Wise Trader
- Thread starter Goldlover
- Start date
No, that is a very lucky trader, a trader who is rich, or both. Neither imbues them with the characteristic of being wise.
Because i know basic maths.
Have you calculated the ROI you would need to achieve that?
Hello Overnight,
I rather be a rich and lucky trader, then a poor and wise trader.
Wisdom has nothing to do with be a good trader.
Just being a good and profitable trader is good enough.
In my opinion, the key traits that set a wise trader apart from others in the market are:
Discipline: A wise trader sticks to their plan and doesn't let emotions drive their decisions. They know when to enter, exit, and when to sit on the sidelines, following their strategy with consistency.
Patience: They understand that not every day or moment is ideal for trading. They wait for the right opportunities and don't rush into trades just for the sake of it.
Risk Management: Wise traders know that preserving capital is crucial. They use appropriate position sizing, set stop-loss levels, and avoid risking too much on a single trade.
Discipline: A wise trader sticks to their plan and doesn't let emotions drive their decisions. They know when to enter, exit, and when to sit on the sidelines, following their strategy with consistency.
Patience: They understand that not every day or moment is ideal for trading. They wait for the right opportunities and don't rush into trades just for the sake of it.
Risk Management: Wise traders know that preserving capital is crucial. They use appropriate position sizing, set stop-loss levels, and avoid risking too much on a single trade.
%%
WISDOM includes basic math also LOL
.And wisdom never confuses ''luck'' with skill.
JH trend follower noted ,what he calls '' luck''-- I call a small sample.
Even someone that did more than$ 5 million;
its matter of public record it took Rich dennis 6 or 7 years to make 1st million
IMAO
A wise person, is someone who dosn't make a mistake twice, and is realistic.
So, a wise trade which isn't profitable after a few years trading full time - should quit.
A wise trader after a forced liquidation, dosn't forget ever to put a hard SL.
A wise trader carries responsibility for every single $ lost, and dosn't blame other ppl.
(sure the market is not predictable, but who choose to trade the market, not the trader?...)
And so on.....
A stupid trader, is most people,
who don't learn from their mistakes, or don't realize their situation.
who don't wan't to admit they're not successful at whatever they're doing know,
who don't want to accept they can control the market
who don't admit they lost $ because of laziness or fear&greed,
who don't realize following YouTube gurus will not bring them success,
and so on....
A wise person, is someone who dosn't make a mistake twice, and is realistic.
So, a wise trade which isn't profitable after a few years trading full time - should quit.
A wise trader after a forced liquidation, dosn't forget ever to put a hard SL.
A wise trader carries responsibility for every single $ lost, and dosn't blame other ppl.
(sure the market is not predictable, but who choose to trade the market, not the trader?...)
And so on.....
A stupid trader, is most people,
who don't learn from their mistakes, or don't realize their situation.
who don't wan't to admit they're not successful at whatever they're doing know,
who don't want to accept they can control the market
who don't admit they lost $ because of laziness or fear&greed,
who don't realize following YouTube gurus will not bring them success,
and so on....
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