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Emotional Resilience & Creativity -Qualities of Successful Traders

Emotional Resilience – The very successful traders have a great attitude about losing. They know it’s going to happen. They don’t take it personally. If anything, they try to find learning experiences from losses. Elsewhere I have written about how good traders view a losing trade as “paying for information”. A trade with an edge that doesn’t go their way either tells them something important about the market, or it tells them something about their execution. Either way, it’s a potential learning experience. Resilience means that the excellent traders trade well out of a hole. They can be down money for day, week, or quarter and continue to make the same good trades they would normally make. 
Creativity – We normally think of creativity as a trait that belongs to artists, but it also is quite noticeable among traders who have been successful over many years. They find edges in the most unlikely places. They look at interesting relationships within the market they’re trading, and they find unique relationships from one market to another. One trader very recently told me of a strategy that exploited the way one market was priced related to a similar market at certain time periods. I would have never thought of that idea in a million years. He was making consistent money from the concept.

Turmeric Target achieved

Turmeric-Target

  • Markets are not casinos where you throw a quarter and expect luckily to get rich, trading is a business and as a business you need to have a plan and follow it religiously

On 14th Feb written to Buy Turmeric-NCEDX at Rs 7164 with target of 7800-7900 level.

Do u know Yesterday it kissed 8094 level.

-Gain of Rs.900 in just 14 sessions.

101% U can mint from Stocks/Commodity /Crude or Forex.

Join us to know more.

Updated at  00:23/4th March/Baroda

Volatility

In periods of higher volatility and shocks across the board, as in the last week, be prepared to alter your trading plan as a position taker.

Where once a constructive market under low-medium volatility allowed you to set defined price entries, and the usual patterns and trading synergies of a particular market held true, which in effect gave you your original edge, now to perform when volatility picks up and markets change, don’t be so cute on your entries and exits.

In effect, if it gets close and you want a position, pull the trigger, reduce size and get involved, and be prepared to reload.

The added volatility and your experience in the market should more than make up for any short term hits.

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