This Week's Question: What Do You Think is the Most Important Element in Trading?

Trading Discussion
41

Information can’t make any transactions, this is a tool to make decisions.

42

According to me, the most important element is the Consistency. Consistency is a key to become a successful trader. Most people give up in middle of their trading journey and winners are those who learned and applied and stayed consistent towards it.

43

i wouldn’t call it conversation myself its text messages but then again im a bit old fashioned

44

I think that it is enough for this pointless exchange of sentences, everyone knows their own, and let’s end there.

45

Which is what I said, it doesn’t mean we’re going to be successful at trading. Only knowing yourself will do that if you can control adverse emotions that cause losses.

46

It’s researching and having patience. Knowing when and where to invest is crucial and that can affect your overall profit in trading stocks and even crypto.

47

the most important is to stick to your style of trading and not to make spontaneous moves

1 Like
48

patience,commitment and discipline

49

I believe the most important element to trading is PATIENCE first and foremost and also knowing your support and resistance and trendlines and patterns i guess would be more of secondary or advance knowledge.

50

Everyone is unique and have diffirent shortcoming. Hence, the most important element for each individual is without a doubt non-identical.

Nevertheless, i believe there is one element that is underated and often went under the radar from most trader. In our pursuit of “VALUE” price level, most trader often overlook the importance of timing their entry. It is my firm conviction that understanding time cycle is of great paramount in trading, and also the secret ingredient to being consistently profitable.

Imagine this scenario, given a choice, would you rather trade :

  1. just BEFORE a high impact news
  2. DURING high impact news
  3. or AFTER high impact news

I won’t tell you my answer, judge wisely and decide for yourself… Good Luck everyone
" May the force be with US "

3 Likes
51

Everything you need to successful can be learned as far as reading charts and using indicators or price action(with study, backtesting, and demo). Given that we all can find a strategy that works for you and the market you’re in(believe it or not that’s the easy part). The one thing though that makes you successful or not so successful is your physiological thought during a trade. Once that takes over and you haven’t understood those emotions, that’s what makes most people lose most of the time. Whether it’s fear and you don’t take a good setup, FOMO, forcing trades, or revenge trading dealing with all those emotions has been the most difficult part for me. So making a trading plan and staying with it no matter how the trade looks is the most important element for me.

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52

Yup. Most of my repeating mistakes all boil down to this: fear and greed. It’s funny because sometimes I know what I’m doing and yet I still can’t control it. :skull:

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53

In my opinion there is not only one important element in trading. For me, there are several fundamental rules which one has to comply.

  1. Psychology. To my mind it’s the main rule which traders have to master in case they’re on their way for success.
  2. Risk management and money management. These two elements will help traders not to spend too much money on their first and further steps.
  3. Patience. Yeah, someone noted here that it’s important, I guess that every trade must be patient because in this activity money doesn’t fall from the sky, you know.
    Here we can also add compliance with trading plan. Every professional trader has to plan his day, according to news and his experience.
1 Like
54

Definitely agree!