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Obviously, good trade/risk management, sufficient capitalization, discipline, and trading knowledge, skills and techniques combined with sufficient "deliberate practice", along with the proper frame of mind, is required if a trader is going to be successful.
A good trader will have the requisite confidence in his trading when he is executing correctly, regardless if he is making money or not. As far as the end game is concerned, we all have to make money consistently, if this is how we are going to support ourselves. But, as "Private Banker" alluded to, making money is the last thing you should be concerned with or thinking about, when you start trading. If you take the time to learn how to trade correctly, have pride in how your are are doing it, and have the patience and the drive to be focused while doing it, making money will take care of itself.
The most important trait that all successful traders share, is the belief that making money is secondary to trading well. It’s an attitude that is defined by a certain pride and confidence in how well they trade, and in the belief that they will make money, if they trade well. In the final analysis, trading performance may be measured by how much money is made, but is not defined by it.
Yes, but what separates the good traders from the great traders. What separates Tiger Woods from all the other golfers, and what separated Michael Jordan from all the others?
Watch Pardon the Interruption. PTI was a strong proponent of Woods resuming his practice. Saying that Tiger Woods was bad until he got the distractions from his divorce out of the way & resumed his rigerous practice.
R.I.P. Andy Zektzer (ZTR), 1960-2010.
Please visit this thread for more information.
You're missing the point. Nothing in life is black and white, more like shades of gray.
You can take a large sample of traders, who all follow the same parameters for trading success, and you may or may not get the distribution curve you would normally expect.
My point, is there is a very important intangible factor in all performance based activities, that is also intrinsic to successful traders. Woods and Jordan have it in spades...no pun intended!
as I pre-qualify with 'everybody is different' statement in this case the trader has never ever concerned with mm all she cares is money in her pocket and since it has been 2 years running I dont expect any attn to mm going forward.