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Strategies & Market Trends : DAYTRADING Fundamentals
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To: Eric P who wrote ()6/6/1999 11:27:00 AM
From: Eric P  Read Replies (3) of 18137
 
What do successful traders have in common???

I highly recommend the books "Market Wizards" and "New Market Wizards" by Jack Schwager. In his books, he interviews many top traders who have become huge successes. At the end of his Market Wizards book, he lists some of the common denominators that were evident from the traders he interviewed:

Common Traits of Winning Traders
1) "All those interviewed had a driving desire to become successful traders - in many cases, overcoming significant obstacles to reach their goal.

2) All reflected confidence that they could continue to win over the long run. Almost invariably, they considered their own trading as the best and safest investment for their money.

3) Each trader had found a methodology that worked for him and remained true to that approach. It is significant that discipline was the word most frequently mentioned.

4) The top traders take their trading very seriously; most devote a substantial amount of their waking hours to market analysis and trading strategy.

5) Rigid risk control is one of the key elements in the trading strategy of virtually all those interviewed.

6) In a variety of ways, many of the traders stressed the importance of having the patience to wait for the right trading opportunity to present itself.

7) The importance of acting independent of the crowd was a frequently emphasized point.

8) All the top traders understand that losing is part of the game.

9) They all love what they are doing."

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==> It may be worthwhile to reflect on the above traits. Does this sound like a description of ourselves? Maybe a little bit? If this does not even slightly resemble you, perhaps profitable daytrading may not be in your future.
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