NexusFi: Find Your Edge


Home Menu

 





Trader profiling


Discussion in Psychology and Money Management

Updated
      Top Posters
    1. looks_one ibiscmllc with 4 posts (1 thanks)
    2. looks_two vegasfoster with 2 posts (0 thanks)
    3. looks_3 jstnbrg with 2 posts (1 thanks)
    4. looks_4 Quick Summary with 1 posts (0 thanks)
    1. trending_up 4,100 views
    2. thumb_up 3 thanks given
    3. group 7 followers
    1. forum 13 posts
    2. attach_file 0 attachments




 
Search this Thread

Trader profiling

  #1 (permalink)
 
ibiscmllc's Avatar
 ibiscmllc 
Parkland, FL, USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: Kinetick, Amp Futures
Trading: ES, 6E
Posts: 17 since Aug 2010
Thanks Given: 0
Thanks Received: 6

I just wanted to pick everyone's brains on the question of the profile of a "potentially profitable trader". By this I mean that we should assume someone that has never traded before but wishes to learn about day trading in the hope of making it a profession. What questions should we ask this newbie to determine if she/he has the 'right profile' to eventually become a successful trader? Are there personality traits that we should be looking for? Are there specific values or attitudes that are must-haves? If 'behavior predicts', what elements of their personal or work experience should be evaluated? Are there specific skills that are needed? Any ideas?.....I was asking these very same questions to the owner of a prop trading firm that I met a couple of weeks ago and he could not offer any insights. I would have thought that for someone whose business it is to hire traders, some of them with no experience, that this 'profiling' would have been established. Instead he told that that they gave everyone a short but that his business was a 'revolving door'. Is that the only way of finding out if someone has the potential to succeed in day trading?

Started this thread Reply With Quote
The following user says Thank You to ibiscmllc for this post:

Can you help answer these questions
from other members on NexusFi?
My NT8 Volume Profile Split by Asian/Euro/Open
NinjaTrader
ZombieSqueeze
Platforms and Indicators
Request for MACD with option to use different MAs for fa …
NinjaTrader
NexusFi Journal Challenge - April 2024
Feedback and Announcements
 
Best Threads (Most Thanked)
in the last 7 days on NexusFi
Retail Trading As An Industry
67 thanks
NexusFi site changelog and issues/problem reporting
48 thanks
Battlestations: Show us your trading desks!
43 thanks
GFIs1 1 DAX trade per day journal
32 thanks
What percentage per day is possible? [Poll]
31 thanks

  #3 (permalink)
 vegasfoster 
las vegas
 
Experience: Intermediate
Platform: Sierra Chart
Broker: Velocity/IB
Trading: 6E
Posts: 1,145 since Feb 2010
Thanks Given: 304
Thanks Received: 844


Boris Schlossberg wrote a book on this topic, which I didn't read, but I saw an interview where he said the common trait he found with all of the successful traders he interviewed was that they were athlethic. He surmised that exercising and eating healthy required a high level of discipline that also carried over to their trading habits.

Reply With Quote
  #4 (permalink)
 MetalTrade 
 
Posts: 1,055 since May 2010

Ask them how many accounts they have blown.

I never met a successful trader who didn't blown at least a few accounts, or went into bankruptcy a few times.

Reply With Quote
  #5 (permalink)
 Eric j 
NY
 
Experience: Advanced
Platform: Esignal, MBT navigator
Trading: Currencies
Posts: 2,507 since Jun 2009
Thanks Given: 1,396
Thanks Received: 2,576

Good subject . In my experience the only profitable traders were actually equity investors/traders that were business owners ( current and retired) and self thinkers , independant types . I dont actually know any daytraders or scalpers that have made a living from it . I do know lots that have talked about how they were going to make it in that game and when they stopped talking about it I knew they went broke already .

