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according to your personal experience, what is the most important competence acquired over the years on the financial markets that helps you not to go into default ?.........
....and if possible succeed in making it an independent and profitable profession.--$--
Broker: Interactive Brokers & Taiwan local brokers & AMP Futures
Trading: Stocks, Commodity & Index Futures
Posts: 117 since Jan 2017
Thanks Given: 135
Thanks Received: 100
Hi, for priori aspect I study and read for receiving concept, for posteriori aspect, I use my own money to trade and to verify the concept I get from reading.
And you should warn yourself, don't just see what you believe, you should believe what you see, otherwise you can't get out the loop.
Also to understand there haven't absolutely answer for our own trading, only the answer whether it is suitable for ourself.
At last, develp the prosedure about how to make decision while trading is important too, otherwise psychology issue will bother you.
First of all, welcome to the forum, because this is your first posting here.
Coming to your question:
One of the most important things when starting in this business is: First of all you need to believe yourself that you can be successful in this business, however hard the way to the goal is. To be real in this way of thinking, following some more very important points you will have to consider:
You need a stable psyche which allows you to deal with absolute frustration from setbacks of any kind.
Further are to be considered or at least helpful following a few aspects, this from my experience:
- Discipline
- Ability to think analytically up to highly complex analytical thinking, this depends on the respective trading approach
- Systematic working
- Organized thinking and working
- Flair for computer programs
- A penchant for and love of chart analysis
- A flair for numbers
- Patience
- Ability to set priorities
- Defined ability to take risks with the different trades and trading strategies
- Ability to make decisions against the trend of general opinion
- Disciplin to also do work bevore and after trading hours
I hope this gives you some insight into what you can expect in this business. However, I think the question is a good one, because it really makes sense to look into such topics in advance and not just fall for "I'll get rich quick" schemes without knowing where the journey can go without considering my personality, let alone knowing it analytically.
I would like to know, who is on the other side? ..
Let me explain....
I want to understand if in intraday trading I have a real chance to make a long-term profit.
But above all what and who should I fear?....
for many, timing is certainly the real secret of success,
my gut for what I understand does not produce profits.
Trading is in many ways counterintuitive…
So whoever commands and directs is a system infinitely, statistically and technologically of potentially unbeatable entity?
or are the algorithms that direct the exchanges vulnerable and therefore there is a flaw in the system that we can take advantage of ?
Good questions, but complicated and perhaps not as simple as they seem.
So, as to "what is the most important competence acquired over the years on the financial markets", in my view, it is not any sort of knowledge of the markets. It is not being motivated by my own personal psychological impulses of fearing loss and desiring gain... fear and greed, the old standbys. It is very hard to trade without these, but nothing works if you don't control them, at least enough. And if you do, there are so many things that work fine.
"I would like to know, who is on the other side? .." I don't know and never care. The persons (or algos) on the other side are the ones that are selling to me when I buy, or buying when I'm selling. I am glad they are there, or I couldn't trade. I don't ascribe exceptional abilities or power to move the market to them. I just trade with them. (But, quite a few good traders use order flow and other methods to understand what other market participants are doing, which is a completely valid endeavor, as is anything that works.) Do other traders sometimes (or often) move the markets? Of course they do. But my task is to respond to the market as it moves, whoever may be moving it.
"So whoever commands and directs is a system infinitely, statistically and technologically of potentially unbeatable entity?" I think this is one of the fictions of trading. It is similar to the idea that the infinitely powerful "smart money" are controlling the market and know that I am buying or selling, and want to get me. But when I take apart a losing trade I have done, I generally find a mistake I have made (not always, mind you. The market is whimsical enough that I can't always understand it. But over the long haul, the cause of my losses, and profits, usually is me.)
"I'm a simple guy" -- I actually think you are a little more fond of complication. (So am I, but I try to restrain it. )
I am not trying to be critical in order to dump on you. I think your questions are common and totally reasonable. But since you asked, my answer is that my own errors of over-emotionality, or impatience, or fear/greed and so on are what hold me back when I do poorly, and that when I am aware of them and don't act because of them, things go better.
In other words, when I fix my own stuff, the market is not as erratic and doesn't treat me as badly. I didn't say it is easy, just that "when" I fix my stuff, things generally do suddenly work better....
So, if this makes any sense to you, it may point in a direction that will help.
Bob.
When one door closes, another opens.
-- Cervantes, Don Quixote
