Top 4 traits of a successful trader.

[Laissez Faire]

A traders methodology changes over time alongside ever changing market conditions.

A good and complete system have mastered all market conditions, so it doesn't need to change. IMO.

The only constant is you which is why I believe you must practice self discipline in all aspects of your life. If you learn to manage self discipline and emotions then you will be able to remain consistent with whatever methodology or system you choose to implement.

Yes. All this is important and it's easier to be disciplined and keep your emotions in check if you have a system with a positive expectancy and know what you're doing with confidence.

I believe more often than not the actual problem is lack of a proper system which results in personal issues and emotions.

Too much leverage and 'having to make money' also amplifies these issues.

 

[ironchef]

I don't see anything here that will make me a successful trader.

Insanity: Doing the same thing over and over and expecting different results

But you still don't know what you are doing.

Seems like a nice way of saying that you should get a job.

Maybe you should explore what you don't know; what you know isn't working.

My take:

The 4 traits of a successful trader:

1; Spent time to study and know the market

2; Have a well thought out trading plan and the discipline to follow the plan

3; Be well capitalized

4; Have reasonable expectations.

I add one more: Be lucky, as in the harder you work the luckier you get.

 

[fractalize]

Top 4 traits:

1. Edge
2. Edge
3. Edge
4. Edge

 

[murray t turtle]

A good and complete system have mastered all market conditions, so it doesn't need to change. IMO.


Yes. All this is important and it's easier to be disciplined and keep your emotions in check if you have a system with a positive expectancy and know what you're doing with confidence.

I believe more often than not the actual problem is lack of a proper system which results in personal issues and emotions.

Too much leverage and 'having to make money' also amplifies these issues.

%%
Good points;
but too much leverage is an improper plan. LTCM did get by with that-- for a while/years An ability to read with discretion WOULD be included; books, charts or numbers.

 

[smallfil]

Risk management and position sizing. If you still have not figured out this is the missing key, now you know. I do not care how good your trading system is, if you do not manage your risk, you will blow up. Only question is now or tomorrow. Realize, one trade is no better than the next trade. That is one big reason not to bet big on one position. My biggest winners were the ones that I did not expect to be a big winner and I continue to be surprised. This is a game of percentages. Do you want to be the casino gambler or the casino owner? I would rather be the casino owner. That is by way of example. You can either play the percentages or bet against it. Your monies, your choice.

 

[tomas262]

A good and complete system have mastered all market conditions, so it doesn't need to change. IMO.

I see it the same way. I do not expect my system will fit the market 100% of the time. When it does not I actually expect a 'systemic' drawdown or a sideway equity curve to come. I am being prepared for this anytime I enter the market.
But when the market regime matches my system I expect a new equity high.

The strange thing is how 4 or even 6 different markets can do the same shit resulting into some decent drawdown ... some Murphy's law I guess

 

[Bad_Badness]

AI trading without the A.

 

[smallfil]

I see it the same way. I do not expect my system will fit the market 100% of the time. When it does not I actually expect a 'systemic' drawdown or a sideway equity curve to come. I am being prepared for this anytime I enter the market.
But when the market regime matches my system I expect a new equity high.

The strange thing is how 4 or even 6 different markets can do the same shit resulting into some decent drawdown ... some Murphy's law I guess

This past two weeks, I got into 3 new positions, all got stopped out on the same day. Today, I got stopped out on another 3 positions. On the plus side, I had profits on one to offset some of the losses and still sitting on a couple of winning positions I have not sold yet. This is still a game of percentages and as long as my trades are lined up with the trend, the big boys will take care of the rest. I am only along for the ride.

 

[SimpleMeLike]

I'm over the negativity of why traders fail.
Here is a brief list of why I believe you can be successful.

1. You have failed many times and been utterly broken and scraped the barrel of despair. But you are still here and committed to succeeding. You believe in yourself.

2. You have figured out all the little self sabotaging tricks of the mind. They still occur but they no longer have any effect. Your determination was galvanised after scraping that barrel and you are now mentally stronger as a result.

3. You have tried every trading technique. You have been down every possible rabbit hole. You are no longer on a feverish quest to find the answer. You get that there isn't one and thus you have learned to explore new opportunities in a controlled manner.

4. You are steadfast with your approach. You stick to what you know and apply it diligently and consistently.

Start being more positive. Good luck to you.

The only trait of a successful trader is one that makes money each month of the year for XX amount of years.

Everything else is bullshitting and pony and clown show.

 

[savoir]

The only trait of a successful trader is one that makes money each month of the year for XX amount of years.

Everything else is bullshitting.

A very sensible post. I could not agree more, especially with the last part. People love to bullshit themselves, and they wonder why they keep failing.