Why do 5% of Traders Win?

[RCG Trader]

Quote from cornixforex:

Oh, you reminded me one important moment! Intellect is by far not the most important quality needed for a successful trader. Most of the best traders I personally know have military professional background, rather than intellectual professional background.

I think it is because self-discipline is one of the most important traits of this profession.

This is important.

There is something that the military destroys before can instill self discipline.

Do you know what it is?

 

[oilfxpro]

Quote from RCG Trader:

This is important.

There is something that the military destroys before can instill self discipline.

Do you know what it is?

Guessing.Self esteem.

 

[RCG Trader]

Quote from bhardy307:

Ironic isn't it that 5% of the people enjoy 95% of the wealth. Maybe this reality has something in common with the 5%/95% succeful/failed traders.

It does.....they like being rich, they care nothing at all about being smart.

 

[RCG Trader]

Quote from oilfxpro:

Guessing.Self esteem.

No, the deconstruction process is much too rapid for self esteem to play a role, but self esteem does comes from this concept that BCT destroys immediately.

 

[RCG Trader]

Quote from Redneck:

Talented programmers pfffttt

I'll take a trader who's level headed and can execute - over a programmer any day of the week

how many programmers can build a working system... then leave it alone so it can do its job
RN

Answer, almost none, and there is a reason for this.

 

[SimpleTrades]

Quote from RCG Trader:

This is important.

There is something that the military destroys before can instill self discipline.

Do you know what it is?

Ego

 

[achilles28]

Quote from RCG Trader:

This is important.

There is something that the military destroys before can instill self discipline.

Do you know what it is?

Ego?

 

[cornix]

Quote from RCG Trader:

This is important.

There is something that the military destroys before can instill self discipline.

Do you know what it is?

Not sure what exactly you mean, but as far as I know military people they are not very good with creating something from scratch, generating ideas. Very good at execution of them, though.

Me having scientific background on the other side, suffered for years from being too creative in trading and all the time developing something new instead of just following simple routine.

 

[RCG Trader]

Quote from cornixforex:

Not sure what exactly you mean, but as far as I know military people they are not very good with creating something from scratch, generating ideas. Very good at execution of them, though.

Me having scientific background on the other side, suffered for years from being too creative in trading and all the time developing something new instead of just following simple routine.

Precisely. You did not care about being smart, or right, or different....you began to care about making money. ET is very instructive here, because almost all the threads devolve into pissing contests, and until they can get rid of that which causes the need to feel superior, they are completely screwed.

 

[RCG Trader]

Quote from Buckstops:

The guy trying to save the world is feeding the same monster as the one trying to destroy it


You are not destroying the ego in any real sense, it is too entrenched, below awareness, moulded by evolution over millennia as a survival system.. you can't kill it without killing the self.. it's why we haven't risen above the level of a large brained animal

Actually, you can. The ego is but a manifestation of the self, and the self can manifest any way it wants in humans who are aware of this. Trading in the Zone discusses this at length.