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The 3 Elements of a Successful Trader

  • #181
  • Dec 26, 2012 8:04am Dec 26, 2012 8:04am
Timing & conditions of entry are important.

Know when NOT to trade.
  • #182
  • Dec 27, 2012 11:33pm Dec 27, 2012 11:33pm
From a complicated method(s), Simplify it.
  • #183
  • Dec 29, 2012 9:33am Dec 29, 2012 9:33am
Quoting LindaScott
May I join to the congrats?
Sure, Happy New Year!
  • #184
  • Dec 29, 2012 11:38am Dec 29, 2012 11:38am
I'm in full agreement that a welltested strategy and 100% dedication to that strategy will bringpositive returns. Also a good size bank roll will be needed to make it though a long group of loses. As far the spiritual part I don't agree. Both the spiritual and none spiritualwill make money.
  • #185
  • Edited Jan 1, 2013 12:18am Dec 31, 2012 11:56pm | Edited Jan 1, 2013 12:18am
Trading Edge comes before psychology..

No amount of Positive thinking & Visualization will bring consistent profits without a solid, comprehensive system.
  • #186
  • Jan 4, 2013 3:40am Jan 4, 2013 3:40am
Opportunity(Success) is for those who Prepared.
  • #187
  • Jan 4, 2013 5:29am Jan 4, 2013 5:29am
There are many different(profitable) trading methods.

Learn to Respect others' system.
  • #188
  • Jan 5, 2013 5:21am Jan 5, 2013 5:21am
精进. Be diligent.

静心. Keep the mind calm & peace.
  • #189
  • Jan 12, 2013 6:07am Jan 12, 2013 6:07am
Alternative view for The 3 Elements of a Successful Trader:

High IQ, EQ & Experience
  • #190
  • Jan 12, 2013 6:18am Jan 12, 2013 6:18am
Experienced Trader:
Spend a minimum of 10,000 hours(total) for trading, analysis & delibrate practice.
If average 8 hours per day this would take 3-4 years..


- Good way for backtest/ pratice, use a trading Simulator.
  • #191
  • Jan 12, 2013 7:10am Jan 12, 2013 7:10am
Exactly the same as the qualities successful fighter pilots had during WW2

- Experience - those with less than 100 hours training in their combat machines had a far greater chance of being killed.

- Spatial awareness - meaning the ability to see all that is going on around you and react accordingly, but this only comes with experience.

- Mastery of fear - Pilots who allowed the fear of death affect their performance and their judgement were soon shot down and killed.

- Aggression and/or decisiveness - Fighter Pilots of WW2 always said that if they came up against a defensive pilot, they had him licked. Those that went for the kill were those that survived.

- Patience - Failure to wait until the enemy was properly within firing range meant a wastage of precious ammunition leaving you defenseless and vulnerable.

The analogy with trading is obvious to see. If you want me to recommend some amazing books on the fighter pilots of WW2, drop me a pm, because if you are looking for something to turn your trading around, this could well be what you need. It has been a massive help to me.
  • #192
  • Jan 12, 2013 7:10am Jan 12, 2013 7:10am
Quoting Les Lau
Experienced Trader:
Spend a minimum of 10,000 hours(total) for trading, analysis & delibrate practice.
If average 8 hours per day this would take 3-4 years..


- Good way for backtest/ pratice, use a trading Simulator.
Not a big fan of trading simulators because of a few reasons:

*MTF analysis, not able to do so in a trading simulator unless its actually able to simulate more timeframes at once.
*Correlations, not able to show/run their charts in a trading simulator unless, again, the simulator is actually able to simulate multiple charts.

Therefore very limited options with simulators.
  • #193
  • Jan 12, 2013 7:29am Jan 12, 2013 7:29am
Quoting Robertk
Not a big fan of trading simulators because of a few reasons:

*MTF analysis, not able to do so in a trading simulator unless its actually able to simulate more timeframes at once.
*Correlations, not able to show/run their charts in a trading simulator unless, again, the simulator is actually able to simulate multiple charts.

Therefore very limited options with simulators.
Not sure i know what you mean - If I place a trade on a simulated/demo account I'm using the same live charts that I always use and the price given on the demo account is exactly the same as shown on a live one.
  • #194
  • Jan 12, 2013 12:34pm Jan 12, 2013 12:34pm
Quoting cat
Not sure i know what you mean - If I place a trade on a simulated/demo account I'm using the same live charts that I always use and the price given on the demo account is exactly the same as shown on a live one.
Difference between a demo and live is that demo is not affected by what you do. The demo doesn't take into account the trade you took if it had been a real trade. A real trade will be shown in the charts, even if it's the smallest micro lot you can find. That little micro lot will change things. It's like the butterfly effect.

