Quote:
Originally Posted by shadow
What do you think makes a trader, yeah I know discipline, and all the trading mindsets, but all in all I think it takes guts bar none. To be able to accept losing money, to be able to stay with a trade long enough even though the market will try and scare you out of it. Lastly to be able tostay with your system even though it is in a losing period (I know you should adapt your system to market environment, but many successful traders don't.). Anyways that's just my opinion. I'm looking for one trait answers, so try and narrow it down if you have many or a few. The only reason I ask is to see how others view the market. Through these different perceptions I hope to learn something. So please many posts, I don't care if it's one word, and if your answers conflict who cares, even better. This seems like a tough one though because usually the first post is saying that you can't narrow it down. Well hopefully this works, best to all reading this.
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Shadow:
Develop your own system - take a few months to do so and
trade it consistently with the rules you have formulated for
it. Rules usually include a person's own emotional makeup. It is
for this reason, among others, that sticking to them is very
important.
Choose one currency pair, get a feel for the movements/personality of that
currency. This simplifies your focus.
Use low leverage ie 1:1 or 2:1 until you have confidence in the
system you have established and see that, by applying its rules, you are
consistently earning profits. It is widely thought that high leveraging
is the number one cause for wiping out accounts - failure.
Every day when I go to the trading platform, the first thing
I tell myself is that I don't need to trade. As one successful
trader likes to say: "trading opportunities are like buses,
there will be another along soon. Wait it out. Don't be anxious,
in a hurry, sidetracked, or in doubt. Give yourself space which
means that you don't want distractions while you trade. If you
stick to this thinking, you will find that the trades you make are
quality, not quantity, related. You will also see more winners and
consistent profit.
Quick opinion
Experience!
actually anyone know where i can get more examples on leverage that might help???) Also, the overwhelmingness to learn the fundamentals is probably my biggest hurdle....
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