Page 1 of 3 123 LastLast
Results 1 to 10 of 23
  1. #1
    Moderator Kolyo's Avatar

    ok icon Five Qualities of a Top Trader !!!


    Hi guys,

    I am starting this thread to make a place where we can discuss the most important qualities that a Top Traders MUST have if they want to be always between top 10% of all traders and if they want to perform well in all market conditions and stay ahead on the curve!

    Here you will find some of them summarized and explained, but don’t feel I will give here all of them. If you find something is missing I will invite you to share and discuss more.



    ACCEPTING TRADING RESULTS AS THEY ARE
    Top traders believes that they are responsible for any of their trading result. They will never shift blames on any form of external source or any other thing. This is the mistake most traders do they often play the blame game, blaming one indicator or the other for their flaws in the markets. This is what you will not find in top traders.


    THE DESIRE TO UNDERSTAND THEMSELVES
    No one can really understand how he/she creates his results if the person does not first understand himself/herself intimately on deeper level. This is also true in the trading world. The desire to know yourself will greatly improve your results in the markets.
    Great traders continually study and challenge themselves, their thinking, their actions and their reactions.


    CONTINUALLY WORK TO IMPROVE THEMSELVES

    Discipline creates excellence. Top traders work to improve themselves. The study and research never stop. The market is dynamic so it needs to be followed day in day out with a lot of study and research. A top trader or potential top traders always work to develop a discipline that makes them improve themselves.



    THE ABILITY TO STRATEGIZE WELL
    Top traders execute their strategies based on robust business plans that they have created to guide their trading. They have taken the time and effort to form meaningful objectives. They have also developed effective strategies to reach those objectives by understanding the multiple scenarios that are possible and how they will respond.


    THE ABILITY TO GET IN THE ZONE

    Top traders can become one with the market and accurately sense what it is doing there. They have the ability to live in the present moment without being influenced by the past or the future. It's a very intuitive state and often gives them a total sense of how successful their moves will be in the market even before they make them.
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  2. Thanks Okane, Pinayito thanked this post
  3. #2
    Legendry Member Okane's Avatar
    Very well put . The fifth statement; "The Zone" is perhaps the hardest
    part to explain to a beginner. This is the level you can only reach by
    having many hours or maybe even years of experience analyzing charts.
    Live Webinar: Hidden Content
    Join My Skype Group: Hidden Content

  4. Thanks Pinayito thanked this post
  5. #3
    Veteran Member Dan21's Avatar
    According to me the quality that a binary options trader should have are as follows:

    - Have to accept the losses, No regrets and no bad feelings. Losses are part of the game.

    - Have to be disciplined in trading. Never ever break your rules when trading.

    - Must have an effective trading strategy, i.e. backtested and forward tested strategy that have high probability to continue to be profitable.

    - Must have two or more trading Plans. Always keep plan B in mind, if things goes wrong always be ready to stop and evaluate.

    - Must have to follow strict money management, but this is something that everybody here should know

  6. Thanks Pinayito thanked this post
  7. #4
    Legendry Member Michael Hodges's Avatar
    trading in the zone is important.... in fact, that is the name of one of my favorite trading books.

  8. Thanks Pinayito thanked this post
  9. #5
    Veteran Member Ronnel's Avatar
    Quote Originally Posted by Kolyo View Post


    ACCEPTING TRADING RESULTS AS THEY ARE
    Top traders believes that they are responsible for any of their trading result. They will never shift blames on any form of external source or any other thing. This is the mistake most traders do they often play the blame game, blaming one indicator or the other for their flaws in the markets. This is what you will not find in top traders.
    I'm a BO newbie so my story doesn't have much weight but I have two buddies who was very much against me doing BO because of their bad trading experiences before in Forex. His trading experience was very short since he depleted his balance very quickly. He said he did study and was confident that he knows what he is doing but the broker changed the pip's direction during the last minute which I really doubt??? He said that trading is dangerous because even regulated brokers can and will change the movement against us so that we wont win???
    Anyway, he is "the blame guy". Though he is a nice guy, anything that goes south is never his fault.

    But for me, I never blamed it on anything or anybody if the trade goes south, I just scratch my head and check the chart again to find where I got b@tch-slapped, and just shake it off like bad dandruff. Does this mean that I have the qualities to of a Top Trader No shampooing for me from now on! Will shake all my bad trades like bad dandruff because I have one quality of a top trader, BWAHAHA!!!

  10. Thanks Pinayito thanked this post
  11. #6
    Moderator Kolyo's Avatar
    Yea Blaming everything and everybody else but not yourself is something that is out of sence because we are always responsible for our own decissions
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  12. #7
    Moderator Kolyo's Avatar
    I read a while ago a paper titled “20 Habits of Wealthy Traders

    Here they are

    1. Patient with winners, and impatient with losers – close losers fast and let the winners run!


    2. Making money more important than being right – you can make money even when you don’t have 100% success rate.


    3. View TA as a picture of where traders are lining up to buy and sell – draw S/R lines and search levels where the stops are placed.


    4. Before they enter every trade they will know their profit target and/or stop exit.


    5. Approach trade N5 with the same conviction as the previous 4 losing trades.


    6. Use naked charts – price action (PA). I like PA trading so much

    7. Comfortable making decisions with incomplete information.


    8. Wealthy traders stopped trying to pick tops and bottoms long ago. Instead they just trade high probability setups.


    9. Do not think of markets as expensive or cheap. It can always move in your direction


    10. Aggressive with trade size when doing well and modest when not.


    11. Realise the market will be open tomorrow.


    12. Never add to a losing position. EVER. In BO case – Never increase your bet size after taking a loss!


    13. Judge their trading success on anything but money.


    14. Study human psychology.

    15. See themselves as market makers. Think like a market maker and not just a trader.


    16. Practice reading the right side of the chart, not the left. Haha This one I still don’t understand actually!?


    17. Always have an edge, don’t trade if you don’t.


    18. Determine position size based on risk percentage, not round numbers.


    19. Buy strong markets, sell weak markets


    20. Play reaction, not the news – learn how to determine the market participants reaction independent of the actual news
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  13. Thanks Pinayito thanked this post
  14. #8
    Veteran Member Dan21's Avatar
    Kolyo, I think 16 means that you should focus on the exact moment and what's the market doing now instead of browsing the history of your instrument. That's actually a bad advise for a beginner, but a damn good one for someone who has already been in the zone.

  15. #9
    Rookie Member bourseindia's Avatar
    Focused Approach
    Plan of action according to position
    Wise and smart investing
    Keen observation at market's position
    A penny saved is penny earned

  16. Thanks Pinayito thanked this post
  17. #10
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Dan21 View Post
    Kolyo, I think 16 means that you should focus on the exact moment and what's the market doing now instead of browsing the history of your instrument. That's actually a bad advise for a beginner, but a damn good one for someone who has already been in the zone.
    Yeah this one is referring to the "hard right edge", it's easy to look back on a chart and see where trades should have could have would have been made but it is something else to trade signals as they appear... on the right side of your chart minute by minute... the hard right edge, where it is hard to trade because it's really trading.

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
3