22 replies to this topic

[TTHQ Staff]

I disagree.

Being a doctor is a job where saving the patient is the priority.
Being a lawyer is a job where winning at trial is the priority.

But I don't think many would be doing it for free.
The priority and the reward are often not the same thing.

[colours]

The best personality traits for a trader mirror the traits for a psychopath . Lack of emotion is the key.



http://www.chinadail...tent_479731.htm


http://www.michaelco...ves/000521.html

[HoseB]

The best personality traits for a trader mirror the traits for a psychopath . Lack of emotion is the key.



http://www.chinadail...tent_479731.htm


http://www.michaelco...ves/000521.html

Hardly. The best trader of all time [theoretically] would have been Mr. Spock. He was no psychopath.

[arbman]

This was not set up as a post to be argumentative but to discuss the personality traits of good traders.

Well, I told you what made me a successful trader, the passion for the job to understand its mechanics and apply the knowledge to win was probably the #1 reason. The persistence is the key, you can not be persistent enough to win unless you have some sort of attachment for your job, that's all...

Lack of emotion is the key.

I think you need an healthy dose of emotions The mistakes and rewards that are not associated with a state of emotion as disappointment or excitment will be eventually forgotten for humans. It will hardly become part of your experience you can reuse...

The markets are great to ruin any technical setup or leave you in complete doubt, you know, especially before the major turns. This is not a BS matter, really, the more I accept my human limitations, the easier I can observe myself and see whether I am being emotional or simply my past experience and instincts are guiding me...

There is always a little bit of emotional response attached with every trade. If you give a novice $100k and tell him that it is his learning money and it is OK to loose it, he will not learn much to apply again even after the last dime is gone. Easy come, easy go...

Following a guru is pretty much the same thing, one is simply trying to divert the emotional stress into a blame game...

[OEXCHAOS]

Russ, I've read the zone, I loved it. I'm once again, working on "my edge". I've come to some conclusions....like good traders do have an edge, and they don't share it or it wouldn't be an edge.

SB,

In my experience, you can have an edge, you can make it public, you can spoon feed it to people and they'll still find a way to screw it up.

I've said it before, there are a lot of folks out there who could be provided with next Friday's IBD and still find a way to lose money with the information.

The first trick to successful trading, I think, is to know the difference between trading and gambling. The next trick is to find out what time frame you are best at trading on. The key, however, is to remember that you're going to be wrong--no if's and's or but's. You cannot trade and avoid being wrong. You can't be afraid of that, nor unmindful of it. One will cut your gains, and the other will wipe you out.

I think that one has to be very self aware--able to know one's own weaknesses and work with our around them. To be humble, but confident. Rational, intuitive, and resilient.

Mark

[Rogerdodger]

My thesis of "there's lot's of ways to do lots of things" may apply here. In as much as different traders gravitate to different styles, timeframes, methods, etc. and may be successful in their various choices. "Bulls AND Bears make money" It might be easier to list the personality traits of bad traders. 1. looking to make easy money quick. 2. looking to somebody else for decision making rather than taking responsibility for choices. 3. trading with one's personal sentiment or emotions or feelings which often are based on "public information" which is known by the masses. 4. ...insert your answer here

Edited by Rogerdodger, 01 July 2007 - 03:35 PM.

[OEXCHAOS]

Bad Trader Traits #1 Unwilling to accept being wrong. #2 Mistaking luck for skill. #3 Thinking more work will make a bad position good. #4 Not calculating and understanding risk. That'll pretty much finish off most new traders.

[SemiBizz]

Personality Aspects of Bad Traders... Traders fail because they aren't truly honest with themselves or other people. (That's one of the reasons I keep a blog. It is all there, if I succeed or if I fail). Traders fail because they don't keep good records and operate off an "impression" of their trades rather than black and white results (or red and green). Traders fail because they don't have pre-set objectives going into a trade, entries, stops, targets, exits... they try and "wing" it. Traders fail because they don't do their homework and don't anticipate "events", earnings reports, dividends, ex-dividends etc. that can affect their trades. Traders fail because of poor planning ( a failure to plan is a plan to fail ) Traders fail because of poor execution (allowing emotions to get in the way of executable plans like respecting stops)... Traders fail because they don't stay centered with an eye on both bullish and bearish aspects of the market. Traders fail when they become dogmatic about the market and don't keep an open mind(hard over bull, hard over bear...) Traders fail when they don't practice "money management" (too many eggs in one basket). Feel free to add to the list...

Edited by SemiBizz, 01 July 2007 - 04:30 PM.

[Rogerdodger]

That's pretty good.
I like: "Traders fail because they don't keep good records and operate off an "impression" of their trades rather than black and white results (or red and green)."

It reminds me of the bingo players & gamblers who "almost always win".

I guess the adrenaline kicks in and the excitement is memorable where as the pain of losing is blocked out.

Edited by Rogerdodger, 01 July 2007 - 05:05 PM.

[U.F.O.]

The best professional traders historically are loner, psychopaths. There was a big Wall Street study 5 or 6 years ago about this subject and hands down the characteristics that make the best traders could easily land one in jail, in a different setting. The ability to stomach insane risk is what separates them....from us. U.F.O.

Edited by U.F.O., 01 July 2007 - 09:29 PM.