I can't speak for others and I can't speak for you - whether you're a market veteran or a new kid who just caught the trading bug. I'm sure you've no doubt read articles and books on the traits of successful traders. I don't put myself in that hallowed category but I will tell you the things I do and the traits I have that made me the trader I am today. If you've done it for as long as I have (15 years), you will no doubt pick up a thing or two. So let's look at Gavin's list of things that made him the man he is today:
1. I started young but absorbed a lot of info. I went in over my head. Lost a lot of money in the beginning before I found a mentor. 2. I took my mentor's training and developed it further to fit my own psyche and style. 3. I go into the markets the same way I go out - IN CASH. 4. I make no baseless opinions on where the market could go each day. I take every day as if it's a gift from the market gods and that I go where the wind blows. 5. I don't swear 100% to just technicals and other wonderful tools technicians use like Ichimoku, or RSI or Wilder or harmonics. 6. I don't fully believe that everything is priced in. I don't fully expect that some technical indicator is going to be right - 100% of the time. 7. Technical indicators / analysis is like planning for a battle. You're going to expect casualties and some deviations so that's where your true skill comes in - how you deal with deviations. 8. I don't sleep a lot but when I do, I get my usual maximum which is 5-7 hours. 9. I always have a plan for anything I trade - entries, exits and max loss limits. 10. I am objective - I could care less WHY a stock/forex/future is going UP or DOWN. If there's a setup I like I will trade it accordingly. The WHY will come later and almost always when you know the reason, the move is already done. 11. I make forecasts but I don't swear by them because just like forecasting the weather - they can't always come true. 12. I make sure I apply risk management to every trade. 13. I adjust to market conditions. When it's Tuesday, I know I shouldn't be shorting because it's TUESDAY! 14. I have a trading system that works for me and I stick to it without ever allowing my emotions to interfere. 15. I never ever let emotions override my trades. 16. I certainly don't care about the fundamentals when I'm daytrading because fundamentals are for foolish investors. 17. I review my trade performance every day and every week. 18. I collect information and discard the ones that are useless. 19. I don't compare myself to other traders/investors. My own enemy is myself. My own friend is myself. My success depends on how confident I am at my own skill set. 20. I surround myself with like-minded individuals who help me grow as a person and as a trader. I steer clear from negative people - those people are hopeless.
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Multiple AuthorsTraders from Equity Sense will be writing on this blog on positions and other market-related things. Archives
May 2018
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