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Emotional traits of the best traders
- Thread starter PeterEastgate
- Start date
Quote from PeterEastgate:
The best traders do not let anyone or anything bother them. They are never disturbed and, in fact, are generally happy about life and living. No one ever offends their nature or sense of being.
They never discuss or display their passion about trading or the markets. They never talk about what they do or how they do it. Discussion or emotional displays simply clouds their thinking and such talk is best not performed.
If the best traders are happy-go lucky, non-offendable and free of emotions, then I have concluded there are not too many great traders on this board to include the moderators.
Good person != Good trader.
When did trading become a religion?
Quote from PeterEastgate:
The best traders do not let anyone or anything bother them. They are never disturbed and, in fact, are generally happy about life and living. No one ever offends their nature or sense of being.
They never discuss or display their passion about trading or the markets. They never talk about what they do or how they do it.
Great traders will never discuss what they do or how they do it with outsiders.
However, I've known a lot of great traders and I've known a lot of these people who will fly into a rage or break things after a bad day or a shitty trade. I've never ever met an emotionless trader. He may not reveal his emotions to YOU, but don't assume that means he/she isn't emotional. The key is to keep a lid on it until AFTER trading hours.
Most great traders are often bitter. But, they get over it. If you're a good trader, the money is good.
I'm talking about prop traders who trade professionally for institutions, not the guy with a retail account and another "real" job. I think it's a lot easier to be less emotional if you're just playing around with your own retail account. When your whole career and livelihood depends on it - hell yeah you get emotional.
Quote from Angrycat:
Great traders will never discuss what they do or how they do it with outsiders.
However, I've known a lot of great traders and I've known a lot of these people who will fly into a rage or break things after a bad day or a shitty trade. I've never ever met an emotionless trader. He may not reveal his emotions to YOU, but don't assume that means he/she isn't emotional. The key is to keep a lid on it until AFTER trading hours.
Most great traders are often bitter. But, they get over it. If you're a good trader, the money is good.
I'm talking about prop traders who trade professionally for institutions, not the guy with a retail account and another "real" job. I think it's a lot easier to be less emotional if you're just playing around with your own retail account. When your whole career and livelihood depends on it - hell yeah you get emotional.
I agree with this analysis more then the OP's. The only part I would disagree with is the sharing trading ideas with outsiders. I am a profitable and successful trader who garners all of his money from trading alone, with no outside job or income for over two years now, but I do still find some gratification in sharing and helping other less experienced traders. Maybe when I reach a higher level of success in this industry I will change my tune, but for now I don't mind. I tell myself that it is my way of giving back, and I do believe that, but I'm sure that there is a little ego gratification thrown in there also.
As far as being emotional, I definitely experience times of emotion or of being upset or even angry for a short period of time. I will have to say that the biggest difference for me, emotion wise, from when I was not yet profitable was that back then I would get much more excited about a win or series of wins, now I am much more cynical and have learned to be aware of these emotions and not let them get to me and make me believe that I am some super trader who knows the markets every move. I have learned that this arrogant attitude puts blinders on and almost always leads to a losing trade or two. It's kind of like the market actually knows what you are feeling and acts accordingly to humble you. So, the main point would be that I now control the ups almost perfectly and the downs do still get to me, but not as much. I suppose a perfect trader would be one who is always aware of his/her emotions and is able to stay balanced and in that "zone" for an indefinite amount of time. Maybe one day.
That is my experience thus far in my trading journey.
Quote from Angrycat:
You have no idea what you're talking about.
Oh really?
So falling on the ground sobbing after a down day of trading is normal? Crying is a highly emotional response. Successful trading has nothing to do with highly emotional responses.
After you answer that could you please tell me how to look as pitiful as yourself because I am in awe of your pitifulness.
A person's character or emotional trait has nothing to do with a person's success.
Seriously...
All these psychology books and ideas are messing with people's head too much. It's actually sad how newbies waste their time on these BS, when they should studying the markets.
Seriously...
All these psychology books and ideas are messing with people's head too much. It's actually sad how newbies waste their time on these BS, when they should studying the markets.
Quote from TSGannGalt:
A person's character or emotional trait has nothing to do with a person's success.
Seriously...
All these psychology books and ideas are messing with people's head too much. It's actually sad how newbies waste their time on these BS, when they should studying the markets.
With all due respect, I disagree with this post. Although both components are necessary for success in trading, I have found that most traders spend way more time on analyzing the markets and not enough time on the inner psychological aspects of trading. You can give a profitable system to ten different people and the results will vary. This was sort of proven by the turtle's experiment; each turtle was given a very profitable strategy and told exactly how to implement it but the success between each turtle varied. Some did ok, some lost, and some ending up doing very well. The determining factor turned out not to be the strategy, but the person's ability to implement the strategy with consistency and discipline. And discipline comes from a person having a well balanced psychological make up. I believe that Mark Douglas's book "Trading In The Zone" does a good job of delving into this issue.
This is just my opinion from experience of course and so to each there own.