Sharky
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This is a question posed in a recent competition as a tiebreaker question, a selection of the answers we received are all listed below. They make interesting reading and there's plenty of good advice!
A successful trader is someone who ...
controls both fear and greed, manages risk and makes takes money out of the market consistently.
makes profits consistently whilst limiting his risks.
runs his profits and cuts his losses using a combination of TA and fundamentals and utilising candlesticks for possible reversal signals. Therefore minimising losses and maximising profits.
year in year out makes positive returns and outperforms the major indicies , and has draw-downs in line with his ability to sustain losses.
lets his winning trades run but gets out of his losing positions after a preset stoploss is triggered.
knows when to take a stop loss.
understands that timing is the essence of trading.
is not frightened to take the loss, and reassess the market.
keeps their head while all about them are losing theirs (helps to have good money management technique too!)
makes an overall profit by picking good entry and exit points in their chosen markets, lets their profits run and exercises the discipline to cut losses in line with a strict stop loss.
follow the trend.
- consistently makes a profit
- has a plan
- keeps it simple
- limits risk to trading capital through money management
- enjoys what they do without being emotionally governed by it
- remembers friends and family's birthdays
can apply their methods consistently and are not worried about each trade's outcome.
stays focused, recognizes winning and losing trades fast, able to admit when their wrong and never trades impulsively.
can apply technical, psychology and money management skills at ease under different market conditions.
trades what he sees, and not what he thinks. Exercises good Money Management whilst trading a predetermined trading system.
has discipline.
does his research very carefully and has the confidence and the patience to time his trades according to a well disciplined plan.
knows when to cut losses and take profits.
works hard at learning how to trade properly and keeps working.
can see the bigger picture. Cut his losses in line with his risk management strategy. Remain centered, calm and impersonal toward his trading.
is still there in the game year after year with a profit.
sticks to their trading strategy when generating consistent returns on capital.
beats the market and makes a profit.
applies a money management and stop loss system with discipline.
trades to win!
has the discipline and fortitude to expedite his/her trades through the assimilation of all relevant data, whilst not allowing his/her judgment to be clouded by extraneous information; at the same time displaying a strong understanding of risk and money management.
- Chooses a system
- Sticks to it
- And sells a loser; QUICK
who understands the market and has no delusions, has a plan and executes it with sharp precision the trade is already psychologically complete even before the market reaches the trigger has a good understanding that money management is what will keep him going through the hard times as well as the good times.
Accepts all losses
Trusts their plan
Only exists in the present
Takes action without fear.
enjoys life, simple as that.
consistently makes a good profit, uses strict money management and lives a free, unstressed and happy life!
can read the markets, patient, disciplined and doesn't mind playing chicken with the market makers.
has refined there money management skills together with competent trade management skills and the ability to place and adhere to a stop loss.
buys low sells high.
is profitable in his/her trading and who minimises losses but maximises profits in all types of market conditions.
Laughs often and much,
Wins the respect of intelligent people and the affection of children,
To earn the appreciation of honest critics and endure the betrayal of false friends,
To appreciate beauty, to find the best in others,
To leave the world a bit better, whether by a healthy child, a garden patch, or a redeemed social condition,
To know even one life has breathed easier because you have lived,
This is to have traded well............
must trade what they see - not what they think !
knows how to survive to trade another day.
embraces the risk and lets the reward take care of itself.
minimises loss but maximises profits, taking all the opportunities that the trading life can offer in equal measure.
knows how to maximise profit opportunities, learn from losses and live a life of harmony!
is able to consistently take money from the markets whilst managing the inherent risks involved.
has the courage to try, accepts losses as tuition fees paid and has the discipline to keep going when the going gets tough.
1. Has a tested and tried plan and sticks to the plan
2. Has emotional control over his/her daily trading
3. Thinks more about risk management than profitable positions.
4. Believes that the market is always right
5.Guards against pride and overeagerness
6. Enjoys the game not just the rewards
7. Is willing to adapt to changes in the market, to adjust what is not working.
8. Lives a balanced life
9. Grows personally as the market reveals new things about hidden motivations and fears
10. Probably not known by others as a trader as he/she is not trading to gain personal approval from others and so does not broadcast widely what they do for a living
11. Always eager to learn more.
12.Analyses past trades by referring to a daily trading journal.
