Pages: [1] :: one page |
|
Author |
Thread Statistics | Show CCP posts - 0 post(s) |
Stinky McPoopyPants
|
Posted - 2010.07.19 15:56:00 -
[1]
What separates the 10% that make money from the 90% that donÆt?
10,000 hours.
The 10,000-Hour Rule, claims that the key to success in any cognitively complex field is, to a large extent, a matter of practicing a specific task for a total of around 10,000 hours. 10,000 hours equates to around 23hrs a day for 1 year 3 months. For some reason most people that ætry their handÆ at trading view it as a get rich quick scheme. That in a very short space of time, they will be able to turn 500,000 into $5 billion! It is precisely this mindset that has resulted in the current economic mess, a bunch of 2 day olds tring to eek out profit on kestrels and merlins. The greatest traders understand that trading much like being a miner, engineer or any other focused and technical endeavor requires time to develop and hone the skill set. Now you wouldnÆt see a miner performing null sec mining ops in an osprey while in an npc corp. Why would trading as a technical undertaking require less time?
Trading success, comes from screen time and experience, you have to put the hours in!
Education, education, education.
The old clichT touted by CSM canidates when they canÆt think of anything clever to say to their audience. The importance of education to success in trading cannot be placed on a high enough pedestal. You have to learn to earn, the best traders work obsessively to refine their edge further to stay ahead of the curve.
Think for yourself.
ôNO! NO! NO!öà ôTrit is not in troubleöàöDonÆt move your money from robotics! ThatÆs just silly! DonÆt be silly!ö
A quote from well known stock guru Jim Cramer aired on CNBC days before trit lost 90% of its value. Many followed this call and felt the obvious pain as a result. As the old saying goes, ôtoo many cooks spoil the brothö it is very much the same in trading. Successful traders hedge themselves from the opinions of others; they focus on their own analysis of fundamental and technical information.
Adapt or Die.
Market conditions change and technology advances, thus the conditions for trading are always evolving, the rise in mechanical trading is testament to that. The very best traders through a process of education and adaptation are constantly staying ahead of the curve and creating ever new and ingenious methods to profit from the markets evolution.
Fail to plan, you plan to fail.
The best traders have a well documented plan; they know exactly what they are looking for and follow that plan to the letter. Their preparation for a trade starts long before the downtime is complete, it is this meticulous planning and importantly adherence to that plan that helps them avoid the biggest demons for any trader, over trading and revenge .01 isking.
ôBe like Machineö
As capsuleers emotions pay a key role in our existence, for a trader emotions can be a source of great pain. Trading psychology and the management of your emotions in a trade play a key role in overall success. Fear and greed can cut your winners short and let your losers run. Dealing with emotions follows on from your plan; the more robust your plan the less likely you are to fall into the emotional mine field.
Know your tools
Every trader has a set of tools they use, Vodka, Charts, News feeds etc. These tools are a traders bread and butter; they are the most vital part of a traders arsenal, without which it would be impossible to trade. The best traders have mastered their order entry methodology, they know all about the features they need from their charts. This mastery of their tools, allows the trader to get the very best out of the resources they have available to them and ensures perfect execution of their trading ideas.
Know Thyself
Behind all the egos and excess, the best traders know their limitations; they focus on what can go wrong in a trade, and expend a lot of energy in limiting and controlling their risk before thinking about profits. They have a heightened sense of self-awareness and focus on incremental self improvement.
Profit & Loss
The best traders focus on the trade itself rather than the P&L; they view each trade as a technical exercise and focus on getting the most out of the market in accordance with their plan. They do not think in terms of the exotic dancer payments, the cap recharge bill and the desire to make X amount to cover a golem payment. Focusing on the money behind a trade can cloud technical objectivity.
In Conclusion
The greatest traders work hard to get ahead and even harder to stay ahead. Through increased and niche knowledge they constantly adapt with the market and remain profitable in every environment. Drive, tenacity and the will to succeed is the greatest edge of every successful trader.
