What is the single most important element in trading?

[Champion]

Quote from mhashe:
.. How many times have you been right and still lost money?
..

I don't feel that way. The market is right whatever it does and you should know from the parameter readings of your template for the day ahead. So you enter the market and take out your planned profit zone. If you don't you, not the market, screws up then you wash and get out. If you make a loss you didn't know your market for that day and this should never happen; you don't trade if you have not learnt and documented your market numbers.

This is a professional and institutional formatted approach.

 

[kubilai]

The most important element is knowing what's important and what's not

 

[bladerunner]

the best traders are manics.

 

[m22au]

Account size large enough to make the required dollar amount of profits, without the need to enter riskier trades, in order to attain that desired level of dollar profits.

Not much point trading being one's sole source of income if the starting account size is $1,000.

 

[IGolf]

I am new and not an expert at all buy I suspect that it is discepline.

 

[nitinparmar]

Quote from IGolf:

I am new and not an expert at all buy I suspect that it is discepline.

Yes, enough discipline to run the spell checker through your post

 

[Ripley]

I think it is weeding through your own trading to see when the odds are in your favor. Then having the patience to sit and wait to take only those sure fire trades. And then having the discipline to get stopped out without damaging your account.

 

[OddTrader]

Quote from nitinparmar:

The most important element of trading is Self Control

Self Control - to maintain discipline
Self Control - to only take the right setups
Self Control - to let profits run
Self Control - to cut losses
Self Control - to plan a trade
Self Control - to trade a plan
Self Control - to use proper money management
Self Control - to control yourself - Self Control

In simple words, a Superman!

 

[Learner]

Quote from nitinparmar:

The most important element of trading is Self Control

Self Control - to maintain discipline
Self Control - to only take the right setups
Self Control - to let profits run
Self Control - to cut losses
Self Control - to plan a trade
Self Control - to trade a plan
Self Control - to use proper money management
Self Control - to control yourself - Self Control

Sound like a very stressful business:eek:

 

[illiquid]

Quote from nitro:

Most of the answers given here are looking at it the "problem" upside down. When the problem is turned right side up, all the holes get filled naturally . . . nitro

IMO, understanding what this means is THE key to making progress as a trader -- assuming nitro means what I think he means