Almost all the Experts would say Trading (Especially Intraday) is not about Technicals or Fundamentals but it is how strong is your mind.
I would like to change it to "Almost all the Experts would say Trading (Especially Intraday) is not
only about Technicals or Fundamentals but it is how strong is your mind. " Technicals or fundamentals give you the basis on which you take your decisions, it is correct mentality then that enables you to execute those decisions real time . With flawed mentality you won't be able to utilize your technical knowledge. So, both are important.
"My dear friend you will not fit as a Good Trader". He said in a very subtle fashion which I did not take it in the deep sense. This happened some 5 years back. Now When I look back and think on what he was saying. May be he was right. Not everybody becomes a Good Trader. So what qualities we need to be a good Trader?
I think anyone can become a good trader provided he/she is ready to do the work needed. It's 'Work needed' to be done that differs from one person to other. Someone who has been a consistent, hard working, self-disciplined person all his life will more like be successful sooner than a person who is not.
Right work needs to be done in right way and then you become good trader, some take 1 year, some 2 or some leave before that time comes.
I have heard people saying. "Trading is a mental game etc...". So what do we mean by that. Is it that we need to do something to become that Mental.
I have read a lot of Philiosophy. My favourites is JK. Plus Bruce Lee.
So from my point view I think we need a quality where we are not reacting but Acting. In a corporate world people will teach you to be Assertive. But as a Trader I think we need to have a Free flow of find and be more adaptive. I will quote the famous quote of Bruce Lee...
"My dear friend, don't get set into one form, adapt it and build your own, and let it grow. Be like water my friend. Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash" - Bruce Lee
what a gr8 quote...
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The usual way of society like blaming others for a failure, assertion, anger doesn't work in market. Also the expectations one have when one enters market are quite different than the reality(easy money). So, a newbie thinks a system and few classes will make him rich overnight. When he fails he looks for another system and so on. Each time he fails he learns more about market as well as himself. The search stops when he realizes that he is failing because of himself only and starts doing work on himself.