It also helps if you're a real jerk.
|
Merdaneth
Amarr Galactic Rangers Galactic-Rangers
|
Posted - 2010.07.19 16:34:00 -
[2]
You need a proper definition of a succesful trader first before you can properly measure.
Also, you have very odd assumptions. There is an economic mess because people try to trade to be succesfull in less than 10,000 hours? If we assume you are right, then each budding trader needs to 'experiment' a lot (causing an economic mess) before he reaches your success threshold of 10,000 hours.
As I read your text, your definition of a good trader would include being a jerk that has learned to shut of his emotions and is never satisfied with what he achieves. Good luck with that!
____
The Illusion of Freedom | The Truth about Slavery |
Magnu Stormhawk
Stormhawk Enterprises
|
Posted - 2010.07.19 16:37:00 -
[3]
Originally by: Stinky McPoopyPants What separates the 10% that make money from the 90% that donÆt?
A good name?
|
Zenon Mu
Advanced Assemblies and Sciences
|
Posted - 2010.07.19 16:42:00 -
[4]
Edited by: Zenon Mu on 19/07/2010 16:44:21 Thank you for your input, mr. A.S. incognito
edit: eve still a game c/d?
ninjaedit: my post is bad and adds nothing of value
|
Akita T
Caldari Caldari Navy Volunteer Task Force
|
Posted - 2010.07.19 16:46:00 -
[5]
Originally by: Stinky McPoopyPants What separates the 10% that make money from the 90% that donÆt?
Decent attention spans, loads of patience, and a basic understanding of math.
_
Beginner's ISK making guide | Manufacturer's helper | All about reacting _
|
Grozen
Caldari Titan Core
|
Posted - 2010.07.19 17:00:00 -
[6]
would i count for a trader jerk if i say this thread is totally useless spam and needs to get locked knowledge is power |
Merdaneth
Amarr Galactic Rangers Galactic-Rangers
|
Posted - 2010.07.19 17:01:00 -
[7]
Originally by: Akita T
Originally by: Stinky McPoopyPants What separates the 10% that make money from the 90% that donÆt?
Decent attention spans, loads of patience, and a basic understanding of math.
I'll raise you with 'an interest in trading'.
I have met many people with those potentials in EVE, its just not what attracts them to a game like EVE (and perhaps in general too). ____
The Illusion of Freedom | The Truth about Slavery |
Marshiro
|
Posted - 2010.07.19 18:04:00 -
[8]
The sign of a successful trader is the ability to single handedly crash the plex market by flooding the game with real cash.
|
Sebastian Draconis
Draconis Holdings
|
Posted - 2010.07.19 18:37:00 -
[9]
confirming it took me 10,000 hours to buy low and sell high |
Tribal Traditionalist
|
Posted - 2010.07.19 18:55:00 -
[10]
I enjoy reading that Stinky, but your are a bit of a simpleton. The guy has no specific discipline and does no original work. He simply popularizes and comments on the work of others. One of his examples of 10,000 hours of practice was the Beatles, for Jove's sake. Now if he were describing a really tight, talented band like the Eagles, Green Day, or Nine Inch Nails, he might have a point, but the facking whining, minimalist Beatles?
10,000 hours of what? That's the point. Most successful traders are superspecialists: quants, arbs, bond dudes, etc. to the point where only one guy in a thousand even understands what they are talking about. There are areas where knowledge is cumulative and useful. Comparative advantage is the key. Ten thousand hours spent staring at roid probably won't help because prices don't repeat, and future prices will be based on things that haven't happened yet.
Crystal balls and astrology anyone?
It doesn't work, because short run price movements are just background noise.
|
|
YoYo Geemo
Dark Solar Empire
|
Posted - 2010.07.19 21:24:00 -
[11]
Edited by: YoYo Geemo on 19/07/2010 21:25:38
Originally by: Tribal Traditionalist Green Day
lol
To the OP, looks suspiciously like you've copied and pasted the blurb from a Nineties mail-order stock market course/guide, and just shoe-horned in a few tired Eve references.
