Successful trader's personality
- Thread starter Trading Education Buyer
- Start date
an interesting post and I partly agree. The best I have seen do have big egos and self confidence but don't show it openly, they prove it with the PnL. I also think a lot of this 'zen' is BS, winners have a very different mindset. I will give an example.
A true winner in the market will often have a quiet enormous ego but will have a huge respect for the market and the ability to disconnect the ego. They may see what they think is an A+ setup and take it with full risk allocation. If the trade starts showing signs that it will not work out they will instantly cut it and most importantly NOT re-enter and revenge trade. This is one of the hardest skills to learn. They walk away. If they do re-enter the trade at a later time it will be after more confirmation of the original trade idea. In short they will not force their trade idea on the market as they completely understand this is futile. The best will be able to stay completely objective and if necessary competely reverse their original trade idea without getting chopped up. Having an ego with the market is lethal, these guys seperate it.
I think the best location for my posting would be in this thread.
I found today a remarkable article: The reason why happy couples dont post a lot on social media.
We can apply this perfectly on traders:
I know by personal experience that I posted less and less as my performance became better.
I also see that posters like Trading Education Buyer who posts at a crazy rate and opens more threads then anybody else (and then I do not even speak about the stupidity of most of them) are "traders" or wannebe traders who have no clue about trading. Instead of being busy with trading they look for external confirmation of their (imaginary) supremacy, because of lack of this confirmation in their trading performance.
The trading performance is most of the time inversely related to the posting performance.
I found today a remarkable article: The reason why happy couples dont post a lot on social media.
- On very happy moments they forget to post, but rather enjoy the pleasures of the moment.
- Happy couples get enough appreciation in being together, they dont need external confirmation.
- They have nothing to proof.
- Couples who post less on social media are happier.
- It is always better to keep differences in opinion away from the social media.
We can apply this perfectly on traders:
- On very profitable moments they forget to post on ET, but rather enjoy the pleasures of the moment.
- Successful traders get enough appreciation in their performance, they dont need external confirmation.
- Successful traders have nothing to proof.
- Successful traders who post less on ET are happier.
- It is always better to keep differences in opinion away from ET. I think there is no better proof of that then the TA discussions (for as far as you can call it a discussion).
I know by personal experience that I posted less and less as my performance became better.
I also see that posters like Trading Education Buyer who posts at a crazy rate and opens more threads then anybody else (and then I do not even speak about the stupidity of most of them) are "traders" or wannebe traders who have no clue about trading. Instead of being busy with trading they look for external confirmation of their (imaginary) supremacy, because of lack of this confirmation in their trading performance.
The trading performance is most of the time inversely related to the posting performance.
If someone gives you a working forex strategy, it's highly unlikely that you're going to be able to follow it exactly. This is because we all have different personalities. There is a saying in trading, 'trading your personality'.. if you find a system that agrees with you then you have a chance of making is successful.
100% agree.
I can tell you if you are not INTJ or INTP you are much more likely to fail at trading.
http://www.humanmetrics.com/cgi-win/jtypes2.asp
http://www.myersbriggs.org/my-mbti-personality-type/mbti-basics/
One of the most important personality is self-confidence. Self-confidence is a measure of your belief in yourself, and has a number of consequences in trading should you lack it. Being successful requires you to trust and stick to your trading plan. If you lack self-confidence, then you are not likely to trust and follow something you have developed.
Great, self confidence is required on trading forex, but not for over confident which can leading trader become greedy in trades, and confidence will come for trader that having good skill and experience i think
Traders generally are overconfident in their prediction of the markets, decision making, and trading strategies.
However, being overconfident is a hindrance to making progress and trading successfully.
I think if we made comparison when trade low risk then using high risk still enjoy when facing floating loss if using low risk taker, but using high risk taker facing floating loss also seems quickly and sometime make panic on minds.