POLL: What is the Most Important Thing in Trading?

[nutmeg]

I would say this is a very telling poll. If you consider the fact it is anonymous and take into account that it could have a margin of error of 95% based on the stats that only 5% of traders are successful. The results are worth noting.

 

[simki]

i think the most important thing is

hardwork to obtain an edge.

 

[j1900q]

The edge will take you only so far. At some point the edge is no edge at all. That is when the risk management kicks in and you live to trade another day. Just the way it is.,
Keith

 

[Trader666]

NOT making Jack Hershey your guru.

Quote from rcanfiel:

What is the Most Important Thing in Trading?

 

[Rearden Metal]

You can have a killer edge, mountains of capital, and perfect risk management skills... but if you don't have the <b>balls</b> to pull the trigger with size the instant you see your ideal setup, you'll never advance beyond small-time grinder status.

 

[Anekdoten]

Having the mental fortitude and the appropriate system methodology that fits your trading psychology to be able to execute the trading plan flawlessly.

Anek

 

[PointOne]

Quote from Rearden Metal:

but if you don't have the <b>balls</b> to pull the trigger with size the instant you see your ideal setup, you'll never advance beyond small-time grinder status.

I guess that's why some traders prefer to be in all the time (within reason) so that they don't have to overcome this emotional obstacle: they are already in.

 

[kiwi_trader]

One or more edges that one has full confidence in.

An edge includes entry, exit, trade management and appropriate risk for the times it will take losses.

Full confidence means that there are no psych issues - if they are there then work needs to be done to understand the emotions/thoughts driving them and get past them to the point where you feel confident about the edge and only reasonable fear and exhilaration when executing it.

I don't believe that you manage your emotions: you adjust your thoughts, work on triggers, and change your behaviours after which emotions will become reasonable.

 

[luckyluciano]

making money consistently!

 

[hermit]

The most important thing in trading is to have guidance from top analysts like the ones at BNBAnalytics

Seriously though I am in complete agreement with Kiwi-Trader above.