The self thinkers I know that do produce an income from the market all trade stocks or options and are well capitalized but are very careful with their trading and spend lots of time on the sidelines . I am a member of an IBD meetup group and these folks always participate . Its pretty obvious its the way these people think that leads them to success and not how great they are at being an analyst since I never hear them giving an opinion about whats going to happen next and they act not react .

Visit my NexusFi Trade Journal Reply With Quote
  #6 (permalink)
 
ibiscmllc's Avatar
 ibiscmllc 
Parkland, FL, USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: Kinetick, Amp Futures
Trading: ES, 6E
Posts: 17 since Aug 2010
Thanks Given: 0
Thanks Received: 6


vegasfoster View Post
Boris Schlossberg wrote a book on this topic, which I didn't read, but I saw an interview where he said the common trait he found with all of the successful traders he interviewed was that they were athlethic. He surmised that exercising and eating healthy required a high level of discipline that also carried over to their trading habits.

Well what I definitely agree with is that day trading is a performance field, just like athletics. It is also all about practice ("perfect practice makes perfect" as Lombardi said), repetition, discipline, and resilience. This being said it would therefore make sense that people who have demonstrated these traits in athletism would be well positioned to transition to trading. I was looking through Schlossberg's book on Amazon, do you know which one would cover this topic?

Started this thread Reply With Quote
  #7 (permalink)
 
ibiscmllc's Avatar
 ibiscmllc 
Parkland, FL, USA
 
Experience: Advanced
Platform: NinjaTrader
Broker: Kinetick, Amp Futures
Trading: ES, 6E
Posts: 17 since Aug 2010
Thanks Given: 0
Thanks Received: 6


MetalTrade View Post
Ask them how many accounts they have blown.

I never met a successful trader who didn't blown at least a few accounts, or went into bankruptcy a few times.

I agree that most have lost quite a few feathers along the way...some call it the price of the tuition...a high price for some, crippling in some cases even.

Started this thread Reply With Quote
  #8 (permalink)
 vegasfoster 
las vegas
 
Experience: Intermediate
Platform: Sierra Chart
Broker: Velocity/IB
Trading: 6E
Posts: 1,145 since Feb 2010
Thanks Given: 304
Thanks Received: 844


ibiscmllc View Post
I was looking through Schlossberg's book on Amazon, do you know which one would cover this topic?

I don't, if you go to the BK Trader FX channel on youtube they have a video of the interview where he talks about it.

Reply With Quote
  #9 (permalink)
JOSHUA CHEN
TAIWAN HSINCHU CHUPEI CITY
 
Posts: 5 since Dec 2010
Thanks Given: 1
Thanks Received: 5

HI GUYS!
I'm new commer to this thread!
I'm from taiwan!although my eglish very poor but im still willing and trying best to discuss all things about trad with anyone!especially day trade!

Reply With Quote
  #10 (permalink)
 dutchbookmaker 
NYC
 
Posts: 187 since Dec 2010



vegasfoster View Post
Boris Schlossberg wrote a book on this topic, which I didn't read, but I saw an interview where he said the common trait he found with all of the successful traders he interviewed was that they were athlethic.

Talk about spurious correlation...geez.
If alot of traders are athletes I imagine it has far more to do with being ultra competitive than with actually being an athlete.
Surely though traders come in all shapes and sizes but it doesn't even make sense to even think in terms of a non competitive trader .Without a borderline psychotic will to win you have almost no chance of not dropping out.

Reply With Quote





Last Updated on December 29, 2010


© 2024 NexusFi™, s.a., All Rights Reserved.
Av Ricardo J. Alfaro, Century Tower, Panama City, Panama, Ph: +507 833-9432 (Panama and Intl), +1 888-312-3001 (USA and Canada)
All information is for educational use only and is not investment advice. There is a substantial risk of loss in trading commodity futures, stocks, options and foreign exchange products. Past performance is not indicative of future results.
About Us - Contact Us - Site Rules, Acceptable Use, and Terms and Conditions - Privacy Policy - Downloads - Top
no new posts