 2012 6:54am
Check out a few Brokers' platform & find good 1..
Some chart patterns/ candlesticks differences esp. short term Time frame (trading).
  • #147
  • Sep 28, 2012 11:18pm Sep 28, 2012 11:18pm
http://www.zerohedge.com/news/bond-w...nd-dump?page=1

This islands dispute could escalated into a Nuclear war.


For the sake of humanity we should do our best to avoid this.
  • #148
  • Oct 2, 2012 8:06pm Oct 2, 2012 8:06pm
Quoting isaacyassar
Agreed.

will attract the right system and the right discipline through a way.This is in agreement with Law of Attraction.
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.

=)

Couldn't have said it any better I completely agree You see most folk don't know or believe in these "secret" principles that when discovered by anyone(because indeed secrets wait to be unraveled) can commence to the 360 one wants or desires I mean a persons whole world can turn in the flash of their perception
To Write Sonnets On Soliloquies In A Fortress Of Solitude
  • #149
  • Oct 13, 2012 4:27am Oct 13, 2012 4:27am
Only positive Karma will lead a person to good results
  • #150
  • Oct 13, 2012 5:10am Oct 13, 2012 5:10am
The 3 Elements of a Successful Trader

 

  1. he is quite bankrupt
  2. he has nothing else to do in life
  3. trading financial markets is only hope for him to make big money in lesser time



when these three things will finally unite it will create a GREAT trader.

  • #151
  • Oct 13, 2012 8:52am Oct 13, 2012 8:52am
5(+) Elements of a truly successful Trader

 

  1. Has a clear vision(about the world) and personal goals
  2. Has the ability to detach himself from society for "x" amount of time
  3. Will do everything in his/her power to avoid mediocrecy
  4. Most likely recognized by being an "einzelganger"
  5. Has his own view about the market and the way it operates. Will generate a system around it based on those beliefs.
  6. Asperger syndrome symptoms seem to go hand in hand with forex trading.



After all it all starts with motivation. The above will trigger it/are a result of it.

  • #152
  • Oct 13, 2012 10:03am Oct 13, 2012 10:03am
Quoting Hakimi
The 3 Elements of a Successful Trader

 

  1. he is quite bankrupt
  2. he has nothing else to do in life
  3. trading financial markets is only hope for him to make big money in lesser time

when these three things will finally unite it will create a GREAT trader.

Those 3 elements you described are actually the elements for a catastrophic disaster.

"quite bankrupt"
You act desperate... You will make irrational decisions... You can't focus because there are bigger problems running in your head... You're mentally unstable... You're emotionally unstable...

"nothing else to do in life"
If this is one's personal motto in life... You are not in a creative space... You are more likely not that creative... You don't have proper perspective in life... You lack self esteem... You lack motivation... You actually lack life itself... You're probably borderline into depression.

"trading financial markets is only hope for him to make big money in lesser time"
You would have some serious perspective and personal issues... You would need to resolve these issues before you try trading... Of course if one's thinking is in this manner, they are more likely blinded and oblivious of what is really going on and don't see any problems with themselves.

I would repeat:

Those 3 elements (when united), as you described, are actually the elements for a CATASTROPHIC DISASTER.


I couldn't help but wonder (and feel), that those 3 elements you have described are from your own personal life story that's running in your head.
  • #153
  • Oct 13, 2012 8:48pm Oct 13, 2012 8:48pm
Quoting CrucialPoint
Those 3 elements you described are actually the elements for a catastrophic disaster.

"quite bankrupt"
You act desperate... You will make irrational decisions... You can't focus because there are bigger problems running in your head... You're mentally unstable... You're emotionally unstable...

"nothing else to do in life"
If this is one's personal motto in life... You are not in a creative space... You are more likely not that creative... You don't have proper perspective...
dont worry Mr,

this three phase is eminent in real trader life, and only then he succeeds completely.....

u are a blogger and not a trader so ur opinion doesnt matters much.
  • #154
  • Oct 14, 2012 5:06pm Oct 14, 2012 5:06pm
If I have select three qualities of a successful trader then it will be: 1.experience. 2. Discipline. 3. Good trading strategy.
These three things are most important in forex trading according to me.
  • #155
  • Oct 14, 2012 6:08pm Oct 14, 2012 6:08pm
Good strategy is everything. Show me the f**king money!!!!!!!!!!!!!
  • #156
  • Oct 14, 2012 8:37pm Oct 14, 2012 8:37pm
1) A viable trading system

2) Money and risk management

3) Being psychologically able to handle the downswings, and not have it affect your trading

My 2c.
  • #157
  • Oct 17, 2012 2:02am Oct 17, 2012 2:02am
Yes! Experience is also needed to be successful in forex. Your 3 points are good to be in forex trade with experience and knowledge!
  • #158
  • Oct 17, 2012 6:57am Oct 17, 2012 6:57am
I'm interested in the link between spiritual health and successful trading.

I don't see karma or spirituality as being tied to any belief systems because belief is a thing of the mind and to me spirituality is detached from being dominated by the mind.

From what I gather kharma is just your past decisions and how they affect your present moment. If you have pent up guilt about your past decisions Or any insecurity (because your ego is making you permanently insecure) then this is what I believe negative kharma to be - self induced suffering. This probably would have a negative affect on your ability to make level headed decisions not just in trading but in life.

I like to meditate in the morning by practicing Sui Nim Tao (the first form of wing chun) and it clears my head and sets me up for the day.

Forget belief systems or supernatural stuff that people equate religion and spirituality with, try and not think a single thought for one whole minute. If you can't then learn to to meditate until you can. If you can do that then see how you feel afterwards. That feeling - has no name and cannot be described. I think this is what OP is getting at but I may be wrong.
Anything can happen.
  • #159
  • Nov 3, 2012 1:22am Nov 3, 2012 1:22am
From many recently researched sources, early Christians did believe in reincarnation.
  • #160
  • Nov 3, 2012 1:27am Nov 3, 2012 1:27am
Keep a detail journal for trading & backtesting.

It is useful for revision/ improvement of our trading system (edge).
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