Still, thanks for trying!
|
Stinky McPoopyPants
|
Posted - 2010.07.19 21:45:00 -
[12]
Originally by: YoYo Geemo Edited by: YoYo Geemo on 19/07/2010 21:25:38
Originally by: Tribal Traditionalist Green Day
lol
To the OP, looks suspiciously like you've copied and pasted the blurb from a Nineties mail-order stock market course/guide, and just shoe-horned in a few tired Eve references.
Still, thanks for trying!
We have a winrar ;)
|
Fumitsugu Sylwia
Guristech
|
Posted - 2010.07.20 08:04:00 -
[13]
Originally by: Tribal Traditionalist
One of his examples of 10,000 hours of practice was the Beatles, for Jove's sake. Now if he were describing a really tight, talented band like the Eagles, Green Day, or Nine Inch Nails, he might have a point, but the facking whining, minimalist Beatles?
I got busted at work by spluttering with laughter as I read that
|
Ka choop
|
Posted - 2010.07.20 09:31:00 -
[14]
To be a successful trader it's just the same as working the stock-market.
Lie.
Yes, to be successful you need to lie about your profits, never tell your mistakes and come up with some sorry excuse why you're not retired IRL or flying a Titan in Eve yet.
It's kind of the same as people playing poker. Somehow I only know successful poker players.
|
Quetazal
Gallente Fine Trades Sandbox Bullies
|
Posted - 2010.07.20 12:39:00 -
[15]
Edited by: Quetazal on 20/07/2010 12:40:11 The Key to being a successful trader is:
Don't spend all your profits on crap! I came, I saw, I downloaded. |
Abdiel Kavash
Caldari Paladin Order Fidelas Constans
|
Posted - 2010.07.20 15:32:00 -
[16]
There are two key rules to being a succesful trader: one simple, one more complex.
The simple rule is: never reveal all of your secrets to the competition.
|
Andrea Griffin
|
Posted - 2010.07.20 15:37:00 -
[17]
Originally by: Fumitsugu Sylwia
Originally by: Tribal Traditionalist One of his examples of 10,000 hours of practice was the Beatles, for Jove's sake. Now if he were describing a really tight, talented band like the Eagles, Green Day, or Nine Inch Nails, he might have a point, but the facking whining, minimalist Beatles?
I got busted at work by spluttering with laughter as I read that
Yikes. Green Day? Eagles weren't very talented either. How many people can name a song other than Hotel California (without going to Google)?
This isn't a matter of personal taste either. Fix Rockets in '08 '09 2010 2011 2012?! |
JtotheROC
|
Posted - 2010.07.20 18:39:00 -
[18]
Originally by: Tribal Traditionalist
Most successful traders are superspecialists: quants, arbs, bond dudes, etc. to the point where only one guy in a thousand even understands what they are talking about. There are areas where knowledge is cumulative and useful. Comparative advantage is the key. Ten thousand hours spent staring at roid probably won't help because prices don't repeat, and future prices will be based on things that haven't happened yet.
LOL! Most successful traders are those with a real edge who understand their edge and do their best to protect it. The quant guys are a dime a dozen.
|
F90OEX
F9X WE FORM VOLTRON
|
Posted - 2010.07.20 23:00:00 -
[19]
Originally by: Abdiel Kavash There are two key rules to being a succesful trader: one simple, one more complex.
The simple rule is: never reveal all of your secrets to the competition.
|
Krythas
|
Posted - 2010.07.21 01:58:00 -
[20]
This appears to be plagiarised from (or possibly one of many other sources where it is posted)
http://www.tradingmarkets.com/.site/stocks/how_to/articles/The-9-Characteristics-of-Great-Traders-82801.cfm
Written by Aamar Shehzad it seems.
Easiest way to find it is a google search for (including quotes)
"psychology and the management of your emotions"
He could at least have credited the original author.
|
|
Casmy Blue
Gallente Power and Water
|
Posted - 2010.07.21 12:59:00 -
[21]
I'm pretty sure you can make billions in Eve-O just by being cute.
Look at me, I'm a success story, yay.
|
|
|
|
Pages: [1] :: one page |
First page | Previous page | Next page | Last page |