If you had to name one quality to succeed in trading, what would it be?

axeman · Jan 26, 2004

You will have to excuse me because im a bit cranky right now...

But I get REALLY tired of hearing this crap.

Trading it A LOT MORE than simply money management!

I can give you a HUGE list of complete trading systems with
GREAT money management that will LOSE YOU TONS OF MONEY.

Period! This MYTH that its all about money management is
getting really old.

You **ALSO NEED AN EDGE** or all the money management
in the world is completely useless.

Wheeeew... im ok now

If you have a great edge and no money management, you will
blow out. But with no edge... you dont have a chance in hell PERIOD.

peace

axeman

Quote from jamus:

I really think anybody can be successful at trading as long as they use good money management ie cut they losses short and ride their winners. Its as simple as that. It doesnt matter what techniques you use under the sun like contrarian, trend following even throwing darts to choose what to trade and when. Cutting losses short and riding your winners above everything else is all one needs. Views?

Error 404 · Jan 26, 2004

Quote from Sarasota:

Assuming you have a winning system or style of trading, I think the most important thing is PATIENCE. When I first began, I loved being in a trade at all times. A "heavy" trading day for me might be 7 or 8 trades in the minis.

I could not agree more. Not trading when there is no compelling reason to takes as much discipline as anything in the game. And this is perhaps one of the most difficult aspect of trading for newer traders to contend with.

On the surface it seems contrary to the work ethic most of us grew up with. Work hard, be more successful. But is it really contrary? No. It is very hard to sit on your hands and wait for opportunities to come to you. But that is what it takes. And that is indeed hard work.

Peace,

RS

trade-ya1 · Jan 26, 2004

Ability to think outside the box and independently.

joethemoustache · Jan 26, 2004

Quote from rgelite:

Reason: The ability to perceive reality accurately (free of bias) and derive logical conclusions in the context of one's own situation quickly from those premises.

Really really great definition of reason. Thank You!

Joe

nononsense · Jan 26, 2004

qwiktrade · Jan 26, 2004

the main thing you need is a pair of handcuffs for your inner child..

-qwik

neutrino · Jan 26, 2004

Confidence

prox · Jan 26, 2004

formikatrading · Jan 26, 2004

I think that is one of the most important qualities.

wdscott · Jan 26, 2004

Quote from axeman:

You will have to excuse me because im a bit cranky right now...

But I get REALLY tired of hearing this crap.

Trading it A LOT MORE than simply money management!

I can give you a HUGE list of complete trading systems with
GREAT money management that will LOSE YOU TONS OF MONEY.

Period! This MYTH that its all about money management is
getting really old.

You **ALSO NEED AN EDGE** or all the money management
in the world is completely useless.

Wheeeew... im ok now

If you have a great edge and no money management, you will
blow out. But with no edge... you dont have a chance in hell PERIOD.

peace

axeman

Axeman,

Yeahhhh I like it.

Regards,
Dave Scott