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The single, most important thing you've learnt as a trader

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kam75

Joined
13 July 2008
Posts
322
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Question: "What is the single, most important thing you've learnt as a trader that contributed to your success in the markets?"

For me it was realizing that money management is more important than being right in the market.
 
Re: The single, most important thing you've learnt as a trader.

Stop losses (ouch)
 
Re: The single, most important thing you've learnt as a trader.

expectancy
 
Re: The single, most important thing you've learnt as a trader.

My biggest mistake, which was a great wake up, dont think its so dam easy
 
Re: The single, most important thing you've learnt as a trader.

the market will do as it wishes , we are merely along for the ride

also learnt that a break and walking away at times is a good thing . the market will still be there when you get back
 
Re: The single, most important thing you've learnt as a trader.

A system with a positive expectancy is the most important thing. ie. Hand of Midas > short term profits
 
Re: The single, most important thing you've learnt as a trader.

Testing, testing, testing and testing to find out all of the above and to train the mind.........plus
 
Re: The single, most important thing you've learnt as a trader.

I'm mostly not a trader, as in very short term, but whether short term trading or longer term investing, be prepared to recognise your mistakes. Quit while the loss is still small. Never indulge in "Hope".
 
Re: The single, most important thing you've learnt as a trader.

Balance between work + trading; putting a $ value on my time.

If you have a job other than trading, then finding a balance between trading and work is critical - be realistic with what you hope to achieve within time constraints, or else every possible free time you have will be consumed by trading. By monetising your time, you can begin to see how much work was required for x return. The #s then don't look as pretty as the raw figures...
 
Re: The single, most important thing you've learnt as a trader.

Concentration.
 
Re: The single, most important thing you've learnt as a trader.

Dunno, haven't found that out yet, as I haven't reached what I call "success" in the markets yet.
 
Re: The single, most important thing you've learnt as a trader.

Have a planned approach to trading/investing that includes:

1. Rresearch on the stock you are thinking of trading/investing;
2. A risk assessment strategy, entry point and exit points; and
3. Lock in Your profits
 
Re: The single, most important thing you've learnt as a trader.

You can be wrong - but the tape is never wrong.

As a day trader, you trade the tape - ie the action occuring on the market right now, in front of you. The tape is never wrong but you can be - once you can accept that fact, your trading will improve and profit!

Risk management is also extremely important! It's hard enough making money on the market - you don't want to give it back by being stubborn and not taking your losses when the tape indicates you are wrong!
 
Re: The single, most important thing you've learnt as a trader.

Patience and tenacity.

Even if you have a great plan or strategy with a positive expectancy and great risk management, its still a useless tool unless you can let it works its magic.
 
Re: The single, most important thing you've learnt as a trader.

Nick Radge said:
Patience and tenacity.

Even if you have a great plan or strategy with a positive expectancy and great risk management, its still a useless tool unless you can let it works its magic.
Click to expand...

aint that the truth!!!

probably the greatest thing Bubble O Bill taught me as a kid was to "stick to your guns"
 
Psychology, even for a fully automated trading system with a statistically significant positive expectancy.
 
Listen politely to the 80 to 90% that get it wrong.
Then timely do the opposite.
 
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