Just something to think about.
Play the players, not the cards.
  • #195
  • Jan 12, 2013 1:42pm Jan 12, 2013 1:42pm
Quoting GnarlyPips
Difference between a demo and live is that demo is not affected by what you do. The demo doesn't take into account the trade you took if it had been a real trade. A real trade will be shown in the charts, even if it's the smallest micro lot you can find. That little micro lot will change things. It's like the butterfly effect.

Just something to think about.
Any trade I place will not have any more effect on the price than me taking a piss in the ocean will cause it to rise. there are trillions of dollars flowing into and out of the fx market every single second, and you're telling me that my few lots are going to effect the price, it's just about the most ridiculous think I've heard anyone say. The price will behave in EXACTLY the same way whether I place a trade or not. Cumulatively, a large number of traders buying at more or less the same time, many of them institutional traders working for the banks with big money, will send the price North, but individually I barely exist.
  • #196
  • Jan 12, 2013 1:50pm Jan 12, 2013 1:50pm
I'm not saying that a micro lot will change price right then and there, but that a real micro lot will be in the charts while a demo micro lot won't be. Have you looked up the butterfly effect? If not, please do so. If you bought a million standard lots on a demo account, it will not be shown in price. Same should be said for a micro lot.
Play the players, not the cards.
  • #197
  • Jan 12, 2013 2:06pm Jan 12, 2013 2:06pm
If you trade with a dealing desk most likely your trade will be managed in-house by swapping with another retail trader. To get an order onto the market, banks require a minimum trade size. I believe this is one million currency units, so unless you're trading that size with a bank directly, there's no guarantee it's going to the market itself. In all reality, it doesn't matter much, because it takes millions to move the market a pip even in thinner times on the most liquid markets such as fiber or cable. The butterfly effect has some influence, say if it were to delay an order from your broker to the bank because they were waiting for enough, but the effect short term is almost certainly completely negligible. The real benefit of a micro account over demo is that you experience the emotions of dealing with real money as well as mechanical issues such as slippage.

Also, karma has nothing to do with success in trading. If good people were rewarded and bad people punished, politicians wouldn't be rich.
  • #198
  • Jan 12, 2013 2:13pm Jan 12, 2013 2:13pm
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!
True
  • #199
  • Jan 12, 2013 2:24pm Jan 12, 2013 2:24pm
I posted in my thread yesterday that demo is worthless and micro is pricless for learning to trade. There are many reasons this is true. Any trade, no matter how small, with real money will bring out the conflicts within most people between fear and greed. Also when trading real money one can see the actual damage done by fast moving prices when trying to enter and or exit. If you trade on a slow MT4 platform price can move several pips in a fast market in the space of time between clicking to execute and actual trade fill. If you spend some time thinking about the ramifications of this lag in fills you begin to think of strategies to take advantage of it. All the methods I use to trade involve buying into a falling market and selling into a rising one. I often get better fills than the price when I clicked the mouse. Remember markets rise to find sell orders and fall to find buy orders. As traders our strategies should take advantage of this fact.

The most important element of a successful trader without question is Method. If you KNOW your method works the psychology part becomes easy. For me the hardest part was accepting losses. Once I beat that the fear melted away. I am still greedy but I wouldn't trade if I weren't.
  • #200
  • Jan 12, 2013 3:31pm Jan 12, 2013 3:31pm
Quoting Kanzler
If you trade with a dealing desk most likely your trade will be managed in-house by swapping with another retail trader. To get an order onto the market, banks require a minimum trade size. I believe this is one million currency units, so unless you're trading that size with a bank directly, there's no guarantee it's going to the market itself. In all reality, it doesn't matter much, because it takes millions to move the market a pip even in thinner times on the most liquid markets such as fiber or cable. The butterfly effect has some influence,...

I don't understand what point you're trying to make. Do you understand just how big a million standard lots is? It's a hundred-billion dollars. Like you said, it takes "millions" to move price, but I doubt you actually know just how much it really takes. I don't, but I'd like to learn what I can.
Play the players, not the cards.
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