Characteristics of a Successful Trader

<i>"Seriously, for a trader that is truly successful, why do they need or want the attention drawn to their success?"</i>

Following that logic, why have any traders with some degree of success ever posted at any time, anything of relevance in ET?

Why have the OP and numerous highly successful friends = private chatroom members ever posted any blotters in P&L 2008 thread that drew attention to numerous solid six-figures and in one case a seven-figure day of trading?

To summarize, why participate in a private chatroom each day, sharing ideas and trade results when total anonymity is preferred or even desired? For that matter, is ET and all other public message boards merely a dead-end street where nothing but perennial losers hang out?

I have my opinions on the answer to those questions. Interesting to see how others feel.
 
Here's my opinion.

Independent traders are a unique breed, and our business is unique. No one other than a fellow trader can understand what the anguish of breaking your rules and getting spanked feels like. Or the emotional roller coaster of the learning curve. Only a trader would understand that the feeling of a really good day isn't because of the money, but because all your hard work and determination paid off.

In this business, money is what it's about, plain and simple. If this was a widget manufacturing board, we'd be talking about how many widgets our newly tweaked assembly line is pumping out, or how great our top salesman is doing. In society we are conditioned to view talking about money as taboo, but among fellow traders it's totally natural, because that's what we're immersed in.

But if you trade alone you have no one else to connect with who understands your world. If you have your best day ever and you want to high five someone and say "F**K Yeah!" you've got no one. Sure you can share it with your spouse or close friend, but they won't really understand what's behind it.

Talking about P/L on ET can be a useful outlet for some people because it's the only outlet they they have and it's pretty normal to want to talk about what takes up a majority of your life.

And believe it or not, some people simply want to give back by sharing something that might provide encouragement to others. How you personally respond to others comments might say more about you than it does about the commenter.
 
I must admit,this is one of the better threads going on on ET lately. It is nice to have heavy hitters (you know who you are) sharing with the rest of us.
There is more to trading than just a system and in the end the trader is the ultimate x factor in the whole equation. Perfect system + < emotionally perfect trade = account with zero balance.

As for the P/L thread. Lescor is right, nobody could understand a trader better than another one. Stating I made XXX amount means nothing to the outside world, and there is zero comprehension of how much work has gone into being able to battle the markets in a successful way.
 
Quote from neveragain:

a sucessfull trader does not have time to write stuff here ,,,,
there are better things to do in life....
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So, you're NOT a successful trader?
 
Quote from austinp:

<i>"Seriously, for a trader that is truly successful, why do they need or want the attention drawn to their success?"</i>

Following that logic, why have any traders with some degree of success ever posted at any time, anything of relevance in ET?

Why have the OP and numerous highly successful friends = private chatroom members ever posted any blotters in P&L 2008 thread that drew attention to numerous solid six-figures and in one case a seven-figure day of trading?

To summarize, why participate in a private chatroom each day, sharing ideas and trade results when total anonymity is preferred or even desired? For that matter, is ET and all other public message boards merely a dead-end street where nothing but perennial losers hang out?

I have my opinions on the answer to those questions. Interesting to see how others feel.
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Good points, and good questions. Some of my (unorganized) thoughts on this are below:

First, I've already linked my personal reasons for posting on the P&L thread earlier in this thread (http://www.elitetrader.com/vb/showthread.php?s=&postid=1572522#post1572522)

Traders are an unusual group. Their typical day is so different from most others in this world that they might find it difficult to find others with whom they can 'relate' to. This is even more difficult, as the trading success of a trader increases. For example, how many 'normal' people can relate to making an error that cost them $10k in just a few minutes? How many 'regular' folks can sympathize with your crappy day, despite that fact that you made more in the past several weeks, than they did in the past five years? How many 'normal' people really know much about, or even care the slightest bit about, the financial markets? Not many.

On a place like ET, a trader is better able to find peers who share their interests, their fears, their hopes and their stresses. It's a good place to find friendship and support among others that share much in common with you.

That said, I don't think you will find or develop much in the way of good relationships with those on ET if you don't make positive contributions here. By posting on ET, you can establish your credibility among your peer group (fellow traders). Once established, having a credible presence on ET can help in several ways:

1) You can more easily get your questions answered by others (since others have seen you make positive contributions in the past, and want to return the favor).

2) You begin to find other traders with similar trading interests and styles, and start to become informal friends. Hopefully, this leads to solid long term friendships among many of your peers. I have been very fortunate in this regard, becoming close friends with many of the traders I have met here on ET.