13. Uses quality equipment and a top brokerage
is disciplined, focused, sets stop losses, is always learning and loves the business of trading.
has mastered practical trading skills to earn regular money and discipline to use them, and who can live own life at his/her discretion.
trades with their exit strategies ready.
gains freedom & fulfillment through trading.
can incorporate sound technical analysis with bulldog bravery and the flexibility to cope with fluctuating market circumstances.
applies discipline,always uses stop-losses,and is aware of the importance of correct money management as much as an effective trading system.
continually increases his trading capital by minimising losses.
has patience and discipline, who knows his/her markets well, who has learned from the masters and who is not afraid to lose.
manages a trade with their head and not their heart.
takes trades at the point of least risk, getting out fast if it does not work immediately, or letting profits run while the market shows no sign of reversing direction.
always follows the line of least resistance. Follow the trend. The Trend is your friend.
graduates from loss aversion to risk aversion.
has the competence to be on the right side of the market and consistently profit from it.
has a plan, executes the plan, disiplined, manages trades and risk. He is also humble, always positive and seeks inspirations/knowledge from successful traders/mentors/books/seminars etc.
consistently makes material gains which significantly exceed their losses.
treats his trading as business, he has a business plan and he sticks to it, he manages risk, and he acts swiftly when opportunity arises, he cuts his losses short when his trade goes wrong.
consistently endeavors to learn from their mistakes, in the markets. But always applies money management and risk management rules, to every trade.
has developed a system that is right for them and is able to follow it's rules with consistency whilst still maintaining an educational evaluation of it.
manages his risk.
And the winning entry for the competition was ...
Aims high, but knows how to cut a loss short,
Can act fast, but with precision and forethought,
Understands the risks & rewards well enough to know when NOT to play the game, and when to play it hard and fast, and most of all, someone who NEVER stops learning.
A successful trader is someone who ...
controls both fear and greed, manages risk and makes takes money out of the market consistently.
makes profits consistently whilst limiting his risks.
runs his profits and cuts his losses using a combination of TA and fundamentals and utilising candlesticks for possible reversal signals. Therefore minimising losses and maximising profits.
year in year out makes positive returns and outperforms the major indicies , and has draw-downs in line with his ability to sustain losses.
lets his winning trades run but gets out of his losing positions after a preset stoploss is triggered.
knows when to take a stop loss.
understands that timing is the essence of trading.
is not frightened to take the loss, and reassess the market.
keeps their head while all about them are losing theirs (helps to have good money management technique too!)
makes an overall profit by picking good entry and exit points in their chosen markets, lets their profits run and exercises the discipline to cut losses in line with a strict stop loss.
follow the trend.
- consistently makes a profit
- has a plan
- keeps it simple
- limits risk to trading capital through money management
- enjoys what they do without being emotionally governed by it
- remembers friends and family's birthdays
can apply their methods consistently and are not worried about each trade's outcome.
stays focused, recognizes winning and losing trades fast, able to admit when their wrong and never trades impulsively.
can apply technical, psychology and money management skills at ease under different market conditions.
trades what he sees, and not what he thinks. Exercises good Money Management whilst trading a predetermined trading system.
has discipline.
does his research very carefully and has the confidence and the patience to time his trades according to a well disciplined plan.
knows when to cut losses and take profits.
works hard at learning how to trade properly and keeps working.
can see the bigger picture. Cut his losses in line with his risk management strategy. Remain centered, calm and impersonal toward his trading.
is still there in the game year after year with a profit.
sticks to their trading strategy when generating consistent returns on capital.
beats the market and makes a profit.
applies a money management and stop loss system with discipline.
trades to win!
has the discipline and fortitude to expedite his/her trades through the assimilation of all relevant data, whilst not allowing his/her judgment to be clouded by extraneous information; at the same time displaying a strong understanding of risk and money management.
