Trader characteristics

nitro · Mar 28, 2003

Major cojones - everything else can probably be learned.

nitro

wally_ · Mar 28, 2003

in one's system and that means also that you do not think in terms of individual trades but in terms of statistics. As Stalin once said: 'the death of an individual is a tragedy, but the death of millions is statistics'. With trading it's pretty much the way around, individual trades don't matter, what matters is their cumulative result.

Is it easy to believe in one's system? No, but without that you will never succeed.

hii a_ooiioo_a · Mar 28, 2003

Wow, a quote from Stalin and a quote from Einstein in the same post. Was the Curtain separating the Soviet Union from Western Europe ironic?

wally_ · Mar 28, 2003

Quote from hii a_ooiioo_a:

Wow, a quote from Stalin and a quote from Einstein in the same post. Was the Curtain separating the Soviet Union from Western Europe ironic?

Stalin is not a product of the Soviet Union and Einstein is not a product of Western Europe. Both are products of the same human race. Don't forget that Hitler was Western European. That did not make him much different than Stalin, did it?

Yes, the curtain was ironic.

Nelson1980 · Mar 28, 2003

Quote from wally_:

Yes, the curtain was ironic.

oh man, that was funny...

rs7 · Mar 28, 2003

Timing+discipline=PATIENCE

Peace,

Rs7

alfonso · Mar 28, 2003

Quote from nitro:

Major cojones - everything else can probably be learned.

nitro

Why would someone risking 1% of their equity on a trade need MAJOR cojones to see it through?

nitro · Mar 28, 2003

Quote from alfonso:

Why would someone risking 1% of their equity on a trade need MAJOR cojones to see it through?

True - if all you ever do is trade that way, you can certainly make a decent living (~100k - 250k/year.) But I want MUCH MORE - for that, bring your cojones in tact.

nitro

alfonso · Mar 28, 2003

Quote from nitro:

True - if all you ever do is trade that way, you can certainly make a decent living (~100k - 250k/year.) But I want MUCH MORE - for that, bring your cojones in tact.

nitro

That's simply not true at all.

Do you honestly think that traders making, for example, greater than $500k (or insert any figure) are doing it simply by taking on massive risks do you?

nitro · Mar 28, 2003

Quote from alfonso:

That's simply not true at all.

Do you honestly think that traders making, for example, greater than $500k (or insert any figure) are doing it simply by taking on massive risks do you?

I do not know. I am confident that if you want to turn 100K into 1M+, IMHO, you are risking more than 1% on each trade. If however, you are using 2M in BP, then making 50% return on that using the 1% rule is not out of the question. Since I am retail, I am restricted by 4:1 buying power. People that work at prop firms are far more likely to make 1M+ using the 1% rule, since in effect, their buying power is "infinite"....

I am only speaking from my experience and what I have been privy to.

nitro