I should probably clarify that establishing 'credibility' does not necessarily, mean that you're making huge or consistent profits. It's more related, IMO, to your presence on ET. Is it positive? Do you help others or are you always critical of others, immature and whining? In short, are you someone that others would seek to get closer to?

Without posting publically, a trader might lose the benefits and synergies that might be possible through the relationship with other like-minded traders. That said, a trader that is constantly hyping or 'pumping' themselves on sites like ET do not gain credibility, IMO, at least not from me.

So to summarize, while I don't see much benefit in a successful trader drawing public attention to their successes, I do see value in a successful trader allowing others to recognize that they are serious and professional traders. By doing this, and establishing credibility among others, many benefits can result.

Hmmm, I've got a related question that I'd be interested in the thoughts of those on this thread. Let's assume that you are an independent retail trader, with no clients, and only managing your own cash. Let's further assume that you made $200 million in 2008, and Traders Monthly wanted to interview you, and maybe even put you on the cover of their "Top 100 Traders" issue. Until now, you've traded successfully in relative obscurity. Would you want the attention and recognition of an article in Traders Monthly? Or would you prefer to state that their information was incorrect and that they 'had the wrong guy'? What would be the benefits and drawbacks of the publicity for you?
 
Quote from EricP:

Until now, you've traded successfully in relative obscurity. Would you want the attention and recognition of an article in Traders Monthly? Or would you prefer to state that their information was incorrect and that they 'had the wrong guy'? What would be the benefits and drawbacks of the publicity for you?
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To me, there are no benefits of publicity. Not only would it put a target on your back but people would start gravitating towards you just because of the money. And that is a kind of person that will add nothing or very little to your life. I would politely tell them to shove off.
 
Quote from EricP:

Hmmm, I've got a related question that I'd be interested in the thoughts of those on this thread. Let's assume that you are an independent retail trader, with no clients, and only managing your own cash. Let's further assume that you made $200 million in 2008, and Traders Monthly wanted to interview you, and maybe even put you on the cover of their "Top 100 Traders" issue. Until now, you've traded successfully in relative obscurity. Would you want the attention and recognition of an article in Traders Monthly? Or would you prefer to state that their information was incorrect and that they 'had the wrong guy'? What would be the benefits and drawbacks of the publicity for you?
More...
Most (but not all) of the really successful men that I've become acquiainted with in my professional life have sought anonymity in terms of the finances, business dealings, family life, etc.

They are also a tad paranoid about other people delving too deeply into their businss.

FWIW
 
<i>"No one other than a fellow trader can understand..."</i>

Bingo. Communication between two parties exists purely for the sake of mutual understanding. Human beings are gregarious by nature. We are social animals. All social animals have advanced levels of communication versus solo animals.

Humans have a deep need to be understood by others. Even the most insane cry out for understanding, without being able to comprehend how/why the sane cannot understand their (il)logic.

Money is secondary. It always is. The need for understanding = recognition is by far deepest emotional fulfillment any human can receive. That someone else "gets us" is ultimate payoff. A payoff far greater than exchange of information = experiences for $$ is the same exchange for adulation, admiration and praise.

"Recognition and praise: babies cry for it and grown men will die for it." <i>Mary Kay Ashe</i>

"Give me enough blue ribbon to pin on men's chests and I will surely rule the world" <i>Napolean Bonaparte`"</i>

Some people exchange info for $$, some exchange info for recognition = praise. Regardless, communication is the path to mutual understanding. That is the deepest core need of all. Hence the existence of paid chat rooms, private chat rooms, cigar rooms, barrooms, public message boards, etc.
 
Quote from austinp:

<i>"No one other than a fellow trader can understand..."</i>

Bingo. Communication between two parties exists purely for the sake of mutual understanding. Human beings are gregarious by nature. We are social animals. All social animals have advanced levels of communication versus solo animals.

Humans have a deep need to be understood by others. Even the most insane cry out for understanding, without being able to comprehend how/why the sane cannot understand their (il)logic.

Money is secondary. It always is. The need for understanding = recognition is by far deepest emotional fulfillment any human can receive. That someone else "gets us" is ultimate payoff. A payoff far greater than exchange of information = experiences for $$ is the same exchange for adulation, admiration and praise.

"Recognition and praise: babies cry for it and grown men will die for it." <i>Mary Kay Ashe</i>

"Give me enough blue ribbon to pin on men's chests and I will surely rule the world" <i>Napolean Bonaparte`"</i>

Some people exchange info for $$, some exchange info for recognition = praise. Regardless, communication is the path to mutual understanding. That is the deepest core need of all. Hence the existence of paid chat rooms, private chat rooms, cigar rooms, barrooms, public message boards, etc.
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what happened to your supposed daily p/l postings?
 
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