What makes Successful Traders?

Success in the markets is not derived from instinct, divine inspiration, or spontaneous intellectual combustion. It is a product of intelligent data processing, a sound method, and the management of risk and resources that is both effective and adaptive to change
 
The overwhelming desire to be good at an activity where the majority of participants that make a real effort to do so fail horribly! You have a choice,learn the hard way gaining trading wisdom through pain or find a mentor who is willing to work with you.
 
How/where do you find such a mentor?

cjfromla said:
The overwhelming desire to be good at an activity where the majority of participants that make a real effort to do so fail horribly! You have a choice,learn the hard way gaining trading wisdom through pain or find a mentor who is willing to work with you.
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The markets are nothing more than random number generators. If someone can't see this, they will never be successful. The best way to trade a random number generator is by using a scientific method that interprets a random number set -- statistics. The challenge with this method is that markets are non-stationary, and all the noise has to be smoothed out.
 
I have only traded on FX market so I don't know about other markets. As far as successful trading is concerned on FX market, academia have found that highest volumes are clustered at the tail - daily high & daily low. Any traders who don't know about this bound to lose their money.
 
Just my opinion, study hard and dedication, patience, look for quality information and always keep an eye on the subjects related to the market, do not be lazy.:)
 
yiehom said:
How/where do you find such a mentor?
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That is a real challenge…I learned trading the hard way. A mentor would have been a plus. There is probably a very limited amount of traders who have real skills and a even lesser amount that would be willing to give you their time for the purpose of mentorship. One suggestion I can think of is to attend local trading related meetups and to network. Make friends with the more experienced traders at the meetup who are successful (if there are any there). Keep putting the word out any way you can that you would appreciate the help of a mentor. Luck ,timing and perseverance. If all else fails offer to compensate the right person for his/her time based on your future performance improving because of his help. A mentors main motivation should be in helping you learn to position yourself for success. Your improved performance is the common goal. Be creative..Also independent of the scarcity of mentors you will have to learn to "separate the wheat from the chaff" in your choice of a mentor though you will be lucky to even have a choice of one.
 
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Jamie J. said:
Just curious, what can lead to big success in trading?
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Participating..., while not being / becoming a participant

iow keep yer ass objective and separate from the trading / mkt / PA as it evolves in front of yer nose

===============

Our job is to exploit..., not be exploited

RN
 
Jamie J. said:
Guys, I'm looking at your posts and I realize that for every person success is achieved in a variety of ways. And the most interesting is that it is unique in its way.
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disagree

success universally is overcoming your own shortcomings

and the shortcomings of different people are different: some may have less talent, some may have less money, some have less time, some have less luck (bloodsucking wife for example :) ), etc etc.... hence the different path :)
 
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