- Chooses a system
- Sticks to it
- And sells a loser; QUICK
who understands the market and has no delusions, has a plan and executes it with sharp precision the trade is already psychologically complete even before the market reaches the trigger has a good understanding that money management is what will keep him going through the hard times as well as the good times.
Accepts all losses
Trusts their plan
Only exists in the present
Takes action without fear.
enjoys life, simple as that.
consistently makes a good profit, uses strict money management and lives a free, unstressed and happy life!
can read the markets, patient, disciplined and doesn't mind playing chicken with the market makers.
has refined there money management skills together with competent trade management skills and the ability to place and adhere to a stop loss.
buys low sells high.
is profitable in his/her trading and who minimises losses but maximises profits in all types of market conditions.
Laughs often and much,
Wins the respect of intelligent people and the affection of children,
To earn the appreciation of honest critics and endure the betrayal of false friends,
To appreciate beauty, to find the best in others,
To leave the world a bit better, whether by a healthy child, a garden patch, or a redeemed social condition,
To know even one life has breathed easier because you have lived,
This is to have traded well............
must trade what they see - not what they think !
knows how to survive to trade another day.
embraces the risk and lets the reward take care of itself.
minimises loss but maximises profits, taking all the opportunities that the trading life can offer in equal measure.
knows how to maximise profit opportunities, learn from losses and live a life of harmony!
is able to consistently take money from the markets whilst managing the inherent risks involved.
has the courage to try, accepts losses as tuition fees paid and has the discipline to keep going when the going gets tough.
1. Has a tested and tried plan and sticks to the plan
2. Has emotional control over his/her daily trading
3. Thinks more about risk management than profitable positions.
4. Believes that the market is always right
5.Guards against pride and overeagerness
6. Enjoys the game not just the rewards
7. Is willing to adapt to changes in the market, to adjust what is not working.
8. Lives a balanced life
9. Grows personally as the market reveals new things about hidden motivations and fears
10. Probably not known by others as a trader as he/she is not trading to gain personal approval from others and so does not broadcast widely what they do for a living
11. Always eager to learn more.
12.Analyses past trades by referring to a daily trading journal.
13. Uses quality equipment and a top brokerage
is disciplined, focused, sets stop losses, is always learning and loves the business of trading.
has mastered practical trading skills to earn regular money and discipline to use them, and who can live own life at his/her discretion.
trades with their exit strategies ready.
gains freedom & fulfillment through trading.
can incorporate sound technical analysis with bulldog bravery and the flexibility to cope with fluctuating market circumstances.
applies discipline,always uses stop-losses,and is aware of the importance of correct money management as much as an effective trading system.
continually increases his trading capital by minimising losses.
has patience and discipline, who knows his/her markets well, who has learned from the masters and who is not afraid to lose.
manages a trade with their head and not their heart.
takes trades at the point of least risk, getting out fast if it does not work immediately, or letting profits run while the market shows no sign of reversing direction.
always follows the line of least resistance. Follow the trend. The Trend is your friend.
graduates from loss aversion to risk aversion.
has the competence to be on the right side of the market and consistently profit from it.
has a plan, executes the plan, disiplined, manages trades and risk. He is also humble, always positive and seeks inspirations/knowledge from successful traders/mentors/books/seminars etc.
consistently makes material gains which significantly exceed their losses.
treats his trading as business, he has a business plan and he sticks to it, he manages risk, and he acts swiftly when opportunity arises, he cuts his losses short when his trade goes wrong.
consistently endeavors to learn from their mistakes, in the markets. But always applies money management and risk management rules, to every trade.
has developed a system that is right for them and is able to follow it's rules with consistency whilst still maintaining an educational evaluation of it.
manages his risk.
And the winning entry for the competition was ...
Aims high, but knows how to cut a loss short,
Can act fast, but with precision and forethought,
Understands the risks & rewards well enough to know when NOT to play the game, and when to play it hard and fast, and most of all, someone who NEVER stops learning.
