Quote from: Barikui1 on Today at 11:32:41 AM

Quote from: bigmanik on September 28, 2024, 11:33:07 AM

Well although I'm new to this platform I'm not actually new to trading and during the little time that I have been trading I would love to share with you some of the qualities I think a good trader should have

First we should know that trading isn't gambling and isn't about luck if you wish to become a successful trader there are some qualities you should possess
Although I myself do not possess all these skills

1 you should be disciplined

2 should have good intellectual attributes

3 should have the mental fortitude for trading

Well this is my opinion I'm open for any corrections you may have

Well I actually applaud you for all you have stated down here, mental strength, discipline and intellect is very much important in other to be a successful trader, but in as much as all these are important, you will never be successful in trading if you don't know how to control your emotions.

I think emotional control is the most important skill a trader must have in other to be successful in the craft, and saying this because in my early days as a trader, even though I knew of technical and fundamental analysis a little bit, I will not be confident in my analysis because i can't control my emotions, once the market start going against me I will just close the trade in a loss without even waiting to see if my stoploss will be triggered, and when I have closed the trade in a loss, that is when the trade will start going as planned and it will certainly get to where my take profit is, I mean where I initially set my take profit.

Even when I am in a profit, I will just run away with a dollar or even some cent, a trade that would have given me a whole lot of money, but due to lack of emotional control, I will keep on struggling and losing money in a trade I should be winning.
So in essence of what am trying to say is that without emotional control, all your trading knowledge and abilities are useless.

4. Emotion control
5. Risks management
6. Versatility or adaptability

These are the points on which i do like to add it up or something that will really be that relevant on this case or simply becoming a trader should have this qualities.
When dealing up with trading on a speculative market then it will really be normal that you will really be able to experience a series of events that it doesnt really that go in line with any fundamentals or technical analysis on which no matter how well you are on doing this but ending up on still losing a trade, then it will really be normal that will come up into your mind that there's no point on doing this on which its partly true.

Somehow application of these stuffs could really give out that kind of advantage in comparing into those people who do just simply making up trade positions without any basis.
It will really be that understandable that results or outcomes cant be known but it will really be always best that you are basing your positions with your own analysis and best approach you do have.