Quote:
Originally Posted by scottyb159
No offense meant but if any of you really believe Humility is a quality of a Trader, you have never met a suceesful trader. Wall street traders are among the most arogant.
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Now saying something like that is arrogant. My friend, don't confuse confidence with arrogance.
While i am pretty sure that there exists successful, arrogant traders, their success will tend to be very short-lived. Carrying on with that kind of trait will end up leading a trader to feel as if he's indestructible, which inevitably will lead to overtrading and overrisking. These are the top two killers of any trader's account. So, please don't sit here and tell us all that the best Wall Street dudes are arrogant. They are arrogant only because they think they are the best, but their doom day will most certainly come if they don't keep the arrogance in check.
If those traders you are referring to are truly successful, then they intuitively understand that the market can swallow them whole at any time. One stupid move and they are done in. Arrogance leads to that stupidity. The best traders know that the market commands respect, for it is the only thing that will keep them in the game in the long-haul.
If a trader will not teach himself humility, worry not --- the market will teach you.