Traits and behavior patterns that super traders have in common
(2011-06-14 18:42:29)
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Traits of behavior patterns that super traders have in common
a talk by Jack Schwager
* Trade in line with personality.
* Have an edge.
* Are real hard workers.
* Trade effortlessly. Zen like quality.
* Importance of risk control / money management. Know where to get out before getting in the market.
* Discipline
* Independence
* Losing is part of the game. Never bothers them to lose because they make it all right back.
* Win the game before they start. 4 types of trades: wining/losing, good/bad.
* Patience. Wall Street fool who thinks he has to trade all the time. Trade like a cheetah.
Importance of sitting. Jesse Livermore: It was never my thinking that made me the money, it was my sitting.
Allow good trades to reach their fruition.
* Disloyal. Lack of loyalty to one's position.
* People are so badly tuned to trading that they do worse than random trading, because people do what is comfortable to them. Good traders do what is uncomfortable.
* Love what they do. Game analogy: 3 dimensional chess, 1000 piece puzzle, treasure hunt.