Backgrounds of Successful Traders

[des44]

Is it just me or do some people just go out of their way to tick people off wherever they go?

d-
*smirk*

 

[Salty Gibbon]

A fat bank account and a small trade size might give you some time to learn what the h**l you were doing!

Precisely.

And this exactly the approach I took over the past 18 months.

Now it is beginning to pay off.

 

[chump]

LOL...all you have to do is a 'Cliff Richard'...imitate someone already successful..stick at it forever reinventing yourself several times (adaptability) and finally you become a Market Wizard (National celebrity who stays rich even doing nothing)

 

[Salty Gibbon]

Except that Cliff Richard was like the

rocket scientists who blast off from day one and never look back

 

[fudgestain]

The greater the extent to which you don't know the market you trade in, the greater your psychological turmoil or emotional f*ck-up-ness or whatever you want to call it.

 

[wisestguy]

>>did u actually spend any time on any floor?

I was trained on SGX ( ex SIMEX ) by BZW , do you know what that is ?

floor trading is for losers .

 

[twiggytwo]

take a look at the background of the best top traders and you will find that they all have one thing in common an understanding or background or training in Engineering .

 

[china white]

......BZW , do you know what that is ?

floor trading is for losers .

actually very well mate - was interviewed twice by them back in 98 when I still was at biz school.

quick thought - we obviously disagree on many things (even tho I can also see loads of pts of reference btwn us) - and that is fine. However my understanding is that this forum is mostly for ppl new to trading who r looking for some advice, and I do not think our "discussion" is entirely benefial for them.

Pls PM me if u want to discuss the issue of "losers" on the floor any further. Thx

 

[TheBramble]

what any person from any background needs is to be able to survive long enough to become good at what you do..rocket scientists who blast off from day one and never look back are far and few between in any pursuit..so what capabilites or characteristics promote that situation ?

Absolutely correct Chump.

The ability to learn to do more of what works and to reduce/remove what doesn't. Which ties in with China's comments on learning for others mistakes. With so many more making mistakes than not - you're spoilt for choice in this area as a professional trader. As an independent - you're not so fortunate.

The process (of becoming a successful trader) also takes time, capital and training (yourself and your responses) - above all, participation and concentration.

Obviously money & risk management are tied into surviving (ie capital in this game) and a better than evens Pw trading system are necessary.

But as for the personal characteristics required for turning ANYONE into a successful trader:- focus, concentration, pattern recognition, mental processing ability (that can't be verbalised) and non-attachment rate highly in my book.

These are all learnable skills. Whether thet are teachable skills is another question of course.

 

[TheBramble]

China - it seems WG likes to tangle rather than discuss. Which is fine most of the time, but when he gets a bit fuzzy it makes it tough to get anything useful out of the encounter.

It's not like its market action you HAVE to take notice of - just noise.

 

[chump]

LOL......." floor trading is for losers "
...well this looks definitive , authoritive , ,and we know it's certifiable... that is from a source certified to be in the top 20% CJD players in the country..what more could you ask ..hope those floor traders with all their training and experience know better now than to come here expecting respect Hrummp

 

[chump]

Survival , exactly what is it that must be conserved ? Well surely you only really have three resources that you bring to the issue...that is , finance , time and emotional resiliance so these are what you must be trying to conserve....so can we see how a numerical background (accts ,maths,engineering) would help to conserve finances and this obviously has some knock on effect to the emotional aspects of survival ...but it's easy to see how this could be reinforced substantially if say a person had the emotional fortitude that comes from a background where a person is used to facing pressure and uncertainty which you will find in the sales area (particularly cold selling and any commission based format).......let's not forget time as a resource , because it seems to me very easy to underestimate just how much time is going to be involved in getting through the survival process for people who are not intensively mentored..again I think people from a financial , or business background have an advantage with this issue in the sense they may be more used to planning through time to achieve financial goals.... just some thoughts

 

[Salty Gibbon]

Survival , exactly what is it that must be conserved ?

It is patently obvious that the answer is CAPITAL.

 

[TheBramble]

Is that CAPITAL as in "Capital my dear Watson" or CAPITAL as in money?

 

[Salty Gibbon]

I'll leave you to ponder over that one Tony. Should keep you busy for a day or three !

 

[wisestguy]

>>actually very well mate - was interviewed twice by them back in 98 when I still was at biz >school.


interviewed isn't the same as trained by.


>>quick thought - we obviously disagree on many things (even tho I can also see loads of pts >of reference btwn us) - and that is fine. However my understanding is that this forum is mostly >for ppl new to trading who r looking for some advice, and I do not think our "discussion" is >entirely benefial for them.


No . that's a wrong assumption , there are many here that promote themselves as " experienced " traders , so this sould be of interest to them .


>>Pls PM me if u want to discuss the issue of "losers" on the floor any further. Thx


NO , I have no interest in the subject of " floor traders " , my views on them are quite clear.

It seems to me that you are looking for " buddies " to chat with about your various non trading related activities . I have no interest in this . you should start a thread in a different section and maybe you'll have better luck.

In fact , if I were you I wouldn't reply , because this is my last post on this.


>>China - it seems WG likes to tangle rather than discuss. Which is fine most of the time, but >>when he gets a bit fuzzy it makes it tough to get anything useful out of the encounter.


oh yeah right , if you truly believed this , you might as well say it about 90% of the conversations on the board.


>>what more could you ask ..hope those floor traders with all their training and experience know better >>now than to come here expecting respect Hrummp


What does FT have to do with what we do ? I fail to see how prancing about on a floor , screaming and shouting has anything to do with screen trading. so yes , they are bums for the most part .

 

[china white]

WG - as far as I am concerned the matter is closed. I have no interest in carrying on any exchange of views with your sort - seen it both on the floor and outside of it - mostly outside as this particular sort usually does not survive more than 3 months on the floor

One remark tho - I wud advise u to stop calling ppl u don't know (myself and my floor "buddies" included) "losers" and "bums". U r just making a fool out of yourself - with all due respect of coz

as I said, matter closed.

 

[des44]

Some people never learn.

d-
*geez*

 

[wisestguy]

>>Which ties in with learning for others mistakes. With so many more making mistakes than not - you're >>spoilt for choice in this area as a professional trader\


Then why not learn from someone who knows how to win ? and learn to do the right things , with that you will automatically know what the wrong things are .

it doesn't work the other way around . that's just one of the peculiarities of trading - knowing what not to do is easy , knowing what TO do is rare.

no such thing as a free lunch .

 

[TheBramble]

....so can we see how a numerical background (accts ,maths,engineering) would help to conserve finances

Are you saying all mathematicians, accountants etc. are good at balancing their domestic finances? I don't think that's likely.

All learning is context dependent. Which means whatever you learn, you learn using ALL your senses in a specific CONTEXT or ENVIRONMENT.

A surgeon may be just hunky dory dealing with a severed artery whilst the patient is in his operating theatre, but may not handle with equal aplomb the tap/faucet that's just come loose and is spurting a fountain or water into his face.

My point being that transference of skills we believe to be important to successful trading may not be a function of those we already possess of a parallel nature in our previous/current day jobs.

My sense is that learning to trade successfully is quite simply, another learning experience, quite unique from any other. And just another learning experience like all the others we have had since the moment of our conception.